Section 297I.10 Surcharge on Premiums to Restore Deficiency in Special Fund - Minnesota Statutes

297I.10 SURCHARGE ON PREMIUMS TO RESTORE DEFICIENCY IN SPECIAL FUND.

Subdivision 1.Cities of the first class.

(a) The commissioner shall order and direct a surcharge to be collected of two percent of the fire, lightning, and sprinkler leakage gross premiums, less return premiums, on all direct business received by any licensed foreign or domestic fire insurance company on property in a city of the first class, or by its agents for it, in cash or otherwise.

(b) By July 31 and December 31 of each year the commissioner of management and budget shall pay to the relief association in each city a warrant for an amount equal to the total amount of the surcharge on the premiums collected within the city since the previous payment.

(c) The treasurer of the relief association shall place the money received under this subdivision in the special fund of the relief association.

Subd. 2.

[Repealed, 2002 c 392 art 1 s 9]

Subd. 3.Appropriation.

The amount necessary to make the payments required under this section is appropriated to the commissioner of management and budget from the general fund.

Subd. 4.Collection and administration.

The commissioner shall administer the surcharge imposed by this section in the same manner as the taxes imposed by this chapter.

History:

2000 c 394 art 1 s 3; 2005 c 151 art 2 s 16; 2009 c 101 art 2 s 109