148th
GENERAL ASSEMBLY
FISCAL
NOTE
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sponsor: Representative
B. Short DESCRIPTION: AN ACT TO AMEND TITLE 18 OF THE DELAWARE CODE RELATING TO
INSURANCE.
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ASSUMPTIONS:
1.
Effective
upon the signature of the Governor.
2.
This
Act sets the premium tax rate for trust owned private placement life insurance
contracts covering the life of an individual at 2% for the first $100,000 in
premiums collected, with a premium tax rate of 0.0% for all premiums collected
in excess of $100,000.
3.
The
Department of Insurance is unable to provide data to support a loss of revenue,
therefore the fiscal impact is indeterminable.
Revenue
Loss:
Fiscal Year 2017 Indeterminable
Fiscal Year 2018 Indeterminable
Fiscal Year 2019 Indeterminable
Office of
Controller General
(Amounts are shown in whole dollars)
January 20,
2016
jrg:
4421480015