§ 28-53-5 - Establishment of reserves – Disbursement of excess funds. - Rhode Island Statutes

SECTION 28-53-5

   § 28-53-5  Establishment of reserves –Disbursement of excess funds. – When the balance of the fund, following the deduction of operating expenses,reserves, claims, administration costs and all other reasonable and necessarycosts and expenses, exceeds the sum of five million dollars ($5,000,000) thedirector is authorized to determine by experience or other appropriateaccounting and actuarial method what percentage of the payment collected by thefund pursuant to the provisions of Rhode Island general laws subsection28-53-2(a) is needed to maintain the fund at the five million dollar($5,000,000) level for the following twelve (12) months and shall certify thesame and shall make such calculations on or before May 10 of each yearthereafter.