As Amended
SEC. 83-5-72. Life, health and accident insurance companies to contribute to Insurance Department Fund.
All life, health and accident insurance companies and nonprofit or profit hospital, medical and surgical service corporations doing business in this state shall contribute annually, at such times as the Insurance Commissioner shall determine, in proportion to their gross premiums collected within the State of Mississippi during the preceding year, to a special fund in the State Treasury to be known as the "Insurance Department Fund" to be expended by the Insurance Commissioner in the payment of the expenses of the Department of Insurance as the commissioner may deem necessary. The commissioner is hereby authorized to employ such actuarial and other assistance as shall be necessary to carry out the duties of the department; and the employees shall be under the authority and direction of the Insurance Commissioner. The amount to be contributed annually to the fund shall be fixed each year by the Insurance Commissioner at a percentage of the gross premiums so collected during the preceding year; and in the event that any property and casualty insurance company has not done business in this state for one (1) full year next preceding the year in which it becomes liable for such a contribution, then it shall contribute for such year a similar sum fixed by the Insurance Commissioner based upon an estimate of the premiums to be received by it during the current year, subject to revision at the end of the year in accordance with its experience and the premiums actually received by it.
The total contributions collected for the Insurance Department Fund as herein provided shall be Five Hundred Thousand Dollars ($500,000.00) for the first year following July 1, 1990, and, thereafter, such amount as may be necessary to carry out the duties of the department; however, the amount collected for the Insurance Department Fund shall not exceed the sum of Five Hundred Thousand Dollars ($500,000.00) in each fiscal year.
SOURCES: Laws, 1990, ch. 557, Sec. 4; 1991, ch. 430 Sec. 4, eff from and after passage (approved March 21, 1991).