It would seem to be unconstitutonal redistribution of funds from insurance purchasers (surplus lines purchasers) to non insurnace purchasers (the state general fund) unless the state taxes admitted carriers the same amount & diverts those funds too.
I don’t think that Mississippi is alone when it comes to governmental entities grabbing funds that are not part of the general fund to cover the debts that the legislatures incur or mandate.
The federal government has been accused of the same thing when it comes to the Social Security trust (if there is such a thing) so it comes as no surprise that it happens at the state levels.
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who authorized the tax & what was the tax for?
It would seem to be unconstitutonal redistribution of funds from insurance purchasers (surplus lines purchasers) to non insurnace purchasers (the state general fund) unless the state taxes admitted carriers the same amount & diverts those funds too.
I don’t think that Mississippi is alone when it comes to governmental entities grabbing funds that are not part of the general fund to cover the debts that the legislatures incur or mandate.
The federal government has been accused of the same thing when it comes to the Social Security trust (if there is such a thing) so it comes as no surprise that it happens at the state levels.