MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Insurance

By: Representative Stevens

AN ACT TO AMEND SECTION 27-15-83, MISSISSIPPI CODE OF 1972, TO REVISE THE PRIVILEGE TAXES ON INSURANCE COMPANIES; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 27-15-83, Mississippi Code of 1972, is amended as follows:

27-15-83. Upon each foreign insurance company licensed as a single line company defined under Section 83-19-1, the privilege tax is as follows:

(a) Fire and allied lines and/or industrial fire $200.00

(b) Casualty/liability $200.00

(c) Fidelity and/or surety $200.00

(d) Workers' compensation $200.00

(e) Boiler and machinery $200.00

(f) Plate glass $200.00

(g) Aircraft $200.00

(h) Inland marine and/or ocean marine $200.00

(i) Automobile physical damage/automobile liability $200.00

(j) Homeowners/farmowners $200.00

(k) Guaranty/mortgage guaranty $200.00

(l) Trip accident and baggage $200.00

(m) Legal $200.00

(n) Life and/or accident and health; credit life, accident and health; industrial life, accident and health; and variable contracts $200.00

(o) Title $200.00

(p) Fraternal $50.00

For any combination of classifications of a foreign insurance company, the privilege tax for a multiple line company $350.00

Any stock, mutual, reciprocal or reinsurance company shall pay the appropriate privilege tax for each line of insurance the company is licensed to underwrite.

For each domestic insurance with its home office located in Mississippi, the privilege tax is one-half (1/2) of the taxes provided herein.

Each insurance company or association that amends its privilege license shall pay a fee of $25.00

SECTION 2. This act shall take effect and be in force from and after July 1, 1998.