(a) The purpose of this section is to provide a means of making funds available, not in excess of two hundred fifty thousand dollars in any one year, to the Committee on Valuation of Securities of the National Association of Insurance Commissioners, to defray the expenses of such committee in the investigation, analyses and valuation of securities and the determination of the amortizability of bonds owned by insurance companies, for the purpose of furnishing to the several states on a uniform basis, information needed in the supervision of insurance companies licensed to transact business in the several states.

(b) The Insurance Commissioner shall have authority to contract with the committee on valuation of securities to make available to the insurance department the analyses, reports and information developed by the committee and, after taking into consideration similar payments which may be made by other states, to make payment to such committee to the extent authorized herein, on account of the expenses of the committee, from funds obtained through assessments for such purpose under this section.

(c) The Insurance Commissioner shall periodically obtain from the committee a verified budget estimate of the receipts and of the expenses to be incurred by the committee for a stated period not exceeding one year, with appropriate explanations of the estimates therein contained.

(d) If the Insurance Commissioner shall be satisfied as to the reasonableness of such budget estimate, he shall determine the portion of the funds required by such budget estimate, to be assessed as hereinafter provided, by deducting from such budget estimate or from the sum of two hundred fifty thousand dollars, whichever is less, any amounts received or receivable by the committee from other states whose laws do not substantially conform to the method of assessment herein provided, and applying to the remainder the proportion which the total investments in securities of domestic life insurers bear to the total investments in securities of life insurers domiciled in this and other states whose laws authorize and require assessments on substantially the same base as herein provided. The Insurance Commissioner shall thereafter, as soon as convenient, by notice stating the method of computation thereof, assess the amount to be paid on account of such expense pro rata upon all domestic life insurers in the proportion which the total investments in securities of each domestic life insurer shall bear to the total investments in securities of all such insurers: Provided, That the aggregate amount assessed upon all domestic life insurers pursuant to this section in any one year shall not exceed an amount determined by applying to the “remainder”, referred to in the first sentence of this subsection, the proportion which the total investments in securities of domestic life insurers bear to seventy-five per cent of the total investments in securities of all life insurers domiciled in all the states of the United States and the District of Columbia. The total investments in securities of any life insurer, for purposes of this section, shall be the total admitted value of stock and bonds reported as such in its annual statement last filed prior to such assessment with the insurance department or with the supervisory official of its state of domicile. Upon receipt of such notice each such insurer shall, within thirty days, pay said assessment to the Insurance Commissioner. The Insurance Commissioner shall deposit all moneys collected by him pursuant to this section in an account entitled “Insurance Commissioner Security Valuation Expense Account”, in a bank or trust company in the Commonwealth. Such moneys shall be paid by the Insurance Commissioner to the Committee on Valuation of Securities of the National Association of Insurance Commissioners, after audit by the Auditor General.

(e) The Insurance Commissioner shall require annually and at such other times as he may deem it necessary or advisable, a duly certified audit of receipts and disbursements and statements of assets and liabilities, showing the details of the financial operations of the committee on valuation of securities.

(f) This section shall become effective the first day of June, one thousand nine hundred forty-nine.