MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Insurance

By: Representative Stevens

AN ACT TO AMEND SECTION 83-2-33, MISSISSIPPI CODE OF 1972, TO PROVIDE A MINIMUM ASSESSMENT OF ONE HUNDRED DOLLARS PER YEAR ON EVERY PROPERTY AND CASUALTY INSURANCE COMPANY AS A CONTRIBUTION TO THE INSURANCE DEPARTMENT FUND; TO PROVIDE THAT THE TOTAL CONTRIBUTION COLLECTED SHALL NOT EXCEED SEVEN HUNDRED FIFTY THOUSAND DOLLARS IN EACH FISCAL YEAR; AND FOR RELATED PURPOSES. 

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

SECTION 1. Section 83-2-33, Mississippi Code of 1972, is amended as follows:

83-2-33. All property and casualty insurance companies doing business in this state shall contribute annually, at such times as the Insurance Commissioner shall determine, in proportion to their gross premiums collected within the State of Mississippi during the preceding year, to a special fund in the State Treasury to be known as the "Insurance Department Fund" to be expended by the Insurance Commissioner in the payment of the expenses of the Department of Insurance as the commissioner may deem necessary.

A minimum assessment of One Hundred Dollars ($100.00) per year shall be charged to every property and casualty insurance company licensed to do business in this state regardless of the gross premium amount collected during the preceding year. The commissioner is hereby authorized to employ such actuarial and other assistance as shall be necessary to carry out the duties of the department; and such employees shall be under the authority and direction of the Insurance Commissioner. The amount to be contributed annually to the fund shall be fixed each year by the Insurance Commissioner at a percentage of the gross premiums so collected during the preceding year. * * *

The total contributions collected for the Insurance Department Fund * * * shall not exceed the sum of Seven Hundred Fifty Thousand Dollars ($750,000.00) in each fiscal year.

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