Tuesday, May 15, 2012

Mississippi Releases Bulletin to Provide Guidance Following Withdrawal from NIMA

Bulletin 2012-3 was issued by the Mississippi Insurance Department on May 11, 2012, to provide guidance to surplus lines insurance producers concerning the reporting, payment, collection and allocation of taxes and fees for multi-state policies under the “home state” requirements of the NRRA. The updated guidance follows Mississippi’s April 17, 2012 letter of withdrawal from NIMA.

The bulletin also references Senate Bill 2626, which was signed by Governor Bryant on April 17, 2012 to reduce the Mississippi windpool fee from 5% to 3% for policies with effective dates on and after July 1, 2012.

Bulletin2012-3 is effective from and after May 11, 2012.

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