31A-3-301 - Tax imposed on surplus lines insurance transactions. - Utah Statutes

31A-3-301. Tax imposed on surplus lines insurance transactions.
(1) (a) An insurance transaction under Section 31A-15-103 is subject to a tax of 4-1/4%of gross premiums, less 4-1/4% of return premiums paid to insureds by reason of policycancellations or premium reductions.
(b) The gross premium for a surplus lines insurance transaction means the monetaryconsideration for an insurance policy including all fees charged to the insured, howeverdesignated.
(2) The tax imposed by this section does not apply to:
(a) ocean marine insurance;
(b) insurance premiums paid by institutions within the state system of higher educationas specified in Section 53B-1-102; or
(c) annuities.
(3) This tax shall be deposited in the General Fund.

Amended by Chapter 124, 2005 General Session