§ 28-37-14 - Computation of gross premiums.
SECTION 28-37-14
§ 28-37-14 Computation of gross premiums.– (a) Gross premiums shall include all premiums, premium deposits, andassessments on all policies, certificates, and renewals written during thepreceding calendar year, covering workers' compensation risks within the stateor subject to the jurisdiction of this state, and on all policies subsequentlycancelled and reinsurance assumed, whether those premiums, premium deposits,and assessments are in the form of money, notes, credits, or other substitutesfor money, after deducting from these gross premiums the amount of returnpremiums on those contracts covering workers' compensation risks within thisstate or subject to the jurisdiction of this state and the amount of premiumsfor reinsurance assumed of those risks. Mutual companies and companies whichtransact business on the mutual plan shall also be allowed to deduct frompremiums, premium deposits, and assessments, the so-called dividends or unusedor unabsorbed portion of the premiums, premium deposits, and assessmentsapplied in part payment of premiums, premium deposits, and assessments orreturned to policyholders in cash or credited to policyholders during thepreceding calendar year.
(b) Except as specifically set forth in § 28-33-4, inthe case of a policy which contains deductible claim payment provisions eitheron the basis of per claim and/or claims in the aggregate, the gross premiumshall be based on the premium the employer would have had to pay to obtain thepolicy without such deductible provisions and without the application of anydeductible premium credit.
(c) Gross premiums shall be reported annually to thedepartment of business regulation and to the director of labor and trainingpursuant to the provisions of this chapter.
(d) Regulation and enforcement of subsections (b) and (c) ofthis section shall be vested in the director of labor and training. Thedirector of labor and training is empowered to bring an action in any court ofcompetent jurisdiction to give effect to the provisions of subsections (a)– (c) of this section.