619.02 State contribution for federally reinsured losses.

188 words·~1 min read·/wi/chapter-619/619-02

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Assessment of insurers. The commissioner is authorized to assess each insurance company authorized to do business in this state an aggregate amount sufficient to provide a fund to reimburse the U.S. secretary of housing and urban development in the manner set forth in sec. 1223

(1)of the national housing act as amended by sec. 1103 of the urban property protection and reinsurance act of 1968, P.L. 90-448 , 82 Stat. 476. The assessment shall be on those lines reinsured during the current year in this state by the U.S. secretary of housing and urban development pursuant to such act. The assessment shall be in the proportion that the premiums earned during the preceding calendar year by each such company in this state bear to the aggregate premiums earned on those lines in this state by all insurers. The fund may be provided in whole or in part from appropriations by the legislature.

(2)Recoupment. Rates used by an insurer shall not be deemed excessive because they contain an amount reasonably calculated to recoup assessments made under this section.