Amount of fund; basis for suspension and reinstatement of producer premium collection; collection time frame

Sec. 8. (a) The producer premiums required under section 4 of this chapter must be collected until the fund contains more than twenty-five million dollars ($25,000,000), as of June 30 of any given year. (b) Except as provided in subsection (c), after the fund reaches twenty-five million dollars ($25,000,000), the board may not require the collection of additional producer premiums until the amount in the fund drops below twenty million dollars ($20,000,000), as determined under section 9 of this chapter. In a year when the board determines that the fund is at or below twenty million dollars ($20,000,000), the board shall reinstate the collection described in this chapter. (c) The board shall reinstate the collection described in this chapter if as of May 1: (1) the fund contains at least twenty million dollars ($20,000,000); (2) the board is aware of the revocation of a license of a licensee; and (3) the amount of compensation from the fund to cover producers' claims, as determined by the board, is equal to or greater than the amount of money in the fund. (d) Collections must occur from September 1 through August 30 any year collections are made.