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MS HB832
Bill
Status
2/2/2021
Primary Sponsor
Charles Busby
Click for details
AI Summary
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Diverts 40% of the 3% nonadmitted insurance policy fee to the Rural Fire Truck Fund or Supplementary Rural Fire Truck Fund, with the remaining 60% going to the insurance association
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Requires surplus lines insurance producers to remit collected nonadmitted policy fees directly to the Insurance Commissioner rather than the association
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Replaces previous fixed-dollar diversions ($1.5 million to Capital Expense Fund and $4.5 million to Rural Fire Truck Fund in 2018-2019; $3.5 million to Rural Fire Truck Fund in 2019-2020) with the ongoing 40% allocation
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Extends the repealer date for the nonadmitted policy fee section from July 1, 2022 to July 1, 2024
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Takes effect July 1, 2021
Legislative Description
Nonadmitted policy fee; divert forty percent of for rural fire truck and supplemental fund and extend repealer on section.
Last Action
Died In Committee
2/2/2021