MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Insurance

By: Representative Stevens

AN ACT TO PROVIDE THAT RISK RETENTION GROUPS SHALL PAY AN ANNUAL FILING FEE OF $500.00 AND RISK PURCHASING GROUPS SHALL PAY AN ANNUAL FILING FEE OF $250.00 TO THE SPECIAL INSURANCE DEPARTMENT FUND BY JUNE 1 OF EACH YEAR; TO PROVIDE FOR PENALTIES FOR NOT PAYING ANNUAL FEES; TO REQUIRE RISK RETENTION AND RISK PURCHASING GROUPS TO FILE ANNUAL REPORTS BY MARCH 1 OF EACH YEAR; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) Upon an initial filing of an application for registration to operate as a risk retention group in this state, the Commissioner of Insurance shall collect a Five Hundred Dollar ($500.00) fee from each risk retention group.

(2) Upon filing for an annual renewal to operate as a risk retention group in this state, the commissioner shall collect a Five Hundred Dollar ($500.00) annual fee from each risk retention group on or before June 1.

(3) Upon an initial filing of an application for registration to operate as a risk purchasing group in this state, the commissioner shall collect a Two Hundred Fifty Dollar ($250.00) fee from each risk purchasing group.

(4) Upon filing for an annual renewal to operate as a risk purchasing group in this state, the commissioner shall collect a Two Hundred Fifty Dollar ($250.00) annual fee from each risk purchasing group on or before June 1.

(5) If any risk retention group or risk purchasing group which wishes to continue to do business in this state fails to file the required renewal fee, the commissioner shall revoke any registration or license held by the entity.

(6) Each risk retention group or risk purchasing group operating in the State of Mississippi shall file with the Mississippi Department of Insurance on or before March 1 of each year a listing of the premiums written on risks in Mississippi.

SECTION 2. This act shall take effect and be in force from and after July 1, 1999.