53-7-204.2. Fire Prevention Support Account -- Funding.
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Effective 5/12/2020
53-7-204.2. Fire Prevention Support Account -- Funding.
(1)As used in this section:
(a)"Account" means the Fire Prevention Support Account created in Subsection
(2).
(b)"Property insurance premium" means premium paid as consideration for property insurance as defined in Section 31A-1-301 .
(a)To provide a funding source for the general operation of the division, there is created in the General Fund a restricted account known as the Fire Prevention Support Account.
(b)The following revenue shall be deposited in the account to implement this section:
(i)the percentage specified in Subsection
(3)of the annual tax for each year that is levied, assessed, and collected under Title 59, Chapter 9, Taxation of Admitted Insurers , upon property insurance premiums and as applied to fire and allied lines insurance collected by insurance companies within the state;
(ii)the percentage specified in Subsection
(4)of all money assessed and collected upon life insurance premiums within the state;
(iii)appropriations made by the Legislature; and
(iv)money collected from civil penalties in accordance with Section 53-7-504 .
(3)The percentage of the tax specified in Subsection (2)(b)(i) to be deposited in the account each fiscal year is 25%.
(4)The percentage of the money specified in Subsection (2)(b)(ii) to be deposited in the account each fiscal year is 5%.
Amended by Chapter 403 , 2020 General Session