Utah Admin. Code R590-197-4 - Paid Assessments Are Qualified Assets
(1) The amount of an assessment allowed as a
qualified asset may not exceed 2-1/2 times the amount of premium or income tax
paid for the previous calendar year.
(2) The commissioner may disallow an
assessment as a qualified asset if the commissioner determines a company is
unlikely to realize a present or future premium tax or income tax offset
because of the assessment.
(3) An
insurer is considered to have paid income or premium tax when it reduces its
gross premium tax liability by use of a credit or other legally allowable
deduction.
Notes
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