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MS HB1156
Bill
Status
Failed
3/2/2010
Primary Sponsor
Walter Robinson
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AI Summary
- Increases the privilege tax for foreign insurance companies licensed as single-line companies to $500 per line of business across all classifications (e.g., fire, casualty, workers' compensation, life, title, etc.), except fraternal insurers which remain at $50
- Sets the privilege tax for foreign multiple-line insurance companies at $1,000 for any combination of insurance classifications
- Domestic insurance companies with home offices in Mississippi pay one-half of the listed privilege tax and license fee amounts
- Raises the aggregate annual license fee cap for any insurance company to $1,000 and increases the annual filing fee for nonadmitted insurers seeking certification by the Commissioner of Insurance to $1,000
- Effective date of July 1, 2010, with conforming amendments to capital and surplus requirements cross-references in existing insurance code sections
Legislative Description
Insurance companies; increase privilege taxes and license fees for foreign and domestic companies.
Last Action
Died In Committee
3/2/2010
Full Bill Text
No bill text available