09 LC 37
0902S
The
Senate Insurance and Labor Committee offered the following substitute to SB
125:
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 8 of Title 33 of the Official Code of Georgia Annotated, relating
to fees and taxes regarding insurance, so as to require insurance companies to
provide notice on each premium statement to customers that a portion of the
premium is composed of state premium taxes imposed by state law; to provide for
related matters; to provide an effective date; to provide for applicability; to
repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
8 of Title 33 of the Official Code of Georgia Annotated, relating to fees and
taxes regarding insurance, is amended by inserting a new Code section to read as
follows:
"33-8-14.
All
foreign, alien, and domestic insurance companies doing business in this state
shall provide a notice on each premium statement or invoice sent to customers
advising that a portion of the premiums being charged is composed of state
premium taxes imposed by Code Section 33-8-4 and county or municipal premium
taxes imposed by Code Section 33-8-8.1 or 33-8-8.2, as the case may be. Such
notice shall further advise that the maximum rate of taxation is 4.75 percent
for property and casualty insurance coverages and 4.25 percent for life,
accident, and health insurance
coverages."
SECTION
2.
This
Act shall become effective on July 1, 2009, and shall be applicable to all
premium billing beginning January 1, 2010.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.