59-9-105 - Tax on certain insurers to pay for relative value study and other publications or services.
59-9-105. Tax on certain insurers to pay for relative value study and otherpublications or services.
(1) Each insurer providing coverage for motor vehicle liability, uninsured motorist, andpersonal injury protection shall pay to the State Tax Commission on or before March 31 of eachyear, a tax of .01% on the total premiums received for these coverages during the precedingcalendar year from policies covering motor vehicle risks in this state.
(2) The taxable premium under this section shall be reduced by all premiums returned orcredited to policyholders on direct business subject to tax in this state.
(3) All money received by the state under this section shall be deposited in the GeneralFund as a dedicated credit for the purpose of providing funds to pay for any costs and expensesincurred by the Insurance Department:
(a) in conducting, maintaining, and administering the relative value study referred to in Section 31A-22-307;
(b) to prepare, publish, and distribute publications relating to insurance and consumers ofinsurance as provided in Section 31A-2-208; and
(c) in providing the services of the Insurance Department through the use of:
(i) electronic commerce; and
(ii) other information technology.
Amended by Chapter 308, 2002 General Session