MS HB1534

Creates the Mississippi Windstorm Mitigation Association, a nonprofit entity with membership mandatory for all property insurers authorized to write insurance in Mississippi, to provide grants for retrofitting residential and commercial properties against severe weather.

Establishes a grant program offering up to $15,000 per property for retrofitting to Insurance Institute for Business and Home Safety standards or other approved mitigation techniques recommended by the Mississippi Windstorm Mitigation Coordinating Council.

Authorizes the association's board of directors (5-9 member insurers) to assess member insurers up to $10 million annually, with individual assessments capped at 0.5% of average premiums and a minimum of $500 per insurer.

Allows member insurers to offset 20% of their annual assessment against state premium, franchise, or income tax liability over five years, with unused balance carryforward permitted.

Places the association under Commissioner of Insurance supervision with annual reporting requirements to the commissioner and PEER; provides immunity from liability for member insurers, association agents, board members, and the commissioner for actions taken under the act.