Surplus money goes to general fund
Published: June 22,2009
JACKSON — Last week, Mississippi Insurance Commissioner Mike Chaney delivered a $2-million check, derived from the surplus lines account, to the Department of Finance and Administration for deposit into the general fund.
“This money is the result of legislation that was successfully worked out by House of Representative Insurance Committee chairman Walter Robinson and the House Insurance Committee and Senate Insurance Committee chairman Buck Clarke and the Senate Insurance Committee,” Chaney said. “The two chairmen and committees worked with the Insurance Department to help ensure that these funds would become available and the proper authorization is in place. While it won’t solve the budget crisis, it should help.”
Surplus lines insurance is coverage that is unavailable through licensed insurance carriers but can legally be placed with eligible non-admitted companies that are not licensed through the Mississippi Insurance Department. These surplus lines companies may be located in other states or countries and are not subject to the same level of regulation as are licensed companies.
The money deposited in the state’s general fund represents fees collected by the Mississippi Surplus Lines Association, which collects surplus lines fees and premium taxes under the authority and supervision of Chaney.
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