Bill Text | History of Actions | Background | Title |
Description: Mississippi Windstorm Underwriting Association; revise organizational structure.
Bill Text: [Introduced]
| 1 | 01/15 (H) Referred To Insurance | |
| 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: Formby
Additional Authors: Upshaw, Guice, Janus, Patterson, Ishee, Zuber, Palazzo, Fredericks, Wells-Smith
Code Sections: A 083-0034-0001, A 083-0034-0003, A 083-0034-0005, A 083-0034-0007, A 083-0034-0009, A 083-0034-0011, A 083-0034-0013, A 083-0034-0015, A 083-0034-0017, A 083-0034-0019, A 083-0034-0021, A 083-0034-0023, BF 083-0034-0025, A 083-0034-0027, BF 083-0034-0029
Title: AN ACT TO REVISE THE LAWS CREATING THE MISSISSIPPI WINDSTORM UNDERWRITING ASSOCIATION; TO AMEND SECTION 83-34-1, MISSISSIPPI CODE OF 1972, TO DEFINE CERTAIN TERMS; TO AMEND SECTION 83-34-3, MISSISSIPPI CODE OF 1972, TO REVISE THE ORGANIZATIONAL STRUCTURE OF THE ASSOCIATION; TO CREATE SECTION 83-34-4, MISSISSIPPI CODE OF 1972, TO REQUIRE ALL BROKERS FOR NONADMITTED INSURERS TO COLLECT AND REMIT TO THE ASSOCIATION A NONADMITTED INSURER FEE; TO AMEND SECTION 83-34-5, MISSISSIPPI CODE OF 1972, TO REVISE THE POWERS OF THE ASSOCIATION; TO AMEND SECTION 83-34-7, MISSISSIPPI CODE OF 1972, TO REVISE THE MEMBERSHIP OF THE BOARD OF DIRECTORS; TO AMEND SECTION 83-34-9, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR ASSESSABLE INSURER PARTICIPATION; TO CREATE SECTION 83-34-10, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE ASSOCIATION, WITH CONSENT OF THE COMMISSIONER OF INSURANCE, TO LEVY REGULAR ASSESSMENTS AGAINST ASSESSABLE INSURERS UPON CERTAIN EVENTS; TO AMEND SECTION 83-34-11, MISSISSIPPI CODE OF 1972, TO DIRECT THE COMMISSIONER OF INSURANCE TO IMPLEMENT A SURCHARGE ON ALL PROPERTY AND CASUALTY PREMIUMS STATEWIDE IN ORDER TO RECOVER REGULAR ASSESSMENTS AND REIMBURSE ASSESSABLE INSURERS; TO CREATE SECTION 83-34-12, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR DEFERRAL OF A REGULAR ASSESSMENT BY ORDER OF THE COMMISSIONER OF INSURANCE; TO AMEND SECTION 83-34-13, MISSISSIPPI CODE OF 1972, TO REVISE THE REQUIRED CONTENTS OF THE ASSOCIATION'S PLAN OF OPERATION; TO AMEND SECTION 83-34-15, MISSISSIPPI CODE OF 1972, TO REVISE THE PROCESS FOR APPLICATION FOR COVERAGE; TO AMEND SECTION 83-34-17, MISSISSIPPI CODE OF 1972, TO AMEND IN CONFORMITY WITH OTHER PROVISIONS; TO AMEND SECTION 83-34-19, MISSISSIPPI CODE OF 1972, TO REVISE THE PROCESS FOR APPEAL OF DECISIONS MADE BY THE ASSOCIATION OR COMMISSIONER OF INSURANCE; TO AMEND SECTION 83-34-21, MISSISSIPPI CODE OF 1972, IN CONFORMITY WITH OTHER PROVISIONS; TO AMEND SECTION 83-34-23, MISSISSIPPI CODE OF 1972, TO PROVIDE IMMUNITY FROM LIABILITY FOR THE ASSOCIATION AND THE COMMISSIONER OF INSURANCE; TO BRING FORWARD SECTION 83-34-25, MISSISSIPPI CODE OF 1972, FOR PURPOSE OF AMENDMENT; TO AMEND SECTION 83-34-27, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE EXAMINATION OF DATA AND PAYMENTS OF ASSESSABLE INSURERS AND BROKERS FOR NONADMITTED INSURERS; TO BRING FORWARD SECTION 83-34-29, MISSISSIPPI CODE OF 1972, FOR PURPOSE OF AMENDMENT; TO CREATE SECTION 83-34-31, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE ASSOCIATION TO ISSUE BONDS AND ENTER INTO LOANS; TO CREATE SECTION 83-34-33, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR A SURCHARGE FOR EXCESS HURRICANE LOSSES; TO CREATE SECTION 83-34-35, MISSISSIPPI CODE OF 1972, TO DIRECT THE COMMISSIONER OF INSURANCE TO APPROVE ASSOCIATION RATES AT LEAST ADEQUATE TO FUND ANNUAL REINSURANCE ABOVE A CERTAIN RESERVE; AND FOR RELATED PURPOSES.
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