2006 Utah Code - 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 63, Chapter 46a, 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 and 2, 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) (a) All money received by the state under this section shall be deposited in the General Fund as a dedicated credit of the department for the purpose of providing funds to pay for any costs and expenses incurred by the department in the administration, investigation, and enforcement of this chapter, Section 34A-2-110, and Section 76-6-521.
     (b) All monies received by the department to pay for the costs and expenses incurred by the department in the administration, investigation, and enforcement of this chapter, Section 34A-2-110, and Section 76-6-521 shall be nonlapsing.

Amended by Chapter 104, 2004 General Session