2006 Utah Code - 31A-3-304 — Annual fees -- Other taxes or fees prohibited.

     31A-3-304.   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 63-38-3.2; 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 320, 2006 General Session