MS HB1289

Amends Section 83-34-35 of the Mississippi Code to increase the Mississippi Windstorm Underwriting Association's reinsurance requirement from covering a 100-year storm to a 250-year storm.

Requires the commissioner to approve rates for association policies that are adequate to fund annual reinsurance above a $100,000,000 self-insured retention to cover probable maximum losses from a 250-year storm event.

Removes the previous requirement that reinsurance amounts increase every two years by extending the probable maximum loss coverage by five years until reaching 150-year storm protection.

Takes effect July 1, 2017.