Life Insurance Premiums Act
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Bill Summary - 20LSO-0390 Bill No.: SF0071 Effective: 1/1/2021 12:00:00 AM LSO No.: 20LSO-0390 Enrolled Act No.: SEA No. 0050 Chapter No.: 136 Prime Sponsor: Case Catch Title: Life insurance premiums. Subject: Life insurance premiums. Summary/Major Elements: The bill exempts alien insurers from life insurance premium taxes on that portion of a life insurance policy's annual premium exceeding one hundred thousand dollars ($100,000.00). Existing law requires each authorized and formerly authorized insurer to file an annual report with the Insurance Commissioner showing the total direct premium income received during the immediately preceding calendar year. The bill requires an insurer to also identify separately in the report the premiums charged on life insurance policies with annualized premiums exceeding one hundred thousand dollars ($100,000.00) for the immediately preceding calendar year. At the time of filing the report, existing law requires an insurer to pay a tax for premium income received at a rate of seventy-five hundredths of a percent (0.75%). This bill modifies the tax rate for premium income received to seventy-five hundredths of a percent (0.75%) on the first one hundred thousand dollars ($100,000.00) of a life insurance policy's annual premium and seventy-five hundredths of a percent (0.75%) on that portion of a life insurance policy's annual premium exceeding one hundred thousand dollars ($100,000.00). Comments: Requires the Insurance Commissioner to provide a report to the Joint Corporations, Elections and Political Subdivisions Interim Committee. Has a Delayed Effective Date of January 1, 2021. The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.
Public statements
Last checked Aug 7, 8:51 AM
R · S25
Why they voted this way
The lawmaker supports the bill because it reduces premium taxes on large life insurance policies to encourage them to be domiciled in Wyoming, and notes that an amendment simply directs a required report to the corporations committee.
If a lawmaker is not listed, we couldn't find a published reason.
Wyoming roll calls
6 roll calls
Official activity
Changes
4 stored
The amendment adds a requirement for the insurance commissioner to provide a report on the financial impact of a specific tax rate.
The amendment adds a requirement for reports on life insurance premiums to be provided to a legislative committee.
The amendment modifies the bill to specify that certain life insurance policies with annualized premiums are exempt from specified premium taxes and require separate reporting.
The amendment changes the applicability of a new insurance act to only life insurance policies issued on or after January 1, 2021.