HB 23-1111

House 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.)

Votes