HB 23-1111
signedUnauthorized Insurance Premium Tax Rate
Plain-English Summary
AI-generatedHouse Bill 23-1111 increases the tax rate for unauthorized insurance premiums from 2.25% to 3%, matching the current tax rate for surplus lines insurance. This change affects individuals and businesses that purchase insurance through unauthorized or non-standard channels. The bill was signed into law by the governor on March 31, 2023, but it will not take effect until January 1, 2024.
Official Summary
The act increases the unauthorized insurance premium tax rate from 2.25% to 3% in parity with the surplus lines insurance tax rate.
APPROVED by Governor March 31, 2023
EFFECTIVE January 1, 2024
NOTE: This act was passed without a safety clause. (Note: This summary applies to this bill as enacted.)
Details
- Chamber
- House
- First action
- 2023-03-31
- Latest action
- 2023-01-23
- Last action desc.
- Introduced In House - Assigned to Finance
- OpenStates
- View source ↗
Related Legislation
This bill affects (5)
relatesSB 22-051(2022A)· signedPolicies To Reduce Emissions From Built Environment
relatesHB 18-1165(2018A)· signedSupplemental Appropriation - Department Of Public Safety
relatesHB 17-1278(2017A)· failedInsurance Premium Tax Deposit To Local Firefighter Fund
relatesSB 17-168(2017A)· signedSupplemental Appropriations Department of Public Safety
relatesHB 23-1121(2023A)· signedRepeal Of Infrequently Used Tax Expenditures
Affected by (16)
relatesHB 24-1060(2024A)· signedTravel Insurance Consumer Protections
relatesHB 25-1303(2025A)· signedFunding for Motor Vehicle Collision Prevention
relatesSB 26-178(2026A)· signedHealth Insurance Affordability Measures
relatesHB 25-1302(2025A)· signedIncrease Access Homeowner's Insurance Enterprises
relatesHB 25-1296(2025A)· signedTax Expenditure Adjustment
relatesHB 26-1065(2026A)· signedTransit and Housing Investment Zones
relatesHB 23-1227(2023A)· signedEnforce Laws Against Pharmacy Benefit Managers
relatesHB 23-1288(2023A)· signedFair Access To Insurance Requirements Plan
relatesHB 24-1316(2024A)· signedMiddle-Income Housing Tax Credit
relatesHB 24-1352(2024A)· signedAppliance Requirements & Incentives
relatesSB 24-126(2024A)· signedConservation Easement Income Tax Credit
relatesHB 24-1434(2024A)· signedExpand Affordable Housing Tax Credit
relatesHB 24-1119(2024A)· signedMulti-State Tax Filing System for Insurance Taxes
repealsHB 24-1470(2024A)· signedEliminate Premium Tax to Health Insurance Affordability Fund
repealsHB 25-1268(2025A)· signedUtility On-Bill Repayment Program Financing
repealsHB 24-1453(2024A)· signedRelocate Title 24 CLIMBER Act
Votes
BILL
2023-03-10 · Senate · pass — Yes: 25 · No: 10 · Other: —
BILL
2023-02-13 · House · pass — Yes: 59 · No: 4 · Other: —