§ 27-13.1-7 - Cost of examinations. - Rhode Island Statutes

SECTION 27-13.1-7

   § 27-13.1-7  Cost of examinations. –(a) The total cost of the examinations shall be borne by the examined companiesand shall include the following expenses:

   (1) One hundred fifty percent (150%) of the total salariesand benefits paid to the examining personnel of the banking and insurancedivision engaged in those examinations less any salary reimbursements;

   (2) All reasonable technology costs related to theexamination process. Technology costs shall include the actual cost of softwareand hardware utilized in the examination process and the cost of trainingexamination personnel in the proper use of the software or hardware;

   (3) All necessary and reasonable education and training costsincurred by the state to maintain the proficiency and competence of theexamining personnel. All these costs shall be incurred in accordance withappropriate state of Rhode Island regulations, guidelines and procedures.

   (b) Expenses incurred pursuant to subsections (a)(2) and(a)(3) of this section shall be allocated equally to each company domiciled inRhode Island no more frequently than annually and shall not exceed an annualaverage assessment of three thousand five hundred dollars ($3,500) per companyfor any given three (3) calendar year period. All revenues collected pursuantto this section shall be deposited as general revenues. That assessment shallbe in addition to any taxes and fees payable to the state.