31A-3-301.   Tax imposed on surplus lines insurance transactions.
     (1) (a) An insurance transaction under Section 31A-15-103 is subject to a tax of 4-1/4% of gross premiums, less 4-1/4% of return premiums paid to insureds by reason of policy cancellations or premium reductions.
     (b) The gross premium for a surplus lines insurance transaction means the monetary consideration for an insurance policy including all fees charged to the insured, however designated.
     (2) The tax imposed by this section does not apply to:
     (a) ocean marine insurance;
     (b) insurance premiums paid by institutions within the state system of higher education as specified in Section 53B-1-102; or
     (c) annuities.
     (3) This tax shall be deposited in the General Fund.

Amended by Chapter 124, 2005 General Session
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Last revised: Thursday, May 28, 2009