Bill Text | History of Actions | Background | Title |
Description: Mississippi Windstorm Underwriting Association; use portion of state sales tax revenue from certain counties to assist with reinsurance costs.
Bill Text: [Introduced]
| 1 | 01/02 (H) Referred To Ways and Means | |
| 2 | 01/30 (H) Died In Committee |
| Effective date | Passage | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Three/Fifths |
House Committee:
Principal Author: Peranich
Additional Author: Franks
Code Section: A 027-0065-0075
Title: AN ACT TO CREATE A SPECIAL FUND IN THE STATE TREASURY TO BE KNOWN AS THE "MISSISSIPPI WINDSTORM UNDERWRITING ASSOCIATION REINSURANCE ASSISTANCE FUND"; TO PROVIDE THAT MONIES IN THE SPECIAL FUND MAY BE USED BY THE DEPARTMENT OF INSURANCE, UPON APPROPRIATION BY THE LEGISLATURE, FOR THE PURPOSE OF ASSISTING THE MISSISSIPPI WINDSTORM UNDERWRITING ASSOCIATION IN DEFRAYING EXPENSES AND COSTS FOR REINSURANCE; TO PROVIDE THAT THE MISSISSIPPI WINDSTORM UNDERWRITING ASSOCIATION MAY USE SUCH FUNDS FOR THE PURPOSE OF DEFRAYING EXPENSES AND COSTS FOR REINSURANCE; TO PROVIDE THAT ANY MONIES IN EXCESS OF $50,000,000.00 REMAINING IN THE SPECIAL FUND AT THE END OF A FISCAL YEAR THAT HAVE NOT BEEN APPROPRIATED WILL LAPSE INTO THE STATE GENERAL FUND; TO REQUIRE THE COMMISSIONER OF INSURANCE TO FILE A REPORT WITH THE JOINT LEGISLATIVE BUDGET COMMITTEE NOT LATER THAN SEPTEMBER 1 OF EACH YEAR, RECOMMENDING THE AMOUNT OF ASSISTANCE, IF ANY, NEEDED BY THE MISSISSIPPI WINDSTORM UNDERWRITING ASSOCIATION FOR REINSURANCE EXPENSES AND COSTS; TO AMEND SECTION 27-65-75, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A PORTION OF THE STATE SALES TAX REVENUE COLLECTED IN HANCOCK, HARRISON, JACKSON, PEARL RIVER, STONE AND GEORGE COUNTIES SHALL BE DEPOSITED INTO THE MISSISSIPPI WINDSTORM UNDERWRITING ASSOCIATION REINSURANCE ASSISTANCE FUND; AND FOR RELATED PURPOSES.
End Of Document
2007/html/History/HB/HB0299.htm