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Section 42-62-13.1 Insurer's assessment.

RI Gen L § 42-62-13.1 (2019) (N/A)
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§ 42-62-13.1. Insurer's assessment. (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.

History of Section. (P.L. 1990, ch. 65, art. 29, § 9.)

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