House fails to override Barbour’s wind pool veto
Published: January 6,2011
JACKSON — The Mississippi House has failed to override a governor’s veto of legislation that would have placed a $20-million subsidy into a state wind pool insurance fund.
The vote yesterday was 68-52 in favor of an override, but at least 80 votes were needed for a two-thirds majority.
Barbour vetoed the proposal last May. The provision was part of the state Department of Insurance budget. The $20 million would come from the Hurricane Disaster Relief Fund. In his veto message, Barbour had said the fund might have to be tapped to repay $400 million in federal hazard mitigation expenses.
The Mississippi Windstorm Underwriting Association, often called the wind pool, is the insurer of last resort for homeowners and commercial property in high-risk areas. After Hurricane Katrina struck in Aug. 2005, rates by many private insurance companies rose sharply. Some property owners have relied on the wind pool because they’ve been unable to find affordable private insurance.
Rep. Brandon Jones, D-Pascagoula, said Jan. 4 the wind pool “has become the only game in town for thousands of Mississippians.” Rep. Frances Fredericks, D-Gulfport, said insurance rates are so high it’s difficult for many property owners to afford their homes.
Legislators said wind pool rates are expected to remain steady this year. Supporters of the proposal said the $20 million subsidy would help the fund remain stable.
The Disaster Relief Fund was created to provide state match money for federal funding received in the aftermath of Katrina. Some Republican Gulf Coast legislators, including Rep. Roger Ishee of Gulfport and Mark Formby of Picayune, said the money should remain in the fund.
“If it won’t affect the premium payment, we may need that $20 million some place else,” Formby said.
The Senate hasn’t acted on Barbour’s veto.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Deal for Jackson-Orlando flights in works with Allegiant
- (UPDATED) Making Jackson-Evers affordable to Allegiant is key to regaining Orlando service
- Congressional delegation applauds Air Force's decision on Keesler, but not satisfied
- Great River Industries moving headquarters to Natchez
- The Blues and higher education — Delta State launches the International Delta Blues Project
- Moon River Foods creating 100 jobs in Mississippi Delta
- County rescinds gun ban; sheriff says lawmakers may 'deal with the consequences'
- Baseball stadium for Farish Street? It’s possible
- Singing River shutting doors on two Coast clinics
- Former state lawmaker Green dies at home at age 62