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MS HB133
Bill
Status
2/5/2019
Primary Sponsor
William Arnold
Click for details
AI Summary
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Requires $2,000,000 annually beginning July 1, 2019 from nonadmitted insurance policy fees to be diverted into a revolving loan fund administered by the Commissioner of Insurance.
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Establishes the revolving loan fund to provide loan monies to counties and municipalities for acquiring tornado sirens.
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Authorizes the Commissioner of Insurance to adopt rules and regulations necessary to implement and administer the revolving loan fund.
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Maintains existing requirements that surplus lines insurance producers collect and remit a 3% nonadmitted policy fee on all premiums for nonadmitted insurers.
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Section 83-34-4 of the Mississippi Code is amended and set to repeal July 1, 2020.
Legislative Description
Windpool; divert money from nonadmitted policy fees for revolving loan fund for tornado sirens.
Last Action
Died In Committee
2/5/2019