The 2023 Florida Statutes (including Special Session C)

Title XXXVII
INSURANCE

Chapter 624
INSURANCE CODE: ADMINISTRATION AND GENERAL PROVISIONS

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F.S. 624.510

624.510 Tax on wet marine and transportation insurance.—

(1) On or before March 1 of each year each insurer shall file with the Department of Revenue a report of its gross underwriting profit on wet marine and transportation insurance, as defined in s. 624.607(2), written in this state during the calendar year next preceding and shall at the same time pay to the Department of Revenue a tax of 0.75 percent of such gross underwriting profit.

(2) Such gross underwriting profit shall be ascertained by deducting from the net premiums (i.e., gross premiums less all return premiums and premiums for reinsurance) on such wet marine and transportation insurance contracts the net losses paid (i.e., gross losses paid less salvage and recoveries on reinsurance ceded) during such calendar year under such contracts.

(3) The income tax imposed under chapter 220 which is paid by any insurer shall be credited against, and to the extent thereof shall discharge, the liability for tax imposed by this section for the annual period in which such income tax payment is made. The aggregate income tax credit for any insurer under this subsection and s. 624.509(4) shall not exceed the amount of tax paid under chapter 220 in any calendar year. As to any insurer issuing policies insuring against loss or damage from the risks of fire, tornado, and certain casualty lines, the tax imposed by this section, as intended and contemplated by this subsection, shall be construed to mean the net amount of such tax remaining after there has been credited thereon such gross premium receipts tax as may be payable by such insurer in pursuance of the imposition of such tax by any incorporated cities or towns in the state for firefighters’ relief and pension funds and police officers’ retirement funds maintained in such cities or towns, as provided in and by relevant provisions of Florida Statutes. For purposes of this subsection, payments of estimated income tax under chapter 220 shall be deemed paid either at the time the insurer actually files its annual return under chapter 220 or at the time such return is required to be filed, whichever first occurs, and not at such earlier time as such payments of estimated tax are actually made.

History.—s. 82, ch. 59-205; ss. 21, 35, ch. 69-106; s. 4, ch. 71-984; s. 3, ch. 76-168; s. 1, ch. 77-237; s. 1, ch. 77-457; s. 70, ch. 82-243; s. 27, ch. 87-99; s. 197, ch. 97-102.

F.S. 624.510 on Google Scholar

F.S. 624.510 on Casetext

Amendments to 624.510

Arrestable Offenses / Crimes under Fla. Stat. 624.510

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 624.510.

Annotations, Discussions, Cases:

Cases from cite.case.law:

AMERISURE MUTUAL INSURANCE COMPANY, v. FLORIDA DEPARTMENT OF FINANCIAL SERVICES, DIVISION OF WORKERS COMPENSATION,, 156 So. 3d 520 (Fla. Dist. Ct. App. 2015)

. . . percent of a community contribution against any tax due for a calendar year under s. 624.509 or s. 624.510 . . . The carryover credit may be used in a subsequent year when the tax imposed by s. 624.509 or s. 624.510 . . .

GALLAGHER, v. MOTORS INSURANCE CORPORATION,, 605 So. 2d 62 (Fla. 1992)

. . . on insurance and annuity premiums, assessments, or considerations as imposed under ss. 624.509 and 624.510 . . . laws of any other state or foreign country which is subject to the taxes imposed by ss. 624.509 and 624.510 . . .