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MS HB1122
Bill
Status
2/1/2022
Primary Sponsor
Charles Busby
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AI Summary
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Amends Section 83-34-4 of Mississippi Code to redirect 40% of nonadmitted policy fees collected by the insurance commissioner to the Rural Fire Truck Fund or Supplementary Rural Fire Truck Fund, with the remaining 60% going to the association.
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Requires surplus lines insurance producers to remit nonadmitted policy fees (3% of total policy premium) directly to the commissioner rather than the association within 20 days of each quarter.
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Exempts policies covering residential earthquake risks and residential flood risks (except those through the National Flood Insurance Program) from the nonadmitted policy fee requirement.
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Extends the repealer date on this section from July 1, 2022, to July 1, 2025, allowing the fee diversion to continue through that date.
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Effective July 1, 2022.
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
2/1/2022