Wednesday, March 28, 2007

Insurance Law Update

Just wanted to provide a short annotation of proposed bills (that are alive as of last Monday or passed) for 2006 and 2007. I know there is probably a small audience for this type of info but for those select few here you go:

To get to the bill language go here and then find the bill by scrolling down the page
2007 – Singed by governor
- HB 1311 - Insurance producers; provide time limit to appeal licensing decisions of Commissioner of Insurance.
- HB 1313 – Insurance companies; revise financial reporting requirements with the Commissioner of Insurance.
- SB 2337 – State income tax credit for purchase of private insurance to cover long-term care insurance

2007 – alive but not fully passed either, awaiting signature or in conference
HB 753 – mentions windstorm in non-amended sections
HB 1312 – Insurance rebate monies; county must designate fire investigator and require training
HB 1485 – revise requirements on bail bondsmen
HB 1500 – Mississippi Economic Growth and Redevelopment Act of 2007 (Windstorm)
HB 1524 – public adjusters; provide for licensure and regulation by Commissioner of Insurance
HB 1727 – income tax and insurance premium tax; authorize a credit for certain investments made by qualified development entities
SB 2644 – State Employees Health Insurance Management Board; add directors of JUCO Board and PERS
SB 2809 – Auto liability insurance; place lienholder’s name on insurance check as loss payee
SB 3050 – Mississippi Economic Growth and Redevelopment Act of 2007 (Windstorm)
SB 3090 – City of Pascagoula; authorize payment of retirees’ health insurance premiums

2006 – all signed by the governor
HB 720 – Bail Agents, require certain license requirements
HB 984 – Risk retention/purchasing groups; delete annual registration fee
HB 1175 – revising the definition of “insurance” under the Preneed Cemetery and Funeral Registration Act
SB 2006 – Insurance Coverage; require notice of cancellation mailed to creditor loss payee
SB 2056 – Med Mal Insurance Availability Plan; authorize Tort Claims Board to transfer assets and liabilities
SB 2076 – Insurance agents; exempt from examination applicants for credit property license
SB 2332 – Prohibit rate increases on auto insurance for active military personal; MCPA
SB 2381 – authorize ADR procedure for personal lines insurance claims (DOI)
SB 2382 – Insurance agent/producer licensing laws; make technical changes (DOI)
SB 2424 – Unauthorized insurance agents; extend repealer on law prohibiting commission payments
SB 2557 – Insurance premium finance law/sale of checks law; make technical changes
SB 2849 – allow pooling of liabilities under an employers liability insurance policy; Workers’ Comp Comm.
SB 2963 – Exemption from Health Savings Accounts; execution

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