I move that Engrossed House Bill 1374 be amended to read as follows:
the cost of regulating the company as a foreign company. The
fee shall be deposited in the department of insurance fund
(d) In the case of a company that is part of an insurance holding company system (as defined in IC 27-1-23-1 ) whose presence provides an economic benefit to the state, the commissioner shall consider the insurance holding company system and any domestic company in the aggregate when making the determination required under subsection (b).
company has not elected to be taxed under this section it shall be taxed
without regard to this section.
(c)(1) (c) For the privilege of doing business in this state, every
insurance company required to file the report provided in this section
shall pay into the treasury of this state an amount equal to two percent
(2%) of the excess, if any, of the gross premiums over the allowable
deductions multiplied by the following rate for the year that the
(1) For 2000 through 2002, two percent (2%).
(2) For 2003, one and nine-tenths percent (1.9%).
(3) For 2004, one and eight-tenths percent (1.8%).
(4) For 2005, one and seven-tenths percent (1.7%).
(5) For 2006, one and five-tenths percent (1.5%).
(6) For 2007 and thereafter, one and three-tenths percent (1.3%).
(c)(2) (d) Payments of the tax imposed by this section shall be made
on a quarterly estimated basis. The amounts of the quarterly
installments shall be computed on the basis of the total estimated tax
liability for the current calendar year and the installments shall be due
and payable on or before April 15, June 15, September 15, and
December 15, of the current calendar year.
(c)(3) (e) Any balance due shall be paid in the next succeeding
calendar year at the time designated for the filing of the annual report
with the department.
(c)(4) (f) Any overpayment of the estimated tax during the
preceding calendar year shall be allowed as a credit against the liability
for the first installment of the current calendar year.
(c)(5) (g) In the event a company subject to taxation under this
section fails to make any quarterly payment in an amount equal to at
(i) (1) twenty-five percent (25%) of the total tax paid during the
preceding calendar year; or
(ii) (2) twenty per cent (20%) of the actual tax for the current
the company shall be liable, in addition to the amount due, for interest in the amount of one percent (1%) of the amount due and unpaid for each month or part of a month that the amount due, together with interest, remains unpaid. This interest penalty shall be exclusive of and in addition to any other fee, assessment, or charge made by the department.
(d) (h) The taxes under this article shall be in lieu of all license fees
or privilege or other tax levied or assessed by this state or by any
municipality, county, or other political subdivision of this state. No
municipality, county, or other political subdivision of this state shall
impose any license fee or privilege or other tax upon any insurance
company or any of its agents for the privilege of doing an insurance
business therein, except the tax authorized by
the taxes authorized under
shall be credited against the
taxes provided under this chapter. This section shall not be construed
to prohibit the levy and collection of state, county, or municipal taxes
upon real and tangible personal property of such company, or to
prohibit the levy of any retaliatory tax, fine, penalty, or fee provided by
law. However, all insurance companies, foreign or domestic, paying
taxes in this state predicated in part on their premium income from
policies sold and premiums received in Indiana, shall have the same
rights and privileges from further taxation and shall be given the same
credits wherever applicable, as those set out for those companies
paying only a tax on premiums as set out in this section.
(e) (i) Any insurance company failing or refusing, for more than
thirty (30) days, to render an accurate account of its premium receipts
as provided in this section and pay the tax due thereon shall be subject
to a penalty of one hundred dollars ($100) for each additional day such
report and payment shall be delayed, not to exceed a maximum penalty
of ten thousand dollars ($10,000). The penalty may be ordered by the
commissioner after a hearing under
may revoke all authority of such defaulting company to do business
within this state, or suspend such authority during the period of such
default, in the discretion of the commissioner.".
Renumber all SECTIONS consecutively.
(Reference is to EHB 1374 as printed February 23, 2000.)