376.975. Member's proportion of participation in pool to be determined annually--deficits to be recouped by proportioned assessment--amount of assessment to be offset against certain taxes. - Missouri Statutes

Member's proportion of participation in pool to be determinedannually--deficits to be recouped by proportionedassessment--amount of assessment to be offset against certaintaxes.

376.975. Each member's proportion of participation in thepool shall be determined annually by the board based on annualstatements and other reports deemed necessary by the board andfiled by the member with it. Any deficit incurred by the poolshall be recouped by assessments apportioned as provided insubsections 1, 2, and 3 of section 376.973 by the board amongmembers. The amount of assessments incurred by each member ofthe pool shall be allowed as an offset against certain taxes, andshall be subject to certain limitations, as follows: Each poolmember subject to chapter 148, RSMo, may deduct from premiumtaxes payable for any calendar year to the state any and allassessments paid for the same year pursuant to sections 376.960to 376.989. All assessments, for a fiscal year, shall not exceedthe net premium tax due and payable by such member in theprevious year. If the assessment exceeds any premium tax due orpayable in such year, the excess shall be a credit or offsetcarried forward against any premium tax due or payable insucceeding years until the excess is exhausted.

(L. 1990 H.B. 998 § 5 subsec. 5 subdiv. (1)(a))

Effective 1-1-91