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AI Summary
HB986 proposed renaming and redesignating the Insurance Department Fund but died in committee.
Business Impact
If you operate in the insurance sector, you must monitor legislative updates by October 2023 or face potential compliance risks.
What do these statuses mean? ▼
Introduced
— Filed in the legislature; not yet heard in committee
In Committee
— Assigned to and being reviewed by a legislative committee
Passed
— Approved by one or both chambers; awaiting further action
Signed / Enacted
— Signed into law by the governor; may or may not be in effect yet
Dead / Vetoed
— Vetoed, failed to pass, or session expired without action
Unknown
— Status data not yet available or awaiting classification
Affected Industries
Topics How we classify →
What This Means
Mississippi's HB986 aimed to rename the Insurance Department Fund to the Insurance Department Fraud Detection Trust Fund and redesignate it as a special fund. It proposed increasing contributions from
Key Provisions
- Proposed renaming the Insurance Department Fund as the 'Insurance Department Fraud Detection Trust Fund'.
- Proposed increasing maximum contributions from insurance companies to the special fund.
- Proposed deleting the requirement for contributions to be deposited into the State General Fund.
- Proposed removing the requirement for expenses to be defrayed by State General Fund appropriations.
Latest Legislative Action
Died In Committee
Bill Sponsors (showing 5 of 13)
| Name | Role |
|---|---|
| Banks | Primary |
| Busby | Primary |
| DeLano | Primary |
| James-Jones | Primary |
| Karriem | Primary |
Compliance Checklist
Contribute to the Insurance Department Fraud Detection Trust Fund based on gross premiums.
Who: Property and casualty insurance companies, life, health, and accident insurance companies.
Deadline: Annually, as determined by the Insurance Commissioner.
Penalty: Non-compliance may result in penalties as determined by the Insurance Commissioner.
Who: Property and casualty insurance companies, life, health, and accident insurance companies.
Deadline: Annually, as determined by the Insurance Commissioner.
Penalty: Non-compliance may result in penalties as determined by the Insurance Commissioner.
Utilize funds from the Fraud Detection Trust Fund for designated purposes.
Who: Commissioner of Insurance.
Deadline: Ongoing as funds are available.
Penalty: Misuse of funds may lead to administrative penalties.
Who: Commissioner of Insurance.
Deadline: Ongoing as funds are available.
Penalty: Misuse of funds may lead to administrative penalties.
Related & Companion Bills
Full Legal Analysis
House Bill 986 was introduced in Mississippi to amend Sections 83-2-33 and 83-5-72 of the Mississippi Code of 1972. The bill proposed renaming the existing Insurance Department Fund as the 'Insurance
Official Source
Official Bill Text
View HB986 on official legislature website →
Related Topics
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