2006 Louisiana Laws - RS 22:1065 — Fire, marine, transportation, casualty, surety, or other insurance

§1065.  Fire, marine, transportation, casualty, surety, or other insurance

A.(1)  Upon the business of issuing policies, contracts, or other forms of obligations covering the risk of fire, marine, transportation, surety, fidelity, indemnity, guaranty, workers' compensation, employers' liability, property damages, livestock, vehicle, automatic sprinkler, burglary, or insurance of any other kind whatsoever in this state not otherwise provided for in this Part, the minimum annual license tax shall be one hundred eighty-five dollars when the gross annual premiums shall be six thousand dollars or less; and when the gross annual premiums shall be more than six thousand dollars, the amount of license tax payable shall be increased to three hundred dollars for each additional ten thousand dollars, or fraction thereof, of gross annual premiums.  The business of issuing each of the kinds of insurance or contracts mentioned in this Section may be combined under one license tax, and the amount of the license tax shall be based on the combined gross annual premiums of all such businesses.

(2)(a)  After June 30, 2002, this tax shall be paid on a quarterly basis; however, the first payment shall include the amount which would have been paid in previous quarters of 2002 had the increase provided by Acts 2002, No. 83, been in effect as of January 1, 2002.

(b)  There is hereby created in the state treasury the Risk Management Insurance Premium Payment Fund.  The treasurer shall deposit into the Risk Management Insurance Premium Payment Fund, five million seven hundred fifty thousand dollars from taxes collected under the provisions of this Section in Fiscal Year 2001-2002 that are in excess of actual collections under the provisions of this Section in Fiscal Year 2000-2001, after first having credited such tax collections to the Bond Security and Redemption Fund as required by Article VII, Section 9(B) of the Louisiana Constitution.  Monies in the Risk Management Insurance Premium Payment Fund shall be used solely for the purpose of paying premiums to the Office of Risk Management as determined by the legislature through appropriation.

(c)(i)  There is hereby created in the state treasury the Excess Revenue Collection Fund.  The treasurer shall deposit into the Excess Revenue Collection Fund any taxes collected under the provisions of this Section in Fiscal Year 2001-2002, in excess of actual collections under the provisions of this Section in Fiscal Year 2000-2001, after first having been credited to the Bond Security and Redemption Fund as required by Article VII, Section 9(B) of the Louisiana Constitution, amounts as provided in Items (ii) and (iii) of this Subparagraph.  Monies in the Excess Revenue Collection Fund shall be used in amounts appropriated by the legislature solely for the purpose of meeting any increase in employer contributions required over and above the statutory minimum set forth in R.S. 11:103(C)(2)(b)(i) for the fiscal year beginning July 1, 2002, for employer contributions of the Firefighters' Retirement System notwithstanding the rate as established by the Public Retirement Systems Actuarial Committee for Fiscal Year 2002-2003.  These funds shall be applied on a monthly basis until such appropriation is exhausted, after which direct employer contributions shall be made at the rate set by the Public Retirement Systems Actuarial Committee.

(ii)  Four million five hundred thousand dollars shall be deposited in the Excess Revenue Collection Fund after satisfying the requirements of Subparagraph (b) of this Paragraph.

(iii)  An amount not to exceed four million five hundred thirty- six thousand dollars shall be deposited in the Excess Revenue Collection Fund after satisfying the requirements of Item (ii) of this Subparagraph; provided that this allocation shall only be made if actual collections from taxes, licenses, and fees from all sources comprising the Official Forecast for Fiscal Year 2001-2002 exceed the Official Forecast for Fiscal Year 2001-2002 adopted by the Revenue Estimating Conference on April 30, 2002, and only if actual collections exceed the forecast by the amount deposited as required by this Item.

(d)  There is hereby created in the state treasury the Louisiana State Police Salary Fund.  Monies in the Louisiana State Police Salary Fund shall be used in amounts appropriated by the legislature to cover the cost of salary increases and related benefits for members of the state police service.  Taxes collected under the provisions of this Section in Fiscal Year 2002-2003 and ensuing fiscal years that are in excess of total collections under the provisions of this Section in Fiscal Year 2000-2001, after first having been credited to the Bond Security and Redemption Fund as required by Article VII, Section 9(B) of the Louisiana Constitution, shall be deposited into the Louisiana State Police Salary Fund until the amount deposited in each fiscal year is equal to fifteen million six hundred thousand dollars.

(e)  The provisions of Subparagraphs (b) and (c) of this Paragraph shall be null, void, and of no effect after July 1, 2003.

B.  For the year 1984 the amount of the license tax payable pursuant to this Section shall be based on the rate in effect at the time the premiums were collected; that is, for 1984 the minimum annual license tax shall be one hundred eighty dollars when the gross annual premiums are six thousand dollars or less; when the gross annual premiums are more than six thousand dollars, the amount of license tax payable shall be increased to one hundred eighty-five dollars for each additional ten thousand dollars, or fraction thereof, of gross premiums collected before July 1, 1984 and shall be increased to three hundred dollars for each additional ten thousand dollars, or fraction thereof, of gross premiums collected on or after July 1, 1984.

Acts 1984, 1st.  Ex.  Sess., No. 3, §1, eff. March 27, 1984; Acts 2002, No. 83, §1, eff. June 30, 2002.

{{NOTE:  SEE ACTS 1984, 1ST EX. SESS., NO. 3, §2.}}