Senate Bill 2485

AN ACT TO CREATE THE MISSISSIPPI CATASTROPHIC EVENT FUND FOR THE PURPOSE OF MAINTAINING SUFFICIENT CAPACITY IN THE PRIVATE SECTOR INSURANCE AND REINSURANCE MARKETS THEREBY ENABLING MISSISSIPPI RESIDENTS TO OBTAIN PROPERTY INSURANCE COVERAGE; TO DEFINE CERTAIN TERMS; TO REQUIRE THE COMMISSIONER OF INSURANCE TO ENTER INTO REIMBURSEMENT CONTRACTS WITH EACH INSURER WRITING COVERED POLICIES IN THE STATE OF MISSISSIPPI; TO PROVIDE THAT EACH REIMBURSEMENT CONTRACT SHALL REQUIRE THE INSURER TO ANNUALLY PAY TO THE FUND AN ACTUARIALLY INDICATED PREMIUM; TO AUTHORIZE THE COMMISSIONER OF INSURANCE TO TAKE NECESSARY STEPS FOR THE ISSUANCE OF REVENUE BONDS UPON THE OCCURRENCE OF A CATASTROPHIC EVENT AND A DETERMINATION THAT MONIES IN THE FUND ARE INSUFFICIENT; TO CREATE THE MISSISSIPPI CATASTROPHIC EVENT FUND FINANCE CORPORATION TO ISSUE BONDS AS NECESSARY TO ACHIEVE THE PURPOSES OF THIS ACT; TO REQUIRE THE COMMISSIONER OF INSURANCE TO CALCULATE AND REPORT TO EACH INSURER THE RETENTION MULTIPLES FOR THAT YEAR; AND FOR RELATED PURPOSES.

In the Senate

• David Baria

  Sponsor

l9n doesn't hold this bill's text yet.

In the Senate Jan 29 – Feb 19

1. Jan 29Referred to the Senate committees on Insurance and on Appropriations
2. Feb 19Died in committee in the Senate