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Rhode Island General Laws Title 42. State Affairs and Government § 42-62-13.1. Insurer's assessment

Current as of January 01, 2022 | Updated by FindLaw Staff

(a) Notwithstanding any other provisions of law, each domestic nonprofit insurer shall be charged an assessment to partially support the activities of the division of insurance in the department of business regulation.

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

(1) By dividing the insurer's total direct premiums by the total direct premiums, including annuities, less policyholder dividends of all domestic insurance companies plus the total direct premiums of domestic companies 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 two hundred thousand dollars ($200,000).

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

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

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Cite this article: FindLaw.com - Rhode Island General Laws Title 42. State Affairs and Government § 42-62-13.1. Insurer's assessment - last updated January 01, 2022 | https://codes.findlaw.com/ri/title-42-state-affairs-and-government/ri-gen-laws-sect-42-62-13-1/

Read this complete Rhode Island General Laws Title 42. State Affairs and Government § 42-62-13.1. Insurer's assessment on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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