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§ 83-34-10. Power to levy recoupable and nonrecoupable assessments upon occurrence of certain events; maximum nonrecoupable assessments

MS Code § 83-34-10 (2019) (N/A)
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(1) In the event of a covered event 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 recoupable and nonrecoupable assessments against assessable insurers based upon their percentage of participation.

(2) A nonrecoupable assessment levied under this section shall not exceed six percent (6%) of the association’s year-end total limits in force for the preceding calendar year, or Two Hundred Fifty Million Dollars ($250,000,000.00), whichever is less. Further, in any calendar year, the annual total of all nonrecoupable assessment funds collected shall not exceed, in the aggregate, Two Hundred Fifty Million Dollars ($250,000,000.00).

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§ 83-34-9. Participation by assessable insurers in recoupable and nonrecoupable assessments levied by association; financial incentives and/or penalties to ensure assessable insurers write insurance in the coast area
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§ 83-34-12. Deferment of assessable insurer’s recoupable or nonrecoupable assessment; amount deferred to be assessed against other assessable insurers