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Insurance Code | |
Insurance Fraud Act | |
Section 108 | Assessment of insurers. |
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31A-31-108. Assessment of insurers. (1) For purposes of this section: (a) The commissioner shall by rule made in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, define: (i) "annuity consideration"; (ii) "membership fees"; (iii) "other fees"; (iv) "deposit-type contract funds"; and (v) "other considerations in Utah." (b) "Utah consideration" means: (i) the total premiums written for Utah risks; (ii) annuity consideration; (iii) membership fees collected by the insurer; (iv) other fees collected by the insurer; (v) deposit-type contract funds; and (vi) other considerations in Utah. (c) "Utah risks" means insurance coverage on the lives, health, or against the liability of persons residing in Utah, or on property located in Utah, other than property temporarily in transit through Utah. (2) To implement this chapter, Section 34A-2-110, and Section 76-6-521, the commissioner may assess each admitted insurer and each nonadmitted insurer transacting insurance under Chapter 15, Parts 1, Unauthorized Insurers and Surplus Lines, and 2, Risk Retention Groups Act, an annual fee as follows: (a) $150 for an insurer, if the sum of the Utah consideration for that insurer is less than or equal to $1,000,000; (b) $400 for an insurer, if the sum of the Utah consideration for that insurer is greater than $1,000,000 but is less than or equal to $2,500,000; (c) $700 for an insurer, if the sum of the Utah consideration for that insurer is greater than $2,500,000 but is less than or equal to $5,000,000; (d) $1,350 for an insurer, if the sum of the Utah consideration for that insurer is greater than $5,000,000 but less than or equal to $10,000,000; (e) $5,150 for an insurer, if the sum of the Utah consideration for that insurer is greater than $10,000,000 but less than $50,000,000; and (f) $12,350 for an insurer, if the sum of the Utah consideration for that insurer equals or exceeds $50,000,000. (3) Money received by the state under this section shall be deposited into the Insurance Fraud Investigation Restricted Account created in Subsection (4). (4) (a) There is created in the General Fund a restricted account known as the "Insurance Fraud Investigation Restricted Account." (b) The Insurance Fraud Investigation Restricted Account shall consist of the money received by the commissioner under this section and Section 31A-31-109. (c) The commissioner shall administer the Insurance Fraud Investigation Restricted Account. Subject to appropriations by the Legislature, the commissioner shall use the money deposited into the Insurance Fraud Investigation Restricted Account to pay for a cost or expense incurred by the commissioner in the administration, investigation, and enforcement of this
chapter, Section 34A-2-110, and Section 76-6-521.
Amended by Chapter 284, 2011 General Session |
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