|SB 0385||Modifies how taxes are calculated for workers' compensation policies with deductible options|
|LR Number:||1261L.06T||Fiscal Note:||1261-06|
|Committee:||Small Business, Insurance & Industrial Relations|
|Last Action:||07/11/03 - Signed by Governor||Journal page:|
|Title:||HCS SCS SB 385|
|Effective Date:||August 28, 2003|
HCS/SCS/SB 385 - This act establishes that when calculating administrative surcharges, the amount shall be based upon the total premiums that would have been paid for the deductible portion. The Second Injury Fund surcharge owed by the employer who purchases a deductible policy will be assessed upon the total premiums which would have been paid in the absence of the deductible option. The premium taxes owed pursuant to Chapter 287, RSMo, for workers' compensation policies with deductible options, shall be based upon the total premiums paid upon the insurance policy excluding the deductible portion of the policy. The portion of the workers' compensation policy with a deductible option that is subject to an administrative surcharge shall not be subject to premium taxes, nor with respect to foreign insurance companies, or the retaliatory tax imposed pursuant to Section 375.916, RSMo.
In order to fund the Workers Compensation Division, the Division Director may impose a surcharge on every workers compensation deductible plan policyholder insured pursuant to Chapter 287, RSMo. Sections 287.716, and 287.717, RSMo, set out procedures regarding the calculation and application of the surcharge.
This act is similar to HB 490 (2003).