MISSISSIPPI LEGISLATURE
2018 Regular Session
To: Insurance
By: Representative Baria
AN ACT TO AMEND SECTION 83-34-5, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE MISSISSIPPI WINDSTORM UNDERWRITING ASSOCIATION MUST WRITE POLICIES ON HOMES WITH A FORTIFIED HOME DESIGNATION BY THE INSTITUTE FOR BUSINESS AND HOME SAFETY; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 83-34-5, Mississippi Code of 1972, is amended as follows:
83-34-5. (1) The association shall, pursuant to the provisions of this chapter and the plan of operation, and with respect to essential property insurance on insurable property, have the power:
(a) To issue policies of essential property insurance on insurable property to applicants;
(b) At its option, and with consent of the commissioner, to issue policies of related essential property insurance on insurable property to applicants;
(c) To purchase reinsurance for all or part of the risks of the association;
(d) To levy and collect regular assessments from assessable insurers;
(e) To issue bonds or incur other forms of indebtedness, including, but not limited to, loans, lines of credit or letters of credit;
(f) To establish underwriting criteria consistent with the provisions of this chapter and as approved by the commissioner;
(g) To invest and reinvest income and assets subject to the oversight of the commissioner;
(h) To enter into contractual agreements with third parties, including the Mississippi Windstorm Mitigation Coordinating Council, for the purposes of developing and implementing windstorm mitigation programs; and
(i) All other powers necessary to carry out the provisions and intent of this chapter.
(2) The association must write property and casualty insurance policies on homes with a FORTIFIED Home designation as certified by the Institute for Business and Home Safety. Licensed architects, engineers or inspectors certified by the insurance department shall determine whether a dwelling meets the criteria for a "fortified home" pursuant to the Institute for Business and Home Safety.
SECTION 2. This act shall take effect and be in force from and after July 1, 2018.