19 Miss. Code. R. 1-42.04 - Reporting and Collection of the Non-admitted Policy Fee on and after July 1, 2018

A. A clearing house account has been established in Trustmark Bank, entitled the "Non-admitted Policy Fee Account", for which the Mississippi Insurance Department ("MID") shall be the administrator.

B. The Mississippi Surplus Lines Association ("MSLA") shall be provided with the account number for this account, and MSLA shall provide this information to surplus lines insurance producers, along with instructions on how to remit any and all non-admitted policy fees collected on or after July 1, 2018.

C. When making payment for the Non-admitted policy fee on the MSLA website, the surplus lines insurance producer will enter SLIP and click the BILLING tab as usual.

D. Prior to July 1, 2018, surplus lines insurance producers that have a fraud service on their bank account will need to provide their bank with a new ACH Company ID as the Company ID for the MWUA Fee will be different starting July 1, 2018. There will be a link to the New MWUA Company ID at the BILLING tab in SLIP.

E. It will be the responsibility of the MID to transfer monies from the Non-admitted Policy Fee Account to the Capital Expense Fund Account and Rural Fire Truck Fund Account. When the amounts required by SB 2467 have been forwarded to those accounts, the MID shall transfer the remaining monies collected to the MWUA.

F. As SB 2467 provides for the diversion of these monies to the Capital Expense Fund Account and Rural Fire Truck Fund Account for one (1) year, MID and MSLA shall provide notice to surplus lines insurance producers of any subsequent changes that may or may not be made during the 2019 Regular Legislative Session.

Notes

19 Miss. Code. R. 1-42.04

SB 2467, 2018 Mississippi Legislature Regular Session

Adopted 7/1/2018