Bill Text | History of Actions | Background | Title |
Description: Mississippi Economic Growth and Redevelopment Act of 2007; create.
Bill Text: [Introduced]
| 1 | 01/15 (H) Referred To Sel Cmte on Hurricane Recovery | |
| 2 | 01/30 (H) Died In Committee |
| Effective date | ** See Text | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Three/Fifths |
House Committee:
Principal Author: Peranich
Additional Authors: Compretta, Dedeaux, Upshaw, Fredericks, Guice, Ishee, Janus, Palazzo, Patterson, Simpson, Broomfield, Hamilton (109th), Parker, Read, Wells-Smith, Zuber, Formby
Code Sections: A 083-0034-0005, A 083-0034-0027, A 083-0034-0009, A 083-0021-0017, A 083-0021-0021, A 027-0065-0075
Title: AN ACT TO CREATE THE MISSISSIPPI ECONOMIC GROWTH AND REDEVELOPMENT ACT OF 2007, TO STIMULATE THE ECONOMIC GROWTH AND REDEVELOPMENT WITHIN ALL AREAS OF THE STATE BY PROMOTING THE AVAILABILITY OF AFFORDABLE COMMERCIAL AND RESIDENTIAL CASUALTY LOSS INSURANCE; TO AMEND SECTIONS 83-34-5 AND 83-34-9, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE MISSISSIPPI WINDSTORM UNDERWRITING ASSOCIATION TO SET UNDERWRITING STANDARDS AND TO RETAIN ANY PROFITS OR EXCESS RESERVES GENERATED TO BE USED TO OFFSET DEFICITS INCURRED BY THE PLAN AND TO RE-INVEST SUCH EXCESS RESERVES; TO AUTHORIZE PERMITTED INVESTMENTS OF SUCH EXCESS RESERVES; TO AMEND SECTION 83-34-27, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER OF INSURANCE AND THE STATE TREASURER TO AUDIT AND EXAMINE ANY RE-INVESTMENT OF EXCESS RESERVES; TO CREATE NEW CODE SECTION 83-34-14, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE BOARD OF DIRECTORS OF THE MISSISSIPPI WINDSTORM UNDERWRITING ASSOCIATION TO LEVY AN EMERGENCY ASSESSMENT WHEN A DEFICIT EXCEEDS THE AMOUNT THAT WILL BE RECOVERED; TO AMEND SECTION 83-21-17, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER OF INSURANCE TO IMPOSE A FEE ON EACH NONADMITTED INSURER FOR THE PURPOSE OF DEFRAYING DEFICITS OF THE MISSISSIPPI WINDSTORM UNDERWRITING ASSOCIATION; TO AMEND SECTION 83-21-21, MISSISSIPPI CODE OF 1972, TO AUTHORIZE FEES LEVIED BY THE MISSISSIPPI SURPLUS LINES ASSOCIATION TO BE TRANSFERRED TO THE MISSISSIPPI WINDSTORM UNDERWRITING ASSOCIATION; 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; TO PROVIDE THAT A PORTION OF THE STATE INSURANCE PREMIUM TAX REVENUE SHALL BE DEPOSITED INTO THE MISSISSIPPI WINDSTORM UNDERWRITING ASSOCIATION REINSURANCE ASSISTANCE FUND; TO PROVIDE AN ANNUAL CREDIT AGAINST STATE INCOME TAXES TO CERTAIN TAXPAYERS IN THE AMOUNT OF THE INCREASED PREMIUMS PAID BY SUCH TAXPAYERS ANNUALLY TO THE MISSISSIPPI WINDSTORM UNDERWRITING ASSOCIATION; TO PROVIDE AN ANNUAL CREDIT AGAINST THE STATE INSURANCE PREMIUM TAXES FOR DOMESTIC AND FOREIGN INSURANCE COMPANIES FOR NEW POLICIES WRITTEN IN THE COASTAL COUNTIES OF THE STATE; AND FOR RELATED PURPOSES.
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2007/html/History/HB/HB1239.htm