MS SB2450

Amends Section 83-34-4, Mississippi Code of 1972, to establish annual diversion of nonadmitted policy fee monies to the State and School Employees' Insurance Fund beginning December 31, 2022.

Nonadmitted policy fee remains set at 3% of total policy premium and is collected by surplus lines insurance producers from insureds for policies written through nonadmitted insurers.

Diverts all monies derived from nonadmitted policy fees collected during each calendar year to the State and School Employees' Insurance Fund, rather than to the Mississippi Windstorm Underwriting Association.

Suspends diversion of fees if the Mississippi Windstorm Underwriting Association's Total Admitted Assets fall below $250,000,000 on December 31 of any year; in such cases, fees remain with the association.

Takes effect July 1, 2022.