Ohio Enacts Insurance Law, Includes Change in Calculating Gross Premiums Paid for Tax on Bail Bond Premiums

The Ohio legislature enacted a law regarding insurance regulations and taxes. The law includes a modification to the calculation of gross premiums paid, for purposes of the tax on bail bond premiums, by allowing insurance companies to deduct the amount retained by bail bond agents, but not allowing the taxable bail bond premiums to be less than 6.5 percent of the company’s gross bail bond premiums. The law applies to premiums reported on annual statements filed in 2021 and thereafter, and an insurance company can request a refund for any such annual statement already filed if the change in the ...