MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Insurance

By: Representative Stevens

AN ACT TO REPEAL SECTION 83-19-25, MISSISSIPPI CODE OF 1972, WHICH PROHIBITS DOMESTIC INSURANCE COMPANIES FROM PAYING SALARIES IN EXCESS OF FIVE THOUSAND DOLLARS PER ANNUM TO ANY NONRESIDENT OFFICER OR EMPLOYEE OF THE COMPANY; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 83-19-25, Mississippi Code of 1972, which prohibits domestic insurance companies from paying salaries in excess of Five Thousand Dollars ($5,000.00) per annum to any nonresident officer or employee of the company, is repealed.

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