Anticipated Billing Date: October 2016
FY17 Amount: $341,594.44
Purpose: The Commissioner of Insurance is authorized to make and collect an assessment against medical malpractice insurers licensed, admitted, authorized or approved by the commissioner to pay for the expenses of the bureau. The funds shall be expended by the Division, in addition to any other funds that may be appropriated, to assist in defraying the general operating expenses of the bureau, and may be used to compensate consultants retained by said bureau.
Basis: The commissioner shall allocate the assessment on a fair and reasonable basis among all medical malpractice insurers licensed, admitted, authorized or approved. The assessment shall be made at a rate sufficient to produce five hundred thousand dollars annually. In addition to said amount, the assessment shall also include an amount, to be credited to the General Fund, equal to the total amount of funds estimated by the secretary for administration and finance to be expended from the General Fund for indirect and fringe benefit costs attributable to the personnel costs of the bureau. However, if the commissioner fails to expend for the costs and expenses of the bureau in any fiscal year, any amount unexpended in such fiscal year shall be credited against the assessment to be made in the following year, and the assessment in the following year shall be reduced by such unexpended amount. For the purposes of this section, the term medical malpractice insurer shall mean a medical malpractice insurer as defined in MGL. C. 175, §193U.