HB 444 Summary

• Authorizes the Mississippi Windstorm Underwriting Association to levy both recoupable assessments (recoverable from policyholders) and nonrecoupable assessments (not recoverable from policyholders) on assessable insurers, with nonrecoupable assessments capped at $250 million annually or 6% of year-end total limits in force.

• Establishes minimum reserve requirement in the association's plan of operation that shall not be considered available funds when determining whether to levy assessments.

• Diverts $3.5 million from nonadmitted policy fees to the Rural Fire Truck Fund or Supplementary Rural Fire Truck Fund for the period July 1, 2019 through June 30, 2020.

• Authorizes the Insurance Commissioner to implement excess deficit surcharges on all property and casualty insurance premiums to recover bonds and indebtedness resulting from covered events when deficits exceed available resources.

• Extends the rural fire truck program to allow counties to acquire up to 13 trucks (increased from 12), with maximum assistance amounts increased from $740,000 to $830,000 per county.