Utah Code 31A-3-205. Taxation of insurance companies
Current as of: 2023 | Check for updates
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31A-3-205. Taxation of insurance companies.
| (1) | An admitted insurer shall pay to the State Tax Commission taxes imposed on the admitted insurer by Title 59, Revenue and Taxation. |
| (i) | 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 |
| (2) | A surplus lines insurer shall pay the taxes due under Section 31A-3-301 or 31A-3-302 in accordance with Section 31A-3-303. |
Amended by Chapter 168, 2017 General Session