BICEP 2-1988 - Laserfiche WebLink

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1Rs_%-p = Pure Premium Adjustment (R) assessment for the current Coverage Period (s) for a given pool (p), for a given 3 Participant (y). This equals the sum of Qyp for last four Coverage Periods plus Qsyp. Rsy = ?oual Pure Premium Adjustment to be levied for a given 7 Participan~ for the current Coverage Period. 9 T~_Si 1 11 if the sum of Rsyp for all pools for a given Participant is mcre than or equal to zero, then Rsy is equal to the sum of 13 Rsyp for all pools for a given Participant. 15 T~_-ST 2 17 If E~rp_ plus Ex'yp was less than zero in Test 2 of Step 2, above, then Rsy is equal to E~rp plus Ex'y? plus the sum of Qsyp 19 for The last four Coverage Periods, provided, as follows: 21 23 25 27 1) The maximum Pure Premium Adjustment refund paid in any Coverage Period shall not exceed 50% of ~he Pure Premium and Pure Premium Adjustment assessments to be paid by the Participant in such Coverage Period (or, with respect to withdrawn Participants, the last Coverage Year of participasion). To the extent Eyp plus Ex'yp includes payment of Special Pure Premium Adjustments (Ty-p), refunds of such Special Pure Premium Adjustments shall be further governed by Section 4.6. 29 2) 31 33 With respect to a Participant which has previously 35 withdrawn from the Program, a credit to or refund of Pure Premium Adjustments will be provided in an amount equal to the 37 amount by which such Participant's Allocable Proportion of the initial deposits from Bond proceeds (or its cash deposit) to 39 the Claims Payment Fund and Debt Service Reserve Fund exceeded its Allocable Proportion of the UndesigDated Reserves in the 41 Claims Payment Fund and the Debt Service Reserve Fund at the time of withdrawal. Such credit will be made on a pro rata 43 basis from ~he Pure Premium Adjustment assessment installments as sckeduied at the time of withdrawal. SB-3