Insurance companies to receive tax refunds following Supreme Court decision

Tennessee workers compensation Insurance companies

The ruling was made following a unanimously in Tennessee and will grant over $16 million in refunds. The Tennessee Supreme Court has now unanimously ruled that the Department of Commerce and Insurance are required to provide five out of state groups of insurance companies with a tax refund of over $16 million. The state – like all others, aside from Hawaii – has taken on a retaliatory tax statute solely for the insurance industry. That statute has been created for the purpose of balancing tax burdens across state lines. It…

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North Carolina auto insurance tax will contribute to roadway maintenance

north carolina auto insurance

Higher taxes for gasoline and a range of other fees will help to keep the highways in the state paved. North Carolina has had to come up with a new plan to pay for the construction and maintenance of highways in the state, and it has now rolled out a plan that will use taxes on gasoline and auto insurance as well as increased vehicle fees in order to help to ensure that the funds that are needed will be available. The reason that the additional revenue streams are required…

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Health insurance subsidy more available to abused spouses through tax change

health insurance options

An alteration to the law no longer requires victims of domestic abuse to file joint taxes. The Affordable Care Act has now made a change that will make it much easier for victims of domestic violence to be able to obtain health insurance subsidies without having to file their taxes jointly. This new fix has been put into place – as has an extension in their enrollment period. The problem that caused the requirement for this change in the law surrounding subsidies for health insurance was that in order for…

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Nebraska to withdraw from Nonadmitted Insurance Multistate Agreement later this year

The Nebraska Department of Insurance has announced that it will be withdrawing from the Nonadmitted Insurance Multistate Agreement (NIMA). The agreement is designed to allow participant states to allocate funds collected through premium taxes paid by insurance organizations. States participating in NIMA are meant to pool these funds, which can then be accessed by participants for a number of purposes. Nebraska regulators have chosen to opt-out of the agreement because it does not align with the state’s own laws and timetables regarding new federal changes to taxes and health insurance.…

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