Effective: March 23, 2016
Latest Legislation: Senate Bill 11 - 131st General Assembly
The total of all initial premiums collected by the treasurer of state under section 143.06 of the Revised Code is the basic capital account of the volunteer peace officers' dependents fund. No further contributions are required of fund members until claims against the fund have reduced it to ninety-five per cent or less of its basic capital account. In that event, the director of commerce shall cause the following assessments, based on current property valuation, to be made and certified to the legislative authority of each member of the fund:
(A) Each member with an assessed property valuation of less than seven million dollars, ninety dollars;
(B) Each member with an assessed property valuation of seven million dollars but less than fourteen million dollars, one hundred five dollars;
(C) Each member with an assessed property valuation of fourteen million dollars but less than twenty-one million dollars, one hundred twenty dollars;
(D) Each member with an assessed property valuation of twenty-one million dollars but less than twenty-eight million dollars, one hundred thirty-five dollars;
(E) Each member with an assessed property valuation of twenty-eight million dollars or more, one hundred fifty dollars.