Bill Text: MS SB2816 | 2011 | Regular Session | Introduced
Bill Title: Wind Pool Reinsurance Assistance Fund; divert amount of insurance premium tax to the fund.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2011-02-01 - Died In Committee [SB2816 Detail]
Download: Mississippi-2011-SB2816-Introduced.html
MISSISSIPPI LEGISLATURE
2011 Regular Session
To: Insurance
By: Senator(s) Watson
Senate Bill 2816
AN ACT TO PROVIDE FOR THE DEPOSIT OF A CERTAIN AMOUNT OF INSURANCE PREMIUM TAX REVENUES 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. (1) Beginning with fiscal year 2012 through fiscal year 2013, the Department of Revenue 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. 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 six-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(2) This section shall stand repealed from and after July 1, 2013.
SECTION 2. This act shall take effect and be in force from and after its passage.
