MS HB70

Requires surplus lines insurance producers to collect a 3% nonadmitted policy fee from insureds purchasing insurance through nonadmitted insurers, with residential earthquake and non-NFIP flood risks exempted from the fee.

Diverts $1.5 million annually from nonadmitted policy fee collections into a special fund for Mississippi Crime Laboratory equipment (IT and laboratory equipment).

Diverts $4.5 million annually into the Rural Fire Truck Fund or Supplementary Rural Fire Truck Fund for rural fire departments.

Creates a $500,000 revolving loan fund administered by the Commissioner of Insurance to provide loans to local governments for tornado siren purchases.

Extends the repealer date for the nonadmitted policy fee section from July 1, 2019 to July 1, 2020, with the act effective July 1, 2019.