FOR IMMEDIATE RELEASE
March 20, 2008
GOVERNOR BARBOUR SIGNS BILL APPROPRIATING $25M TO DEFRAY REINSURANCE COSTS
(JACKSON, Mississippi) –Governor Haley Barbour today signed legislation that gives the state Department of Insurance the authority to transfer $25 million to the Mississippi Windstorm Underwriting Association to defray the cost of reinsurance and lower the risk for insurance companies writing policies in Mississippi.
“This bill follows through on the commitment made in legislation last year to help lower wind insurance costs while the insurance market stabilizes,” Governor Barbour said in signing House Bill 1640. “This infusion of money, coupled with many other steps being taken, is another strong indication of confidence that we will rebuild the Gulf Coast bigger and better than ever.”
In 2007, Governor Barbour signed legislation creating the Mississippi Windstorm Underwriting Association Reinsurance Assistance Fund. Monies in the special fund may be used by the Department of Insurance with approval from the Legislature.