72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
HA to HB 3051
 
LC 1741/HB 3051-1
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 3051
 
      By COMMITTEE ON BUSINESS, LABOR AND CONSUMER AFFAIRS
 
                              May 6
 
  On page 1 of the printed bill, line 3, delete 'repealing ORS
734.575 and 734.577;'.
  Delete lines 8 through 28 and insert:
  '  { +  SECTION 2. + }  { + (1) Each member insurer subject to
an Oregon Insurance Guaranty Association assessment pursuant to
ORS 734.570 (3) shall recoup the amount of the assessment through
a recoupment assessment imposed on net direct written premiums.
The member insurer shall fix the amount of the recoupment
assessment at an amount sufficient to reimburse the member
insurer for the amount of Oregon Insurance Guaranty Association
assessments paid by the member insurer.
  ' (2) Each member insurer shall annually certify to the
Director of the Department of Consumer and Business Services the
total amount of recoupment assessments assessed for the year and
that the amount assessed does not exceed the amount of Oregon
Insurance Guaranty Association assessments imposed and not
previously recouped or offset against corporate excise taxes or
fire insurance gross premiums taxes.
  ' (3) The director may by rule establish a minimum threshold
for which a recoupment assessment under subsection (1) of this
section need not be made.
  ' (4) The Department of Consumer and Business Services,
pursuant to rules adopted by the director, may audit member
insurer determinations of recoupment assessments.
  ' (5) Recoupment assessments shall be separately stated on
premium billing statements. Recoupment assessments may not be
considered gross premiums for any purpose. + }
  '  { +  SECTION 3. + }  { + Section 2 of this 2003 Act applies
to the recoupment of:
  ' (1) Oregon Insurance Guaranty Association assessments imposed
on or after January 1, 2003; and
  ' (2) Oregon Insurance Guaranty Association assessments imposed
prior to January 1, 2003, that have not been fully recouped
through corporate excise tax offsets or fire insurance gross
premiums tax offsets. + }
  '  { +  SECTION 4. + } ORS 734.575 is amended to read:
  ' 734.575.   { - (1) A member insurer may offset the assessment
described in ORS 734.570 (3) first against its corporate excise
tax imposed under ORS 317.070 and second against its fire
insurance gross premiums tax imposed under ORS 731.820, in that
order. The offset may be taken at a rate of 20 percent of the
amount of the assessment for each of the five calendar years
following the year in which the assessment was paid. If a member
insurer ceases doing business, all uncredited assessments may be
credited against its tax liabilities referred to in this
subsection for the year in which it ceases doing business. - }
  '  { - (2) - }  Any sums acquired by refund from the Oregon
Insurance Guaranty Association that have previously been written
off by contributing insurers and offset against   { - taxes as
provided under subsection (1) of this section - }  { +  corporate
excise taxes or fire insurance gross premiums taxes + }, and are
not then needed for purposes of ORS 734.510 to 734.710, shall be
paid by the association to the Director of the Department of
Consumer and Business Services and deposited with the State
Treasurer for credit to the General Fund of this state.
  '  { +  SECTION 5. + }  { + The amendments to ORS 734.575 by
section 4 of this 2003 Act apply to:
  ' (1) Corporate excise taxes for excise tax years beginning on
or after January 1, 2003; and
  ' (2) Fire insurance gross premiums taxes for gross premiums
tax reporting periods beginning on or after January 1, 2003. + }
' .
  On page 2, delete lines 1 through 7.
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