§ 8-44-114 — Determination of premium

The amount of the premium to be paid
by an employer for a contract of insurance of compensation and benefits as
provided in articles 40 to 47 of this title or against liability therefor shall be on the
basis of the annual expenditure of money by said employer for the services of
persons engaged in such employer's employment; except that no portion of such
expenditure representing a per diem payment shall be considered unless such
payment is considered wages for federal income tax purposes.

Legislative History

Source: L. 94: Entire section added, p. 1286, � 4, effective May 22.