MS HB1099

Requires surplus lines insurance producers to execute a form promulgated by the Commissioner of Insurance detailing facts about why insurance was not placed in the admitted market.

The form must show that the producer made diligent efforts to procure the full amount of required insurance from licensed companies but was unable to do so.

Producers must maintain the form on file and make it available for review by the Commissioner of Insurance upon request.

Exempts surplus lines producers from conducting due diligence searches for exempt commercial purchasers who meet specified criteria (including net worth of $20 million, annual revenues of $50 million, 500+ employees, or other qualifying thresholds) and request nonadmitted insurance in writing.

Takes effect July 1, 2012, with financial threshold adjustments to occur every five years beginning January 1, 2015, based on the Consumer Price Index.