Section 33-1-1508 - Theft of insurance premium(1) A person commits the offense of theft of insurance premium when the person purposely or knowingly exerts unauthorized control over money paid as insurance premium: (a) by failing to provide insurance premium received for a particular insurance policy to the insurer; or(b) knowing that insurance coverage will not be provided.(2) For purposes of this section "insurance premium" has the same meaning as "premium" provided in 33-15-102.(3)(a) A person convicted of theft of insurance premium involving a value not exceeding $1,500 shall be fined not more than $1,500 or be imprisoned in the county detention center for not more than 6 months, or both.(b) A person convicted of the offense of theft of insurance premium involving a value exceeding $1,500 shall be fined an amount not to exceed $50,000 or be imprisoned in a state prison for a term not to exceed 10 years, or both.(c) A person convicted of the offense of theft of insurance premium involving a common scheme as defined in 45-2-101 shall be fined an amount not to exceed $50,000 or be imprisoned in a state prison for a term not to exceed 10 years, or both.Added by Laws 2017, Ch. 396,Sec. 8, eff. 5/19/2017.