2004 Regular Session
To: Insurance; Ways and Means
By: Representative Buck
AN ACT TO AMEND SECTION 83-5-61, MISSISSIPPI CODE OF 1972, TO REDUCE THE PERCENTAGE OF TAX CHARGED TO INSURANCE COMPANIES ON PREMIUMS PAID FOR INSURANCE COVERAGE ON PROPERTY SITUATED IN THIS STATE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 83-5-61, Mississippi Code of 1972, is amended as follows:
83-5-61. (1) All corporations, firms, persons, or individuals obtaining insurance on property situated in this state owned by corporations, firms, or individuals resident therein, against fire, lightning, or tornado from companies, associations, firms, or corporations not authorized to transact business in this state, shall file with the insurance commissioner of the state a sworn statement or declaration, setting forth the name of the company, number of policy, amount of insurance rate, premium, and description, shall be required to pay to the insurance commissioner a tax thereon of two percent (2%) of the premiums paid on said policies, and shall further pay to said commissioner a fee of One Dollar ($1.00) on each policy for filing a record of the said statement or declaration, which record shall be kept for the private information of the insurance department and shall not be a public record.
(2) It is the intent of the Legislature that the savings realized by insurance companies as a result of the lower tax percentage charged under this section shall be returned to the policyholders in the form of lower rates for insurance coverage.
SECTION 2. This act shall take effect and be in force from and after July 1, 2004.