19 Miss. Code. R. 5-4.11.8

Current through December 10, 2024
Section 19-5-4.11.8 - Distributions, Assessments and Refunds

The Pool Administrator shall establish and maintain a separate account for each Member in which the Member's share of each policy year's operating deficit or surplus shall be recorded. At the end of each calendar year, the Pool Administrator shall examine the operating results of each policy year and the condition of each account to determine if a distribution or assessment is appropriate. The determination of the Pool Administrator shall be reviewed by the Advisory Board which shall concur or make its own determination. The Commissioner shall review the determination of the Pool Administrator and the Advisory Board, if different, and make the final determination of the amount and timing of any distribution or assessment.

The Pool shall always maintain funds adequate to meet its cash flow obligations. Projections of anticipated cash requirements shall be made to assure the adequacy of funds held by the Pool. Interim assessments may be levied by the Commissioner at any time that he, in his sole discretion, deems an assessment necessary to meet the obligations of the Pool.

Any assets remaining on hand in the Pool on the date of final termination, as specified by the Commissioner, after payment or appropriate reserves of any and all outstanding expenses and claims, shall be remitted to the general fund of the State of Mississippi.

19 Miss. Code. R. 5-4.11.8