HB451: Nonadmitted policy fee; revise distributions of and delete repealer on.

Legislative Summary

An Act To Amend Section 83-34-4, Mississippi Code Of 1972, To Provide That Monies Derived From The Nonadmitted Policy Fee Shall Not Be Considered Public Funds; To Provide, As Long As The Association Will Receive At Least Sixty Percent Of The Fees, An Annual Diversion Of $500,000.00 From The Nonadmitted Policy Fee To The First Responder Health And Safety Trust Fund; To Provide, As Long As The Association Will Receive At Least Sixty Percent Of The Fees, An Annual Diversion Of $3,500,000.00 From The Nonadmitted Policy Fee To The Annual Fire Fund; To Remit To The Association Fifty Percent Of Any Amount Remaining After Any Diversions Of The Nonadmitted Policy Fee And Fifty Percent To The Annual Fire Fund; To Provide That In The Event The Value Of The Association's Total Admitted Assets, As Defined By The Audited Financial Statement, Is Less Than $250,000,000.00, The Monies Diverted And Not Remitted To The Association During That Fiscal Year And Subsequent Fiscal Years Shall Immediately Be Diverted To The Association And Shall Not Be Considered Public Funds; To Authorize The Association To Use Excess Funds To Purchase Reinsurance In An Amount That May Exceed The Total Premiums Collected From Policyholders; To Delete The Repealer On The Nonadmitted Policy Fee; To Create A New Section Of Law To Create A Special Fund To Be Designated As The "mississippi First Responders Health And Safety Trust Fund" To Be Administered By The Commissioner Of Insurance To Assist The State, Municipalities, Counties And Fire Protection Districts With Providing Benefits Required By The Mississippi First Responders Health And Safety Act; To Create A New Section Of Law To Create A Special Fund To Be Designated As The "annual Fire Fund" To Be Administered By The Commissioner Of Insurance To Request The State Fiscal Officer To Transfer Funds From This Fund To The Rural Fire Truck Fund, The Supplementary Rural Fire Truck Fund, The Municipal Fire Protection Fund And/or The County Volunteer Fire Department Fund; And For Related Purposes.