A. The board shall issue to each member insurer paying an assessment pursuant to this article a certificate of contribution, in a form prescribed by the director for the amount paid. All outstanding certificates shall be of equal dignity and priority without reference to amounts or dates of issue.

B. A certificate of contribution issued to a member insurer shall be offset against its premium tax liability to this state in the amount of twenty percent of the assessment for the year of assessment and twenty percent of the assessment per year for each of the succeeding four years.

C. Notwithstanding subsection B of this section, the total amount a member insurer may offset against its premium tax liability pursuant to a certificate of contribution that is issued from 1987 through 1994 shall not exceed the following percentage amounts for each certificate of contribution, except that in no event may the total amount of the offset exceed one hundred percent of each assessment:

1. For 1991, seven percent.

2. For 1992, nine percent.

3. For 1993, eleven percent.

4. For 1994, thirteen percent.

D. A member insurer may not offset its premium tax liability by any amount unless the assessment for which the first year credit is claimed was collected by the guaranty fund in the calendar year for which the insurer seeks to offset its taxes.

E. Beginning in 1995, the total amount that a member insurer may offset against its premium tax liability pursuant to a certificate of contribution shall be as provided in subsection B of this section, except that in no event shall the total amount of the offset exceed one hundred percent of the assessment.