Section 26.1-22-14 - Assessments and reporting of premiums and losses1. If the reserve balance is less than twelve million dollars, the commissioner shall determine the amount of money necessary to bring the reserve balance up to twelve million dollars. The commissioner then shall levy an assessment against every policy in force with the fund.2. The assessment must be computed as follows:a. The eighty percent or ninety percent coinsurance rate established for each insured property for which that rate may be applicable, and the full rate established for policies providing coverage against indirect losses and for properties to which the eighty percent or ninety percent coinsurance rate is not applicable, must be applied to the amount of insurance provided in each policy and the result of the application of the rate to the amount of insurance sets the tentative assessment to be made against the policy.b. The total of all tentative assessments must then be ascertained.c. The percentage of the assessment necessary to restore the reserve balance to the sum of twelve million dollars must then be computed and collected on each policy; provided, that until the reserve balance reaches twelve million dollars, the assessment must be in an amount determined by the commissioner but may not exceed sixty percent of the rates set by the insurance services office for insured property unless the reserve balance is depleted below three million dollars.d. In case of a fractional percentage the next higher whole percent must be used in such computation.Amended by S.L. 2021, ch. 235 (HB 1086),§ 4, eff. 7/1/2021.Amended by S.L. 2017, ch. 216 (HB 1101),§ 1, eff. 8/1/2017.