MS HB425

Directs monies derived from the nonadmitted policy fee to be deposited in the State General Fund instead of being used by the association for education, public outreach, and training programs.

Extends the repealer date for Section 83-34-4 (nonadmitted policy fee provisions) from July 1, 2018 to July 1, 2021.

Brings forward Sections 83-34-1 through 83-34-37 of the Mississippi Windstorm Underwriting Association laws for possible amendment and clarification.

Maintains the 3% nonadmitted policy fee on all premiums written by surplus lines insurance producers, with exemptions for residential earthquake and residential flood risks.

Confirms the association's authority to issue bonds, implement surcharges on property and casualty insurance premiums, and manage windstorm insurance coverage in coastal Mississippi counties.