House Bill 3315 amends
provisions of the Insurance Code relating to taxation of insurance premiums.
The bill specifies that home warranty insurance is subject to insurance premium
taxes and that all title insurance premiums are subject to an annual tax and
maintenance fee. The bill authorizes the comptroller to:
- establish, by rule, that all surplus lines insurance
premiums, unauthorized insurance premiums, and independently procured
insurance premiums are considered to be on risks located in this state if
the insured's home office or state of domicile or residence is in Texas,
or to accommodate changes in federal law that would otherwise limit the
comptroller's ability to directly collect taxes on such premiums.
- adopt rules regarding the pre-payment of premium taxes
on surplus lines.
- enter into a cooperative agreement, reciprocal
agreement, or compact with another state for the collection of insurance
premiums on surplus lines and unauthorized or independently procured
insurance.
- enter into a reciprocity agreement with another state
to set aside retaliatory provisions in situations in which a state
determines that retaliation is not the preferred means of protecting the
state's domestic insurers.
House Bill 3315 increases the aggregate amount
assessed against certain property and casualty insurers to fund the volunteer
fire department assistance fund from $15 million for each 12-month period to
$30 million for each period and repeals a provision that provided for the
expiration of the chapter relating to the assessment for rural fire protection.