MS HB948

Redirects nonadmitted policy fee revenue (3% of nonadmitted insurance premiums) to the Rural Fire Truck Fund or Supplementary Rural Fire Truck Fund instead of the Windstorm Underwriting Association, and extends the sunset date from July 1, 2018 to July 1, 2021.

Requires the Windstorm Underwriting Association to obtain commissioner approval before purchasing reinsurance exceeding the probable maximum loss for a 150-year storm, and mandates a minimum $100 million self-insured retention for all reinsurance purchases.

Requires the Commissioner of Insurance to submit a comprehensive report on the Windstorm Underwriting Association to the Legislature by September 1, 2019, including organizational analysis and recommendations for legislative action.

Authorizes an additional round of the Rural Fire Truck Acquisition Assistance Program, allowing counties to request up to 12 fire trucks (previously 11) with maximum assistance of $720,000 (previously $650,000), and permits up to $25,000 per participating county for firefighting equipment and personal protective gear.

Requires contracts for personal and professional services by the Windstorm Underwriting Association exceeding $75,000 in annual payments to be submitted to the Commissioner of Insurance and Public Procurement Review Board for approval.