(1) Unless a longer period has been allowed by the director, a member insurer shall, at its option, have the right to show a certificate of contribution as a nonadmitted asset in the form approved by the director pursuant to subsection
(8) of section 44-2708, at percentages of the original face amount approved by the director, for calendar years not to exceed the following: (a) One hundred percent for the calendar year of issuance; (b) Eighty percent for the first calendar year after the year of issuance; (c) Sixty percent for the second calendar year after the year of issuance; (d) Forty percent for the third calendar year after the year of issuance; (e) Twenty percent for the fourth calendar year after the year of issuance; and (f) Zero percent for the fifth calendar year after the year of issuance and thereafter.
(2) The insurer may offset the amount written off by it in a calendar year under subsection
(1) of this section against its premium and related retaliatory tax liability to this state pursuant to sections 44-150 and 77-908 accrued with respect to business transacted in such year.
(3) Any sums acquired by refund pursuant to subsection
(6) of section 44-2708 from the association which have previously been written off by contributing insurers and offset against premium and related retaliatory taxes as provided in subsection
(2) of this section and are not then needed for purposes of Chapter 44 shall be paid by the association to the director who shall handle such funds in the same manner as provided for in section 77-912.
