Current through Register Vol. XLI, No. 50, December 13, 2024
Section 33-32-6 - Powers and Duties of the Director6.1. Premium Rate. -- The director shall have the power, duty, and responsibility to establish and maintain the premium rate for the UST insurance program.6.2. Premium Rate Payment. -- The annual premium rate, as determined by the director, shall be paid by the owners or operators requesting coverage and may include reasonable administrative expenses.6.3. Premium Payment and Deposit. -- The premium shall be paid to the director or the administrator and deposited into the Underground Storage Tank Insurance Trust Fund Premium Fund.6.4. UST Insurance Program Shall Be Assessable. -- The UST insurance program shall be assessable. The director may implement assessments once the insurance premium fund reaches a level of not more than two million dollars ($2,000,000). The assessment shall be subject to approval of the director and the advisory committee. For purposes of assessment calculations, the insurance premium pool shall not include funds collected from the capitalization fee assessment.