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MS HB773

Bill

Official Source

Status

Failed

1/30/2018

Primary Sponsor

David Baria

Click for details

Origin

House of Representatives

2018 Regular Session

AI Summary

  • Amends Section 83-34-35 of Mississippi Code to increase the windstorm reinsurance requirement from a 100-year storm to a 250-year storm
  • Requires the commissioner to approve rates for the Mississippi Windstorm Underwriting Association adequate to fund reinsurance above a $100 million self-insured retention
  • Reinsurance combined with association reserves must cover probable maximum losses from a storm expected to occur once every 250 years, as predicted by a commissioner-approved model
  • Removes the previous requirement that reinsurance amounts increase every two years until reaching 150-year storm coverage
  • Takes effect July 1, 2018

Legislative Description

MS Windstorm Underwriting Association; increase reinsurance amount to cover 250 year storm.

Last Action

Died In Committee

1/30/2018

Committee Referrals

Insurance1/11/2018

Full Bill Text

No bill text available