§ 27-33-9 - Alternate preassessment funding. - Rhode Island Statutes

SECTION 27-33-9

   § 27-33-9  Alternate preassessment funding.– In the event of a determination by the secretary that the provisions of thischapter are not sufficient to meet the requirements of 12 U.S.C. §1749bbb-9, the fund shall, with respect to the calendar year in which thedetermination is made and for each calendar year after that, assess premiumswritten in this state an amount equal to the maximum for which the fund wouldbe liable to the secretary for that calendar year. As soon as practicable afterthe close of a calendar year, the fund shall, in accordance with the formulaprovided in § 27-33-6, calculate the actual liability for reimbursement tothe secretary for that calendar year. The difference between the actualliability calculated and the amount previously assessed and paid with respectto that calendar year under this section shall be credited by the fund towardany assessment for any subsequent calendar year.