MS HB1348

Amends Section 83-21-25 of Mississippi Code to exempt property risks written by the Department of Finance and Administration on behalf of the State of Mississippi from the 4% surplus line premium tax.

The 4% tax on gross premiums received by surplus lines insurance producers on nonadmitted insurers remains applicable to all other policies.

The exemption is temporary and automatically repeals on July 1, 2013.

Surplus lines insurance producers continue to report gross premiums to the Commissioner of Insurance within 30 days of January 1 and July 1 each year for all other covered policies.