Bill Text: MS HB1200 | 2011 | Regular Session | Introduced
Bill Title: Insurance; require certain entities not authorized to transact business in this state to have a registered agent in this state.
Spectrum: Bipartisan Bill
Status: (Failed) 2011-02-01 - Died In Committee [HB1200 Detail]
Download: Mississippi-2011-HB1200-Introduced.html
MISSISSIPPI LEGISLATURE
2011 Regular Session
To: Insurance
By: Representatives Patterson, Peranich
House Bill 1200
AN ACT TO AMEND SECTION 83-5-61, MISSISSIPPI CODE OF 1972, TO REQUIRE ANY COMPANY, ASSOCIATION, FIRM, OR CORPORATION NOT AUTHORIZED TO TRANSACT BUSINESS IN THIS STATE THAT PROVIDES INSURANCE ON PROPERTY SITUATE IN THIS STATE AGAINST DIRECT LOSS TO PROPERTY FROM THE RISK OF WINDSTORM OR HAIL MUST HAVE A REGISTERED AGENT IN THE STATE OF MISSISSIPPI AND MUST LIST THE NAME AND ADDRESS OF THE REGISTERED AGENT ON THE POLICY, CERTIFICATE OR OTHER EVIDENCE OF INSURANCE PROVIDED TO THE INSURED; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 83-5-61, Mississippi Code of 1972, is amended as follows:
83-5-61. (1) All corporations, firms, persons, or individuals obtaining insurance on property situate in this state owned by corporations, firms, or individuals resident therein, against fire, lightning, or tornado from companies, associations, firms, or corporations not authorized to transact business in this state, shall file with the Insurance Commissioner of the state a sworn statement or declaration, setting forth the name of the company, number of policy, amount of insurance rate, premium, and description, shall be required to pay to the Insurance Commissioner a tax thereon of three percent (3%) of the premiums paid on said policies, and shall further pay to said commissioner a fee of One Dollar ($1.00) on each policy for filing a record of the said statement or declaration, which record shall be kept for the private information of the insurance department and shall not be a public record.
(2) Any company, association, firm, or corporation not authorized to transact business in this state that provides insurance on property situate in this state against direct loss to property from the risk of windstorm or hail must have a registered agent in the State of Mississippi and must list the name and address of the registered agent on the policy, certificate or other evidence of insurance provided to the insured.
SECTION 2. This act shall take effect and be in force from and after July 1, 2011.
