Miss. Code Ann. § 83-34-10
Power to levy recoupable and nonrecoupable assessments upon occurrence of certain events; maximum nonrecoupable assessments
Redline — December 13, 2018 → current.View current text →
Current — October 8, 2019
As of December 13, 2018
In the event of a storm that may produce losses in excess of funds that may be immediately available to the association, or in the event that the association determines that it will otherwise have a claim deficit or any other deficit, then the association, with consent of the commissioner, shall have the power to levy regular assessments against assessable insurers based upon their percentage of participation. In any year, the annual total of regular assessments shall not exceed the greater of ten percent (10%) of the deficit or ten percent (10%) of the aggregate statewide direct written premiums for property insurance for the prior calendar year of all association assessable insurers. Regular assessments shall be paid by assessable insurers within sixty (60) days of receipt of the notice of the assessments.
(1) In the event of a covered event that may produce losses in excess of funds that may be immediately available to the association, or in the event that the association determines that it will otherwise have a claim deficit or any other deficit, then the association, with consent of the commissioner, shall have the power to levy recoupable and nonrecoupable assessments against assessable insurers based upon their percentage of participation. The minimum reserve, as set forth in the plan of operation, shall not be considered as funds available to the association in determining whether to levy a recoupable or nonrecoupable assessment.
(2) A nonrecoupable assessment levied under this section shall not exceed six percent (6%) of the association’s year-end total limits in force for the preceding calendar year, or Two Hundred Fifty Million Dollars ($250,000,000.00), whichever is less. Further, in any calendar year, the annual total of all nonrecoupable assessment funds collected shall not exceed, in the aggregate, Two Hundred Fifty Million Dollars ($250,000,000.00).
Current official text: Mississippi Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Mississippi statutes; confirm against the official source for the current text. Not legal advice.