Every insurance company which is transacting workers' compensation insurance business in this state shall on or before March 1 of each year pay to the Director of Insurance an amount equal to one percent of the gross amount of direct writing premiums received by the company during the preceding calendar year for workers' compensation insurance business transacted in this state. Every risk management pool providing workers' compensation group self-insurance coverage to any of its members shall on or before March 1 of each year pay to the Director of Insurance an amount equal to one percent of the annual contributions received by the pool to provide workers' compensation coverage less any amount paid for excess or aggregate workers' compensation insurance during the immediately preceding calendar year. For the purpose of calculating the amount due, a pool which has a scheme of operations that contemplates a return of a portion of the contributions of pool members without such members being claimants under the pool's insuring agreements may deduct such return contributions and any dividends paid during the immediately preceding calendar year that are attributable to workers' compensation. The computation of the amount shall be made on forms furnished by the Department of Insurance and shall be forwarded to the department together with a sworn statement by an appropriate fiscal officer of the company or the pool's chief operating officer attesting the accuracy of the computation. The department shall furnish the forms to the companies and risk management pools prior to the end of the year for which the amounts are payable together with any information deemed necessary or appropriate by the department.

Upon receipt of the payment, the director shall audit and examine the computations to determine that the proper amount has been paid. After notice and hearing in accordance with the Administrative Procedure Act, the Director of Insurance may rescind or refuse to reissue the certificate of authority of any company which fails to remit the amount due.

The Director of Insurance shall remit the amounts paid to the State Treasurer for credit to the Compensation Court Cash Fund, except that (1) when there is a dispute as to the amount payable, the proceeds shall be credited to a suspense account in the state treasury until disposition of the controversy and (2) one percent of the amounts received shall be credited to the Department of Insurance to cover the costs of administration.