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2017 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 38.2-403 and 38.2-4809.1 of the Code of Virginia are amended and reenacted as follows:
§ 38.2-403. Assessment for expenses.
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
process a refund.
§ 38.2-4809.1. Licensees to pay assessments on insurers.
Every licensed surplus lines broker or any person required to
be licensed as a surplus lines broker shall be subject to the annual maintenance
fund assessment, penalties, and other provisions of §§ 38.2-400, 38.2-403, and
38.2-406. If any person overpays the assessment, the Commission shall order
process a refund of the amount of the overpayment to the person. The
overpayment shall be refunded out of the state treasury on the order of the
Commission upon the Comptroller.