Bill Text | History of Actions | Amendments | Background | Title |
Description: Mississippi Economic Growth and Redevelopment Act of 2007; create.
Bill Text: [Introduced] [Committee Substitute] [Passed Senate]
| 1 | 01/15 (S) Referred To Insurance;Finance | |
| 2 | 01/18 (S) DR - TSDPCS: IN To FI | |
| 3 | 01/23 (S) DR - TSDPCS: FI To IN | |
| 4 | 01/25 (S) Title Suff Do Pass Comm Sub | |
| 5 | 02/01 (S) Committee Substitute Adopted | |
| 6 | 02/01 (S) Amended | |
| 7 | 02/01 (S) Passed As Amended {Vote} | |
| 8 | 02/06 (S) Transmitted To House | |
| 9 | 02/14 (H) Referred To Insurance | |
| 10 | 02/14 (H) Title Suff Do Pass As Amended | |
| 11 | 02/22 (H) Amended | |
| 12 | 02/22 (H) Passed As Amended {Vote} | |
| 13 | 02/23 (H) Returned For Concurrence | |
| 14 | 02/28 (S) Decline to Concur/Invite Conf | |
| 15 | 03/05 (S) Conferees Named Kirby,Robertson,Hewes | |
| 16 | 03/07 (H) Conferees Named Formby,Moak,Upshaw | |
| 17 | 03/26 (S) Died In Conference |
| Adopted | [S] | Amendment No 1 (Cmte Sub) Voice Vote |
| Adopted | [H] | Committee Amendment No 1 Voice Vote |
| [H] | Amendment Report for Senate Bill No. 3050 |
| Effective date | Passage | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Three/Fifths |
Senate Committees:
House Committee:
Principal Author: Hewes
Additional Authors: Robertson, Gollott, Dawkins, Cuevas, Moffatt, Kirby
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, A 083-0034-0027
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 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 AND RECOMMENDING THE AMOUNT NECESSARY TO BE APPROPRIATED FOR DEPOSIT INTO 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 THE STATE INSURANCE PREMIUM TAXES FOR DOMESTIC AND FOREIGN INSURANCE COMPANIES FOR CERTAIN NEW POLICIES WRITTEN IN THE COAST AREA OF THE STATE; TO AMEND SECTION 83-34-1, MISSISSIPPI CODE OF 1972, TO REVISE OTHER DEFINITIONS; 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 THAT ALL ASSESSABLE INSURERS SHALL PARTICIPATE IN REGULAR ASSESSMENTS BASED UPON THEIR PARTICIPATION, AND TO ALLOW FINANCIAL INCENTIVES OR PENALTIES TO ENCOURAGE ASSESSABLE INSURERS TO WRITE INSURANCE IN THE COAST AREA; 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, EXCEPT PREMIUMS FOR WORKERS' COMPENSATION COVERAGE AND PREMIUMS FOR INSURANCE POOLS OR PLANS ADMINISTERED BY THE STATE OF MISSISSIPPI, 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 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 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 AUTHORIZE THE COMMISSION TO IMPLEMENT A SURCHARGE FOR EXCESS HURRICANE LOSSES ON ALL PROPERTY AND CASUALTY PREMIUMS, EXCEPT PREMIUMS FOR WORKERS' COMPENSATION COVERAGE AND PREMIUMS FOR INSURANCE POOLS OR PLANS ADMINISTERED BY THE STATE OF MISSISSIPPI, TO RECOVER AMOUNT OF BONDS OR OTHER INDEBTEDNESS OF THE ASSOCIATION; 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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2007/html/History/SB/SB3050.htm