In this chapter, unless the context otherwise requires: “Essential property insurance” means insurance against direct loss to property from the risk of windstorm and hail in the manner as defined and limited in the standard real property and contents insurance forms approved by the commissioner. Essential property insurance may include coverage for either the actual […]
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 […]
The recoupable or nonrecoupable assessment of an assessable insurer may, after hearing, be ordered deferred, in whole or in part, upon application by the insurer if, in the opinion of the commissioner, payment of the recoupable or nonrecoupable assessment would render the insurer insolvent or in danger of insolvency, or would otherwise leave the insurer […]
Within forty-five (45) days after March 22, 2007, the directors of the association shall submit to the commissioner for review and approval a proposed plan of operation revised to be consistent with the provisions of Chapter 425, Laws of 2007. The association shall maintain a plan of operation. The plan shall provide for the efficient, […]
Any person having an insurable interest in insurable property is entitled to apply to the association for such coverage. Applications shall be made on behalf of the owner of the insurable interest by a licensed resident broker or agent authorized by him. Applications shall be submitted on forms prescribed by the association. The association may […]
The Mississippi Windstorm Underwriting Association shall provide a premium discount for any individual who builds a “fortified home” pursuant to the Institute for Business and Home Safety (IBHS).Licensed architects, engineers or inspectors certified by the Department of Insurance shall determine whether a dwelling meets the criteria for a “fortified home” pursuant to the Institute for […]
The rates, rating plans, rating rules, forms and endorsements applicable to the insurance written by the association shall be those approved for use of the association by the commissioner. Rates shall be nondiscriminatory as to the same class of risk.
Any assessable insurer or other licensed insurer, or agent placing insurance through a nonadmitted insurer, who may be aggrieved by an act, order, ruling or decision of the association may, within thirty (30) days after such ruling, appeal to the commissioner. Any hearings held by the commissioner pursuant to such an appeal shall be in […]
All reports of inspection performed by or on behalf of the association shall be made available to the assessable insurers of the association, applicants, agents, brokers and the commissioner.
There shall be no liability on the part of the insurance commissioner or any of his staff and representatives for any action taken under and pursuant to the provisions of this chapter. There shall be no liability on the part of the association, its agents, representatives or employees, the members of the board, or any […]
The association shall file in the office of the commissioner on or before March 1 of each year a statement which shall summarize the transactions, conditions, operations and affairs of the association during the preceding fiscal year ending December 31. Such statement shall contain such matters and information as are prescribed by the commissioner and […]
The commissioner may from time to time make an examination into the affairs of the association when he deems prudent and, in undertaking such examination, may hold a public hearing. The expenses of such examination shall be borne and paid by the association. The association and the commissioner may from time to time make an […]
The association is authorized to promulgate rules for the implementation of this chapter, subject to the approval of the commissioner.
From and after March 22, 2007, the Mississippi Windstorm Underwriting Association, as created by Chapter 459, Laws of 1987, shall be a separate and independent entity as provided for herein. At its option, the association may incorporate. All assets belonging to the association on or before March 22, 2007, shall hereinafter belong to and remain […]
The board of directors, subject to the approval of the commissioner, shall have the power and authority to issue bonds, and the power and authority to enter into loans, letters of credit, lines of credit, and other forms of indebtedness, as needed for operations, the purchase of reinsurance, claim losses, and incurred but not reported […]
When the association knows or has reason to believe that (a) it has or will incur losses from a covered event that exceeds available surplus, reinsurance, recoupable or nonrecoupable assessments and other reasonably available assets of the association, such that one or more bond issues or other financing, or both, will be necessary to pay […]
In order to avoid or lessen the possibility and amount of excess deficit surcharges authorized by this chapter, the commissioner shall approve rates for policies issued by the association at least adequate to fund annual reinsurance above a self-insured retention of One Hundred Million Dollars ($100,000,000.00) that, combined with any readily available reserves of the […]
There is created in the State Treasury a special fund to be designated as the “Mississippi Windstorm Underwriting Association Reinsurance Assistance Fund.” The fund shall consist of monies deposited therein as provided under Section 83-34-39, monies appropriated by act of the Legislature and monies from any other source designated for deposit into such fund. Unexpended […]
Nonadmitted insurers shall not be assessable insurers of the association. All surplus lines insurance producers placing insurance through nonadmitted insurers shall collect from the insured and remit to the association a nonadmitted policy fee on all premiums for all insurance written by such surplus lines insurance producer for a policy from a nonadmitted insurer for […]
The association shall, pursuant to the provisions of this chapter and the plan of operation, and with respect to essential property insurance on insurable property, have the power: To issue policies of essential property insurance on insurable property to applicants; At its option, and with consent of the commissioner, to issue policies of related essential […]
