Florida Statutes 634.131 – Tax on premiums and assessments
Current as of: 2023 | Check for updates
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Terms Used In Florida Statutes 634.131
- Premium: means the total amount paid by the agreement holder. See Florida Statutes 634.011
- service agreement: means any contract or agreement indemnifying the service agreement holder for the motor vehicle listed on the service agreement and arising out of the ownership, operation, and use of the motor vehicle against loss caused by failure of any mechanical or other component part, or any mechanical or other component part that does not function as it was originally intended; however, nothing in this part shall prohibit or affect the giving, free of charge, of the usual performance guarantees by manufacturers or dealers in connection with the sale of motor vehicles. See Florida Statutes 634.011
Premiums and assessments received by insurers or service agreement companies and taxed under this section are not subject to any premium tax provided for in the Florida Insurance Code. However, the gross amount of such premiums and assessments is subject to the sales tax imposed by s. 212.0506.