State Codes and Statutes
Statutes > Mississippi > Title-83 > 34 > 83-34-10§ 83-34-10. Power to levy regular assessments upon occurrence of certain events; maximum total assessments.
In the event of a storm 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 to levy regular assessments against assessable insurers based upon their percentage of participation. In any year, the annual total of regular assessments shall not exceed the greater of ten percent (10%) of the deficit or ten percent (10%) of the aggregate statewide direct written premiums for property insurance for the prior calendar year of all association assessable insurers. Regular assessments shall be paid by assessable insurers within sixty (60) days of receipt of the notice of the assessments.
Sources: Laws, 2007, ch. 425, § 11, eff from and after passage (approved Mar. 22, 2007.)
