58-3-3.1. Examination assessment fee--Insurance examination fund established for proceeds.
120 words·~1 min read·
/sd/title-58/chapter-58-3/58-3-3-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any insurer subject to chapter 58-3 shall pay to the Division of Insurance an annual examination assessment fee of three hundred dollars by March first of each year. There is established within the state treasury the insurance examination fund, into which shall be deposited the proceeds from the examination assessment fees. If the director determines that additional fees are needed to meet the anticipated needs of the examination fund, the director may increase the annual examination assessment fee or levy additional examination assessment fees of up to one hundred fifty dollars per insurer whenever the insurance examination fund falls below fifty thousand dollars.
However, the director may not increase the annual examination fee to an amount exceeding one thousand dollars.