Premium tax revenues -- Distribution

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