Committee caps insurers' premium-tax lookback at three years

Mister Chairman opened discussion of House Bill 12 63, a Department of Insurance bill that would cap the period insurers may amend prior premium-tax filings at three years. "House bill 12 63 establishes a clear and reasonable limitation by capping that look back period at 3 years," the sponsor said, noting the cap aligns with the common three-year amendment window used for individual income-tax filers.

The sponsor told the committee a single company’s seven-year retrospective review in fiscal year 2025 resulted in a refund request of more than $142,000,000 that created "significant disruption to the state budget," and said the bill does not prevent legitimate corrections but provides predictability for state revenue forecasting. There were no public comments today because the bill had been considered in subcommittee.

A motion of "Do pass" was made and seconded; the committee adopted the measure by voice vote. The bill was reported out to Rules.