31A-3-304 (Superseded 07/01/10). Annual fees -- Other taxes or fees prohibited.
(1) (a) A captive insurance company shall pay an annual fee imposed under this section
to obtain or renew a certificate of authority.
(b) The commissioner shall:
(i) determine the annual fee pursuant to Sections 31A-3-103 and 63J-1-504; and
(ii) consider whether the annual fee is competitive with fees imposed by other states on
captive insurance companies.
(2) A captive insurance company that fails to pay the fee required by this section is
subject to the relevant sanctions of this title.
(3) (a) Except as provided in Subsection (3)(b) and notwithstanding Title 59, Chapter 9,
Taxation of Admitted Insurers, the fee provided for in this section constitutes the sole tax or fee
under the laws of this state that may be otherwise levied or assessed on a captive insurance
company, and no other occupation tax or other tax or fee may be levied or collected from a
captive insurance company by the state or a county, city, or municipality within this state.
(b) Notwithstanding Subsection (3)(a), a captive insurance company is subject to real and
personal property taxes.
(4) A captive insurance company shall pay the fee imposed by this section to the
department by March 31 of each year.
(5) (a) The funds received pursuant to Subsection (2) shall be deposited into the General
Fund as a dedicated credit to be used by the department to:
(i) administer and enforce Chapter 37, Captive Insurance Companies Act; and
(ii) promote the captive insurance industry in Utah.
(b) At the end of each fiscal year, funds received by the department in excess of
$250,000 shall be treated as free revenue in the General Fund.
Amended by Chapter 183, 2009 General Session
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Last revised: Thursday, May 28, 2009