The following are in place of any other license fee or license assessment that might otherwise be levied against a licensee by the state or a political subdivision of the state:
Terms Used In Utah Code 31A-3-102
Captive insurance company: means :
(a)
an insurer:
(i)
owned by a parent organization; and
(ii)
whose purpose is to insure risks of the parent organization and other risks as authorized under:
a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
(ii)
a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
(iii)
a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
insurance company: means a person doing an insurance business as a principal including:
(i)
a fraternal benefit society;
(ii)
an issuer of a gift annuity other than an annuity specified in Subsections 31A-22-1305(2) and (3);
(iii)
a motor club;
(iv)
an employee welfare plan;
(v)
a person purporting or intending to do an insurance business as a principal on that person's own account; and
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(a)
subject to Subsection (4), taxes and fees under this chapter;
an insurance company that engages in a transaction that is subject to taxes under Section 31A-3-301 or 31A-3-302, regardless of whether the insurance company has a tax liability under that section; and
(c)
a captive insurance company as provided in Section 31A-3-304 that pays a fee imposed under Section 31A-3-304.
(3)
Unless otherwise exempt, a licensee under this title is subject to real and personal property taxes.
(4)
A tax or fee under this chapter is not in place of a tax or fee a municipality or county imposes in accordance with Section 10-1-203 or 17-53-216.
