MS SB2856

Redirects nonadmitted policy fee revenue (3% of premiums) from the Windstorm Underwriting Association to the State General Fund, extending the collection requirement until July 1, 2021.

Authorizes the Windstorm Underwriting Association to employ an executive director as part of its operational powers.

Requires the association to maintain a minimum self-insured retention of $100 million for all reinsurance purchases and mandates commissioner approval before purchasing reinsurance exceeding the probable maximum loss for a 150-year storm event.

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

Amends Section 83-21-21 to reference Section 83-34-4 regarding surplus lines insurance producer responsibilities for nonadmitted policy fees.