MS SB2626

Sets the nonadmitted policy fee collected by surplus lines insurance producers on premiums from nonadmitted insurers at three percent (3%) of total policy premium.

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.

Requires surplus lines insurance producers to remit collected fees directly to the association within twenty (20) days of the end of each quarter.

Applies to all insurance written for risks in Mississippi from nonadmitted insurers, including direct procurements by insureds outside the surplus lines licensing system.

Sunsets on July 1, 2014, with the act taking effect July 1, 2012.