MS HB516

Exempts public school districts in Jackson, Harrison, and Hancock Counties from paying the 4% premium tax on surplus lines insurance and independently procured insurance from nonadmitted insurers

Prohibits surplus lines insurance producers from passing on the premium tax to these three coastal Mississippi counties' public school districts

Exempts the same school districts from the 3% nonadmitted policy fee when directly procuring or renewing insurance with nonadmitted insurers

Maintains existing requirements for nonadmitted insurers to be eligible for writing business in Mississippi, including minimum capital and surplus requirements of $15 million or equivalent

Takes effect July 1, 2017