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The Florida Statutes

The 2009 Florida Statutes

Chapter 624
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Section 624.4072, Florida Statutes 2009

624.4072  Minority-owned property and casualty insurers; limited exemption for taxation and assessments.--

(1)  A minority business that is at least 51 percent owned by minority persons, as defined in s. 288.703(3), initially issued a certificate of authority in this state as an authorized insurer after May 1, 1998, and before January 1, 2002, to write property and casualty insurance shall be exempt, for a period not to exceed 10 years from the date of receiving its certificate of authority, from the following taxes and assessments:

(a)  Taxes imposed under ss. 175.101, 185.08, and 624.509;

(b)  Assessments by the Citizens Property Insurance Corporation, except for emergency assessments collected from policyholders pursuant to s. 627.351(6)(b)3.d. Any such insurer shall be a member insurer of the Citizens Property Insurance Corporation. The premiums of such insurer shall be included in determining, for the Citizens Property Insurance Corporation, the aggregate statewide direct written premium for the subject lines of business for all member insurers.

(2)  Subsection (1) applies only to personal lines and commercial lines residential property insurance policies as defined in s. 627.4025, and applies only to an insurer that has employees in this state and has a home office or a regional office in this state. With respect to any tax year or assessment year, the exemptions provided by subsection (1) apply only if during the year an average of at least 10 percent of the insurer's Florida residential property policies in force covered properties located in enterprise zones designated pursuant to s. 290.0065.

(3)  The provision of the definition of "minority person" in s. 288.703(3) that requires residency in Florida shall not apply to the term "minority person" as used in this section or s. 627.3511.

(4)  This section is repealed effective December 31, 2010, and the tax and assessment exemptions authorized by this section shall terminate on such date.

History.--s. 81, ch. 98-199; s. 1, ch. 2002-282; s. 784, ch. 2003-261.

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