518B.4 Insurers assessed.
161 words·~1 min read·
/ia/chapter-518b-riot-reinsurance-program/518b-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Whenever the secretary shall, in accordance with the Act, present to the state a request for reimbursement under the Act, the commissioner shall immediately assess all insurers which, during the calendar year with respect to which reimbursement is requested by the secretary, were licensed to write and engaged in writing property insurance business, including the property insurance components of multiperil policies on a direct basis, in this state. The amount of each such insurer’s assessment shall be calculated by multiplying the amount of the reimbursement requested by the secretary by a fraction the numerator of which is the insurer’s premium actually written in this state in that calendar year on habitational and commercial property, except farm property, risks and the denominator of which is the aggregate premiums written by all licensed insurers on such property risks.
In no event shall any insurer’s assessment be less than one hundred dollars.
[C71, 73, 75, 77, 79, 81, §518B.4]
Referred to in §518B.6, 518B.7