Senate Bill 2745 Summary

• Increases privilege tax and license fees for foreign insurance companies from varying amounts to a uniform $500.00 per line of business, with multiple line companies paying $1,000.00.

• Reduces privilege tax for domestic insurance companies (with home offices in Mississippi) to one-half the amount charged to foreign companies.

• Increases the annual filing fee for nonadmitted insurers from an unspecified amount to $1,000.00 for certification eligibility.

• Caps the aggregate license fees that any insurance company must pay annually at $1,000.00.

• Takes effect July 1, 2010.