MS SB2002

Creates the Mississippi Grain Indemnity Fund to compensate grain producers for financial losses when grain dealers or warehouses fail, funded by a 0.02% assessment on market price per bushel collected at first purchase

Establishes an 8-member Mississippi Grain Indemnity Fund Board including the Commissioner of Insurance, Commissioner of Agriculture and Commerce, State Treasurer (all ex officio), plus 5 grain producer appointees

Sets a $20 million target balance for the fund, with assessments suspended once that threshold is reached; until the fund reaches $20 million, the state provides a backstop of up to $5 million from General Funds

Requires grain producers to file claims within 90 days of a dealer or warehouse failure, with the board compensating 100% of valid claims for surrendered warehouse receipts

Redirects grain warehouseman and grain dealer surety bonds to be payable to the Mississippi Grain Indemnity Fund Board rather than to individual commissioners