31A-3-304 - Annual fees -- Other taxes or fees prohibited -- Captive Insurance Restricted Account. - Utah Statutes

31A-3-304. Annual fees -- Other taxes or fees prohibited -- Captive InsuranceRestricted Account.
(1) (a) A captive insurance company shall pay an annual fee imposed under this sectionto obtain or renew a certificate of authority.
(b) The commissioner shall:
(i) determine the annual fee pursuant to Section 31A-3-103; and
(ii) consider whether the annual fee is competitive with fees imposed by other states oncaptive insurance companies.
(2) A captive insurance company that fails to pay the fee required by this section issubject 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 feeunder the laws of this state that may be otherwise levied or assessed on a captive insurancecompany, and no other occupation tax or other tax or fee may be levied or collected from acaptive 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 andpersonal property taxes.
(4) A captive insurance company shall pay the fee imposed by this section to thecommissioner by March 31 of each year.
(5) (a) Money received pursuant to Subsection (2) shall be deposited into the CaptiveInsurance Restricted Account.
(b) There is created in the General Fund a restricted account known as the "CaptiveInsurance Restricted Account."
(c) The Captive Insurance Restricted Account shall consist of the fees imposed by thecommissioner in accordance with this section.
(d) The commissioner shall administer the Captive Insurance Restricted Account. Subject to appropriations by the Legislature, the commissioner shall use the money depositedinto the Captive Insurance Restricted Account to:
(i) administer and enforce Chapter 37, Captive Insurance Companies Act; and
(ii) promote the captive insurance industry in Utah.
(e) An appropriation from the Captive Insurance Restricted Account is nonlapsing,except that at the end of each fiscal year, money received by the commissioner in excess of$600,000 shall be treated as free revenue in the General Fund.

Amended by Chapter 10, 2010 General Session
Amended by Chapter 68, 2010 General Session
Amended by Chapter 265, 2010 General Session, (Coordination Clause)