MS HB1380

Levies an additional one-half of one percent (0.5%) assessment on all insurance premiums subject to premium tax, effective for policies delivered, issued, continued or renewed on or after July 1, 2011.

Requires insurers to remit the assessment to the Department of Revenue at the same time as regular premium tax payments, with funds annually deposited into the Mississippi Windstorm Underwriting Association Reinsurance Assistance Fund.

Brings forward existing law (Sections 83-34-1 through 83-34-37) governing the Mississippi Windstorm Underwriting Association, including provisions for assessable insurers, board composition, underwriting standards, and surcharge authority.

Creates a special state treasury fund for reinsurance assistance that may accumulate up to $50 million without lapsing to the general fund, with excess amounts reverting to the state general fund annually.

Establishes that reinsurance assistance funds can only be used to help the windstorm association defray reinsurance expenses and costs, and any other use requires a two-thirds vote in both legislative houses.