38.2-403 - Assessment for expenses. - Virginia Statutes

§ 38.2-403. Assessment for expenses.

The Commission shall assess each company annually for its just share ofexpenses. The assessment shall be in proportion to direct gross premiumincome for the year immediately preceding that for which the assessment ismade. The Commission shall give the companies notice of the assessment whichshall be paid to the Commission on or before March 1 of each year for depositinto the state treasury as provided in subsection B of § 38.2-400. Anycompany that fails to pay the assessment on or before the date hereinprescribed shall be subject to a penalty imposed by the Commission. Thepenalty shall be ten percent of the assessment and interest shall be chargedat a rate pursuant to § 58.1-1812 for the period between the due date and thedate of full payment. If a payment is made in an amount later found to be inerror, the Commission shall, (i) if an additional amount is due, notify thecompany of the additional amount and the company shall pay the additionalamount within fourteen days of the date of the notice or, (ii) if anoverpayment is made, order a refund as provided for in subsection B of §38.2-410.

(Code 1950, § 38-18; 1952, c. 317, § 38.1-45; 1977, c. 317; 1978, c. 4; 1986,c. 562; 1994, c. 316.)