§ 27-43-13 - Captive insurance regulatory and supervision fund. - Rhode Island Statutes

SECTION 27-43-13

   § 27-43-13  Captive insurance regulatoryand supervision fund. – (a) There is created a fund to be known as the captive insurance regulatory andsupervision fund for the purpose of providing the financial means for thecommissioner to administrate this chapter and for reasonable expenses incurredin promoting the captive insurance industry in Rhode Island. An appropriationof ten percent (10%) of the premiums taxed under § 27-43-9, and all feesand assessments received by the department pursuant to the administration ofthis chapter with regards to the captive insurance industry shall be creditedto this fund. Of this amount, not more than two percent (2%) of the premium taxunder § 27-43-9 may be transferred to the Rhode Island economicdevelopment corporation, with approval of the director of administration, forpromotional expenses.

   (2) All payments from the captive insurance regulatory andsupervision fund for the maintenance of staff and associated expenses includingcontractual services as necessary, shall be disbursed from the state treasuryonly upon written request issued by the commissioner, after receipt of properdocumentation regarding services rendered and expenses incurred.

   (b) At the end of each fiscal year, that portion of thebalance in the captive insurance regulatory and supervision fund which exceedsone hundred thousand dollars ($100,000), shall be transferred to the generalfund.

   (c) The commissioner may anticipate receipts for the captiveinsurance regulatory and supervision fund and issue a written request forpayments based on it.