49-11-901.5. Premium tax revenues -- Distribution.
(1) Beginning fiscal year 2027 and in accordance with this section, there shall be paid to the office: the first $4,000,000 collected from the annual tax levied, assessed, and collected under, upon premiums for property insurance, as defined under Section, and as applied to fire and allied lines insurance collected by insurance companies within the state; and Title 59, Chapter 9, Taxation of Admitted Insurers 31A-1-301 the first $1,000,000 collected under, upon premiums for life insurance, as defined in Section, within the state. Title 59, Chapter 9, Taxation of Admitted Insurers 31A-1-301
(2) The office shall use the revenue described in Subsectionto fund: (1) the long term disability program provided for firefighters under Section, until the program is fully funded; and 49-23-601 the Firefighters' Retirement Trust Fund created in Sectionuntil the actuarial funded ratio of the Firefighters' Retirement System created in Sectionreaches and can be maintained at 110%, as determined by the board's actuary using assumptions adopted by the board. 49-16-104 49-16-103 The office shall annually determine the amount distributed for each purpose under Subsection, including, for the distribution under Subsection, the apportionment between Divisions A and B as defined in Section. (2)(a) (2)(a)(i) 49-16-301
(3) The office shall inform the Executive Appropriations Committee when the office: determines that the amounts described in Subsectionexceed the amount needed for the purposes described in Subsection; and (1) (2)(a) recommends the Legislature reduce one or both of the amounts described in Subsection. (1)