Florida Statutes 647.03 – Premium tax
Current as of: 2023 | Check for updates
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(1) As used in this section, the term:
(a) “Primary certificateholder” means an individual who purchases travel insurance under a group policy.
Terms Used In Florida Statutes 647.03
- Blanket travel insurance: means a policy of travel insurance issued to an eligible group providing coverage to all members of the eligible group without a separate charge to individual members of the eligible group. See Florida Statutes 647.02
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Travel assistance services: means noninsurance services for which the consumer is not indemnified based on a fortuitous event, and the provision of which does not result in the transfer or shifting of risk which would constitute the business of insurance. See Florida Statutes 647.02
- Travel insurance: means insurance coverage for personal risks incidental to planned travel, including:(a) Interruption or cancellation of trip or event;(b) Loss of baggage or personal effects;(c) Damages to accommodations or rental vehicles;(d) Sickness, accident, disability, or death occurring during travel;(e) Emergency evacuation;(f) Repatriation of remains; or(g) Any other contractual obligations to indemnify or pay a specified amount to the traveler upon determinable contingencies related to travel, as determined by the office. See Florida Statutes 647.02(b) “Primary policyholder” means an individual who purchases individual travel insurance.
(2) A travel insurer shall pay the premium tax, as required under s. 624.509, on travel insurance premiums paid by any of the following:
(a) A primary policyholder who is a resident of this state.
(b) A primary certificateholder who is a resident of this state.
(c) A blanket travel insurance policyholder:
1. Who is a resident in this state;
2. Who has his or her principal place of business in this state; or
3. Whose affiliate or subsidiary who has purchased blanket travel insurance for eligible blanket group members has his or her principal place of business in this state.
The premium tax under this subsection is subject to any apportionment rules that apply to an insurer across multiple taxing jurisdictions or that authorize an insurer to allocate premium on an apportioned basis in a reasonable and equitable manner in those jurisdictions.
(3) A travel insurer shall:
(a) Document the state of residence or principal place of business of the policyholder or certificateholder, or an affiliate or subsidiary thereof, as required under subsection (2).
(b) Report as premium only the amount allocable to travel insurance and not any amounts received for travel assistance services or cancellation fee waivers.