Mississippi Votes to Subsidize Wind Pool Insureds

Mississippi Votes to Subsidize Wind Pool Insureds

18 March 2007 · No Comments

As seen in the Commercial Appeal:

Both chambers of the Mississippi Legislature Thursday approved a bill designed to provide stability for the wind pool, the insurer of last resort for homeowners and commercial property in high-risk areas.[...]

If the governor signs it, the bill would become law immediately. It is designed to give every wind pool policyholder an estimated $500-a-year price break on the premium.

The relief would be given for four years, and money to cover it would come from a fund created by the premium taxes paid on insurance policies statewide. Lawmakers say $20 million a year will be taken from the fund, or $80 million over the four years.

Tags: Insurance