537.740. Insufficient contributions, assessment, abatement, deferral--retroactive application. - Missouri Statutes

Insufficient contributions, assessment, abatement,deferral--retroactive application.

537.740. 1. If contributions to the fund do not produce sufficientfunds to pay any claims which may be due, the board shall assess and eachmember, including any member who has withdrawn but was a member in the year inwhich the assessment is required, shall pay such additional amounts which areeach member's proportionate share of total claims allowed and due. The boardmay abate or defer any part of the additional assessment of a member, if, inthe opinion of the board, payment of the additional assessment would impairthe ability of the member to fulfill its contractual obligations. Theprovisions of this subsection shall apply retroactively to the creation of theMissouri public entity risk management fund.

2. The board, in order to carry out the purposes for which the fund isestablished, may select and employ, or contract with, persons experienced ininsurance underwriting, accounting, the servicing of claims, and rate making,who shall serve at the board's pleasure, as technical advisors in establishingthe annual contribution, or may call upon the director of the department ofinsurance, financial institutions and professional registration for suchservices.

(L. 1986 H.B. 1435 & 1461, A.L. 1993 S.B. 88, A.L. 1999 S.B. 295 & 46)