MS HB637

Deletes the July 1, 2014 expiration date (repealer) on Section 83-34-4, making the nonadmitted policy fee provisions permanent rather than temporary.

Requires surplus lines insurance producers to collect and remit a 3% nonadmitted policy fee to the Mississippi Windstorm Underwriting Association on all insurance premiums written through nonadmitted insurers.

Fee must be remitted within 20 days after each quarter ends and is not subject to premium taxes or commissions, though failure to pay is treated like failure to pay premium.

Allows insureds who directly procure insurance from nonadmitted insurers without using a surplus lines licensee to pay the fee according to procedures for premium taxes.

Takes effect July 1, 2014.