§ 42-62-13.1 - Insurer's assessment. - Rhode Island Statutes

SECTION 42-62-13.1

   § 42-62-13.1  Insurer's assessment. –(a) Notwithstanding any other provisions of law, each domestic nonprofitinsurer shall be charged an assessment to partially support the activities ofthe division of insurance in the department of business regulation.

   (b) Commencing in fiscal year 1990-1991, each domesticinsurer's assessment shall be determined in accordance with the following ratio:

   (1) By dividing the insurer's total direct premiums by thetotal direct premiums, including annuities, less policyholder dividends of alldomestic insurance companies plus the total direct premiums of domesticcompanies licensed or regulated pursuant to chapters 19, 20, 20.1, 20.2, 20.3,25, 41 of title 27, and this chapter;

   (2) And then by multiplying the resulting ratio times twohundred thousand dollars ($200,000).

   (c) The minimum assessment charged shall be the greater ofthe sum determined by subsection (b) or one thousand dollars ($1,000).

   (d) No insurer licensed or regulated pursuant to more thanone chapter of the general laws shall pay more than one assessment.