Mississippi lawmakers want to make change to wind pool money
State lawmakers are looking to make a change to Mississippi’s wind pool fund which has largely benefited restoration on the Gulf Coast since Hurricane Katrina.
The Senate passed a proposed bill to send the surplus money that has been going into the wind pool to the state and school insurance fund.
Roughly $18 million annually is collected through the three percent fee added to the non-admitted insurance policies.
The proposed bill would take the money from the three percent assessed fee and redistribute it to the state and school insurance fund unless the wind pool surplus drops below $250 million.
Mississippi Insurance Commissioner Mike Chaney says he does not agree with the bill. “The diversion of the fees to the state health plans is not good government policy. I do not agree with the diversion of the fees to the state health plan. It was never the intent to be sent to anywhere other than the wind pool or to be used for restoration on the Gulf Coast. That’s in the law. That’s how the law reads.”
The bill has been sent to the House Insurance Committee.