CODE OF VIRGINIA

ASSESSMENT FOR EXPENSES (§ 38.2-403)

The Commission shall assess each company annually for its just share of
expenses. The assessment shall be in proportion to direct gross premium income
for the year immediately preceding that for which the assessment is made. The
Commission shall give the companies notice of the assessment which shall be paid
to the Commission on or before March 1 of each year for deposit into the state
treasury as provided in subsection B of § 38.2-400. Any company that fails to
pay the assessment on or before the date herein prescribed shall be subject to a
penalty imposed by the Commission. The penalty shall be ten percent of the
assessment and interest shall be charged at a rate pursuant to § 58.1-1812 for
the period between the due date and the date of full payment. If a payment is
made in an amount later found to be in error, the Commission shall, (i) if an
additional amount is due, notify the company of the additional amount and the
company shall pay the additional amount within fourteen days of the date of the
notice or, (ii) if an overpayment is made, order a refund.

HISTORY: Code 1950, § 38-18; 1952, c. 317, § 38.1-45; 1977, c. 317; 1978, c.
4; 1986, c. 562; 1994, c. 316; 2012, c. 584.