420-H - 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.