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MS HB723
Bill
Status
4/4/2012
Primary Sponsor
Gary Chism
Click for details
AI Summary
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Amends Mississippi Code Section 83-34-4 to set the nonadmitted policy fee at a fixed rate of 3% of total policy premium, removing the commissioner's authority to set the percentage.
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Surplus lines insurance producers must collect and remit the nonadmitted policy fee from insureds on all premiums for insurance from nonadmitted insurers covering risks in Mississippi.
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The nonadmitted policy fee is not considered premium and is not subject to premium taxes or commissions, but failure to pay is treated the same as failure to pay premium.
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Surplus lines producers must remit collected fees directly to the association within 20 days after the end of each quarter.
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Takes effect July 1, 2012.
Legislative Description
Surplus lines insurance; provide that nonadmitted policy fee shall be set at 3%.
Last Action
Died In Committee
4/4/2012