The Florida Senate

A minority business that is at least 51 percent owned by minority persons, as defined in s. 288.703(3), initially issued a certificate of authority in this state as an authorized insurer after May 1, 1998, and before January 1, 2002, to write property and casualty insurance shall be exempt, for a period not to exceed 10 years from the date of receiving its certificate of authority, from the following taxes and assessments:

Subsection (1) applies only to personal lines and commercial lines residential property insurance policies as defined in s. 627.4025, and applies only to an insurer that has employees in this state and has a home office or a regional office in this state. With respect to any tax year or assessment year, the exemptions provided by subsection (1) apply only if during the year an average of at least 10 percent of the insurer’s Florida residential property policies in force covered properties located in enterprise zones designated pursuant to s. 290.0065.

The provision of the definition of “minority person” in s. 288.703(3) that requires residency in Florida shall not apply to the term “minority person” as used in this section or s. 627.3511.

This section is repealed effective December 31, 2010, and the tax and assessment exemptions authorized by this section shall terminate on such date.