Nonadmitted Policy Fee

GEORGE DALE Commissioner of Insurance State Fire Marshal LEE HARRELL Deputy Commissioner of Insurance STATE OF MISSISSIPPI Mississippi Insurance Department 501 N. West Street 1001 Woolfolk Building (39201) Post Office Box 79 Jackson, Mississippi 39205-0079 (601) 359-3569 http://www.doi.state.ms.us ## MISSISSIPPI DEPARTMENT OF INSURANCE BULLETIN 2007-6 ### NONADMITTED POLICY FEE House Bill No. 1500, which passed during the 2007 Regular Session of the Mississippi Legislature, amended the statutes governing the Mississippi Windstorm Underwriting Association ("MWUA"). Specifically, Miss. Code Ann. § 83-34-4(1) (Rev. 2007) requires that all agents placing insurance through nonadmitted insurers shall collect from the insured and remit to MWUA a nonadmitted policy fee on all premiums collected after January 1, 2008, for all insurance written by such agent for a policy from a nonadmitted insurer for any and all risks on real property and contents in this state. Therefore, the policy fee shall be collected on premiums on these policies written or renewed after January 1, 2008. Furthermore, Miss. Code Ann. § 83-34-4(3) directs the Commissioner of Insurance to establish a nonadmitted policy fee percentage. The Commissioner of Insurance may change this amount at his discretion, however, in no event shall the nonadmitted policy fee percentage be less than five percent (5%). Therefore, pursuant to his authority granted to him in Miss. Code Ann. § 83-34-4(3), the Commissioner of Insurance hereby sets as the nonadmitted policy fee percentage to be collected on all premiums on all policies written or renewed after January 1, 2008, through a nonadmitted insurer for any and all risks on real property and contents in this state, at five percent (5%). The procedure for collection of the nonadmitted policy fee shall be governed by MWUA. For further information, please review MWUA's website at http://www.msplans.com/MWUA. ISSUED this the 10th day of December, 2007. GEORGE DALE COMMISSIONER OF INSURANCE