Rhode Island Code of Regulations
Title 230 - Department of Business Regulation
Chapter 20 - Insurance
Subchapter 05 - Personal Lines - Automobile and Homeowners Insurance
Part 11 - Basic Property Insurance Inspection and Placement Program (230-RICR-20-05-11)
Section 230-RICR-20-05-11.9 - Participation of Member Companies

A. The Association may purchase reinsurance including catastrophic coverage.

B. Each Insurer shall participate in the writings, expenses, profits, if any, and losses of the Association in the same proportion as its Premiums Written bear to the aggregate Premiums Written by all Insurers in this Program.

C. The Governing Committee, acting on behalf of the Association, shall be authorized to make a preliminary assessment upon all Insurers and such further assessments as may be deemed necessary, with respect to any policy year.

D. The Association shall distribute to the Commissioner and to each insurer its calculation of the insurer's participation ratio for each policy year. The insurer shall notify the Association in writing within thirty (30) days from the date of mailing by the Association of any objection it may have to such calculation. If the Association does not receive any objection within such thirty (30) day period, the calculation shall be binding upon the insurer. Until the Association has received the necessary data to calculate a participation ratio for any year, it may use the participation ratio calculated for the prior policy year on a provisional basis, but shall adjust any assessments made on the basis of such provisional ratios when final participation ratios for the year are calculated.