Utah Code 31A-32a-107. Penalties for noncompliance with tax provisions

(1)

An account administrator who fails to comply with a provision described in Subsection (2) is subject to:

Terms Used In Utah Code 31A-32a-107

Account administrator: means any of the following:

(a)	a depository institution as defined in Section 7-1-103;

(b)	a trust company as defined in Section 7-1-103;

(c)	an insurance company authorized to do business in this state under this title;

(d)	a third party administrator licensed under Section 31A-25-203; and

(e)

an employer if the employer has a self-insured health plan under ERISA. See Utah Code 31A-32a-102

Individual: means a natural person. See Utah Code 31A-1-301

Rate: means :

(i)	the cost of a given unit of insurance; or

(ii)

for property or casualty insurance, that cost of insurance per exposure unit either expressed as:

(A)	a single number; or

(B)

a pure premium rate, adjusted before the application of individual risk variations based on loss or expense considerations to account for the treatment of:

(I)

expenses;

(II)	profit; and

(III)	individual insurer variation in loss experience. See Utah Code 31A-1-301
(a)	the civil penalties provided in Section 59-1-401; and

(b)	interest at the rate and in the manner provided in Section 59-1-402.

(2)

The following provisions apply to Subsection (1):

(a)	a provision of this chapter relating to an addition to income made in accordance with Section 59-10-114; or

(b)	a provision of Title 59, Chapter 10, Individual Income Tax Act, relating to an addition to income made in accordance with Section 59-10-114.

Amended by Chapter 281, 2018 General Session

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