§ 27-33-9 — § 27-33-9. Alternate preassessment funding.

Rhode Island § 27-33-9

• Jurisdiction: Rhode Island
• Title 27: Insurance
• Ch. 27-33: Federal Riot Reinsurance Reimbursement Fund

Text

§ 27-33-9. Alternate preassessment funding.

In the event of a determination by the secretary that the provisions of this chapter are not sufficient to meet the requirements of 12 U.S.C. § 1749bbb-9, the fund shall, with respect to the calendar year in which the determination is made and for each calendar year after that, assess premiums written in this state an amount equal to the maximum for which the fund would be liable to the secretary for that calendar year. As soon as practicable after the close of a calendar year, the fund shall, in accordance with the formula provided in § 27-33-6, calculate the actual liability for reimbursement to the secretary for that calendar year. The difference between the actual liability calculated and the amount previously assessed and paid with respect to that calendar year under this section shall be credited by the fund toward any assessment for any subsequent calendar year.

Legislative History

P.L. 1969, ch. 211, § 1.