FAQs
What is considered premium for the purpose of calculating the premium receipts tax due?
Sep 15, 2020, 00:00 AM
Title :
What is considered premium for the purpose of calculating the premium receipts tax due?
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According to Florida law (F.S. 626.932), the term “premium” means the consideration for insurance by whatever name called and includes:
- Any assessment,
- Any membership,
- Policy,
- Survey,
- Inspection,
- Service, or
- Similar fee or charge
in consideration for an insurance contract, which items are deemed to be a part of the premium.
The per-policy fee charged by the filing surplus lines agent and authorized by F.S. 626.916(4) is also included within the meaning of the term “premium.”
However, the service fee imposed by F.S. 626.9325 is excluded from the meaning of the term “premium.”
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- FAQ Taxes, Fees, and Assessments