Stamping Fee: .25% on gross premium and policy fees
Premium Tax: 4% on gross premium and policy fees
MWUA Fee: 3% on gross premium and policy fees
E Payment is the only option available for paying your Assessments:
Surplus Lines Stamping Fees – Due January 30th & July 30th:
The stamping fee is .25% and is based on the gross policy premium plus any policy fee charged. The stamping fee is in addition to the four percent (4%) premium tax amount. Stamping fees are due semiannually but can be paid in full at anytime.
Surplus Lines Premium Taxes – Due January 30th & July 30th:
A tax of four percent (4%) based on gross premiums received is due to the Mississippi Insurance Department within thirty (30) days from the first of January and July of each year. The term “gross premiums” shall mean the total gross amount of premiums and policy fees, less returned premiums received by the producer so licensed on each and every insurance policy written with eligible non-admitted insurers authorized to do business in this state. Taxes are due semiannually but can be paid in full at anytime.
MWUA Nonadmitted Policy Fees – Due Quarterly (April 20th, July 20th, October 20th and January 20th):
MWUA Nonadmitted Policy Fees are presently 3% of premium plus and policy fees on all surplus lines policies written in Mississippi. MWUA fees are due quarterly but can be paid in full at anytime.
On March 11, 2011 the Mississippi Legislature passed House Bill 785. In order to satisfy the uniformity requirements of the NRRA, House Bill 785 extended the nonadmitted policy fee, or as it is commonly referred to, the Windpool Assessment Fee, [Miss. Code Ann. § 83-34-4 (Supp. 2010)] to all surplus lines insurance policies written in Mississippi.
During the 2012 Regular Legislative Session, the Mississippi Legislature passed Senate Bill 2626, which amended Miss. Code Ann. § 83-34-4 to lower the nonadmitted policy fee (windpool fee) from 5% to 3%. For nonadmitted policies with effective dates on and after July 1, 2012, surplus lines insurance producers should impose the 3% nonadmitted policy fee (windpool fee). The effective date for endorsements shall be the effective date of the original policy.
Policy extensions extending the original term of the policy are considered renewals and not an endorsement of the original policy.
In the regular session of 2014, SB 2330 amended Section 83-34-4 to exempt the nonadmitted policy fee for those policies or portions thereof that cover residential earthquake risks or residential flood risks that are not written through the National Flood Insurance Program. The act shall take effect and be in force from and after July 1, 2014.
Accumulated fees for all assessments that are due and past due, must be paid-in-full. All credits will roll toward unpaid and future balances.