Utah § 54-24-301 - Utah fire funds -- Creation -- Sources of funding.
Full text of Utah Utah Code § 54-24-301 — Utah fire funds -- Creation -- Sources of funding., with citation guidance and answers to common questions.
§ 54-24-301. Utah fire funds -- Creation -- Sources of funding.
Effective 5/1/2024 54-24-301.
Utah fire funds -- Creation -- Sources of funding.
(1)
As used in this part:
(a)
(i)
"Eligible payment" means an amount owed by a large-scale electric utility to a third party in the state that exceeds the large-scale electric utility's applicable insurance coverage, including self-insurance.
(ii)
"Eligible payment" includes amounts owed as a result of:
(A)
a settlement agreement resolving economic damages arising out of a fire claim; or
(B)
economic damages awarded in a finally adjudicated fire claim.
(iii)
"Eligible payment" does not include an amount for damages to infrastructure owned by a large-scale electric utility caused by a fire event.
(b)
"Fire event" means any unplanned or uncontrolled fire in the state alleged to have been caused by an electrical corporation.
(c)
"Fire claim" means any claim, whether based on negligence, nuisance, trespass, or any other claim for relief, brought by a non-governmental person against an electrical corporation in any civil action to recover for damage resulting from a fire event.
(d)
"Inflation" means the seasonally adjusted Consumer Price Index for all urban consumers as published by the Bureau of Labor Statistics of the United States Department of Labor.
(e)
"Utah fire fund" means a fund that may be created under this section by a large-scale electric utility to serve as a resource to supplement other forms of insurance to make eligible payments.
(2)
(a)
A large-scale electric utility may create a Utah fire fund by filing notice with the commission.
(b)
The creation of a Utah fire fund under this section does not:
(i)
establish an exclusive fund for payment of eligible claims; or
(ii)
prohibit a large-scale electric utility from proposing, or the commission from approving, other mechanisms for third party liability coverage that are in the public interest.
(3)
A Utah fire fund shall consist of:
(a)
a reasonable and prudent fire surcharge that a large-scale electric utility may charge to the large-scale electric utility customers, as approved by the commission in a rate case, to be collected over a 10-year period from the date of the commission's approval of the Utah fire fund;
(b)
investment income from money in the fund; and
(c)
other amounts deposited into the fund as otherwise required by law.
(4)
The commission shall approve a large-scale electric utility's request to create a Utah fire fund for a large-scale electric utility if the large-scale electric utility demonstrates to the commission's satisfaction:
(a)
that the fund:
(i)
is in the public interest;
(ii)
supports the financial health of the large-scale electric utility; and
(iii)
maintains or improves the large-scale electric utility's ability to deliver safe and reliable services;
(b)
that the fire surcharge does not result in an increase over current rates:
(i)
for all customers, more than 4.95%; and
(ii)
for an average residential customer more than $3.70 a month.
(5)
Notwithstanding any other provision of law, a Utah fire fund created under this part may not be used for payments related to any fire or property damage claim originating or occurring outside of the state.
Section 54-24-301 ("Utah fire funds -- Creation -- Sources of funding.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 54-24-301?
A common citation format is "Utah Code § 54-24-301" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 54-24-301 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
