§ 5410. Reimbursement fund. (a) The superintendent shall assess each\nmember of the association an amount sufficient to provide reimbursement\npayments, pursuant to the provisions of section 1223(a)(1) of the\nfederal Urban Property Protection and Reinsurance Act of 1968, to the\nagency of the federal government administering the act in an aggregate\namount not to exceed five per centum of the aggregate property insurance\npremiums earned in the state during the preceding calendar year on those\nlines of insurance reinsured under such act during the calendar year.\n (b) The total amount of any assessment on each such member shall be in\nthe proportion that the premiums earned during the preceding calendar\nyear by each such member in this state bear to the aggregate premiums\nearned in this state during the preceding calendar year on those lines\nof insurance reinsured under the federal act during the current year by\nall members of the association. Assessments shall be collectible from\nall members on and after the forty-fifth day following receipt of a\nclaim from the federal agency.\n (c) The superintendent shall receive all assessments payable on\naccount of the claim of the federal agency and make all disbursements in\ncarrying out this section from the riot reinsurance revolving fund which\nis continued. Notwithstanding any other law, rule or regulation\nrequiring that money received for or on behalf of the state shall be\npaid into the state treasury, the superintendent shall deposit the\nassessments in a separate bank account or accounts in a trust company or\nbank having trust powers within the state. All deposits shall be secured\nby obligations of the United States or this state and all banks and\ntrust companies are authorized to give the same. The monies of the fund\nmay, at the discretion of the superintendent, be invested in obligations\nof or guaranteed by this state or the United States. Any income or\nearnings derived from such investments shall be deposited in the fund.\n (d) The monies in the fund shall be paid on the order of the\nsuperintendent solely for reimbursement payments as provided in\nsubsection (a) hereof after any investigation the superintendent deems\nappropriate to verify the correctness of the claim. Any balance\nremaining shall be retained by the superintendent in the fund and used\nonly for the purpose of meeting future claims of the federal agency.\n (e) The superintendent may at any time require any member to furnish\ninformation he deems necessary to determine if the member has complied\nwith the provisions of this section.\n (f) The comptroller shall have the power and authority to audit the\naccruals, the receipts, the payments and the expenditure of all monies\nof the fund.\n
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