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This entry was published on 2014-09-22
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Premiums on insurance
§ 420-h. Premiums on insurance. 1. Each savings and loan association
whose application for insurance is approved by the fund shall pay
required advance premiums to the fund, as well as a premium charge for
such insurance equal to one-twelfth of one per centum of the total
amount of all savings accounts of such institution plus any creditor
obligations of such institution. Such premiums shall be paid at the time
the certificate is issued by the fund under section four hundred
twenty-g of this article, and thereafter annually until the reserves of
the fund equal two and one-half per centum of all savings accounts of
all members; except that under regulations prescribed by the fund such
premium charge may be paid semiannually. If at any time such reserves
fall below such two and one-half per centum, the payment of such annual
premium charge for insurance shall be resumed and shall be continued
until the reserves are brought back to such two and one-half per centum.
For the purposes of this subdivision, the amount in all accounts of
insured members and the amount of creditor obligations of any
institution may be determined from adjusted statements made within one
year prior to the approval of the application of such savings and loan
association for insurance, or in such other manner as the fund may by
rules and regulations prescribe.

2. The fund is further authorized to assess against each insured
savings and loan association additional premiums for insurance until the
amount of such premiums equals the amount of all losses and expenses of
the fund; except that the total amount so assessed in any one year
against any such savings and loan association shall not exceed
one-eighth of one per centum of the total amount of its savings accounts
and its creditor obligations.