Section 376.975

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 376

Effective - 01 Jan 1991, see footnote   

  376.975.  Member's proportion of participation in pool to be determined annually — deficits to be recouped by proportioned assessment — amount of assessment to be offset against certain taxes. — Each member's proportion of participation in the pool shall be determined annually by the board based on annual statements and other reports deemed necessary by the board and filed by the member with it.  Any deficit incurred by the pool shall be recouped by assessments apportioned as provided in subsections 1, 2, and 3 of section 376.973 by the board among members.  The amount of assessments incurred by each member of the pool shall be allowed as an offset against certain taxes, and shall be subject to certain limitations, as follows:  Each pool member subject to chapter 148 may deduct from premium taxes payable for any calendar year to the state any and all assessments paid for the same year pursuant to sections 376.960 to 376.989.  All assessments, for a fiscal year, shall not exceed the net premium tax due and payable by such member in the previous year.  If the assessment exceeds any premium tax due or payable in such year, the excess shall be a credit or offset carried forward against any premium tax due or payable in succeeding years until the excess is exhausted.

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(L. 1990 H.B. 998 § 5 subsec. 5 subdiv. (1)(a))

Effective 1-01-91