Bill Text: MS SB2671 | 2010 | Regular Session | Introduced
Bill Title: Wind Pool Reinsurance Assistance Fund; increase amount of insurance premium tax diverted to the fund.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Failed) 2010-02-02 - Died In Committee [SB2671 Detail]
Download: Mississippi-2010-SB2671-Introduced.html
MISSISSIPPI LEGISLATURE
2010 Regular Session
To: Insurance; Appropriations
By: Senator(s) Dawkins
Senate Bill 2671
AN ACT TO AMEND SECTION 83-34-39, MISSISSIPPI CODE OF 1972, TO INCREASE THE AMOUNT OF INSURANCE PREMIUM TAX REVENUES THAT WILL BE DEPOSITED ANNUALLY INTO THE MISSISSIPPI WINDSTORM UNDERWRITING ASSOCIATION REINSURANCE ASSISTANCE FUND; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 83-34-39, Mississippi Code of 1972, is amended as follows:
83-34-39. (1) Beginning with fiscal year 2007 through fiscal year 2010, the State Tax Commission shall annually deposit from insurance premium tax revenue collected by it under the provisions of Section 27-15-103 et seq. an amount of Twenty Million Dollars ($20,000,000.00) for each fiscal year into the special fund created in Section 83-34-37. Beginning with fiscal year 2011 through fiscal year 2012, the State Tax Commission shall annually deposit from insurance premium tax revenue collected by it under the provisions of Section 27-15-103 et seq. an amount of Forty Million Dollars ($40,000,000.00) for each fiscal year into the special fund created in Section 83-34-37. Each billing statement for essential property insurance written under Section 83-34-1 et seq. shall clearly indicate that by action of the Legislature * * * a total of One Hundred Twenty Million Dollars ($120,000,000.00) will be deposited during a four-year period into the Mississippi Windstorm Underwriting Association Reinsurance Assistance Fund for the purpose of reducing the premium rates charged for insuring property through the association.
(2) This section shall stand repealed from and after July 1, 2012.
SECTION 2. This act shall take effect and be in force from and after its passage.
