31A-31-108 - Assessment of insurers.
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, UtahAdministrative 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 ofpersons residing in Utah, or on property located in Utah, other than property temporarily intransit through Utah.
(2) To implement this chapter, Section 34A-2-110, and Section 76-6-521, thecommissioner may assess each admitted insurer and each nonadmitted insurer transactinginsurance under Chapter 15, Parts 1, Unauthorized Insurers and Surplus Lines, and 2,Unauthorized Insurers 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 orequal 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 greaterthan $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 greaterthan $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 orexceeds $50,000,000.
(3) All money received by the state under this section shall be deposited in the GeneralFund as a dedicated credit of the department for the purpose of providing funds to pay for anycosts and expenses incurred by the department in the administration, investigation, andenforcement of this chapter, Section 34A-2-110, and Section 76-6-521.
Amended by Chapter 391, 2010 General Session