§ 27-33-6 - Post assessment funding. - Rhode Island Statutes

SECTION 27-33-6

   § 27-33-6  Post assessment funding. –Whenever the secretary shall, in accordance with the Act, present to the statea request for reimbursement under the Act, the fund shall immediately assessall insurers that, during the calendar year with respect to which reimbursementis requested by the secretary, were chartered or licensed or engaged in writingthose classes of insurance listed in §§ 27-8-1 and 27-8-3. The amountof each insurer's assessment shall be calculated by multiplying the amount ofthe reimbursement requested by the secretary by a fraction the numerator ofwhich is the insurer's premiums actually written in this state in that calendaryear and the denominator of which is the aggregate of the written premiums forall insurers. Insurers may add to the premiums applicable to the lines on whichthe assessment is levied, an amount to be approved by the insurancecommissioner, sufficient to recover within not more than three (3) years anyamounts assessed under this section during the preceding calendar year togetherwith the amount of costs and expenses reasonably attributable to theassessments and recovery of them.