MS HB850

Authorizes the Commissioner of Insurance to establish a policy using the Working Cash-Stabilization Reserve Fund to help school districts, public community colleges, and state institutions of higher learning pay for windstorm insurance costs.

Brings forward multiple sections of Mississippi Code (27-103-203, 27-103-204, 27-107-321, 31-17-123, and 83-34-1 through 83-34-37) related to state funds, disaster assistance, and windstorm insurance for possible amendment.

Establishes the Mississippi Windstorm Underwriting Association as a separate entity with a board of directors including the State Treasurer, five assessable insurers, three agents, and two business leaders from the coast area.

Creates mechanisms for regular assessments on insurers and surcharges on property and casualty insurance premiums to fund windstorm coverage and pay for association bonds and indebtedness.

Effective July 1, 2015.