Iowa Admin. Code r. 191-20.55

Current through Register Vol. 47, No.14, January 8, 2025

Rule 191-20.55 - Assessments

(1) Participation and assessments by and upon each insurer in the Plan for losses and expenses in connection with Plan business shall be levied and assessed by the governing committee of the Plan on the basis of participation factors determined annually, giving effect to the proportion that such insurer's weighted premiums written bears to the aggregate weighted premiums written by all insurers in the Plan.

(2) De minimis assessments. Any assessment of less than $100 shall not be billed to an insurer.

(3) Late payment fee. Assessments shall be due and payable when billed. If any member fails to pay an assessment within 60 days after it is due, the insurer shall pay interest from the billing date at the rate of 1.5 percent per month. In the event that an insurer fails to pay any applicable late payment fee with an assessment, the amount of such unpaid late payment fee will be included in the amount of the insurer's next assessment.

(4) Credits for voluntary writings. The Plan may develop a voluntary writing credit policy, subject to approval by the commissioner. Credits may be used as offsets to member company assessments made by the Plan.

Iowa Admin. Code r. 191-20.55

Adopted by IAB March 20, 2024/Volume XLVI, Number 19, effective 4/24/2024