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AI Summary
The Insurance Fraud Detection Act amends Sections 83-2-33 and 83-5-72 of the Mississippi Code of 1972 to establish a trust fund for the Mississippi Insurance Department.
Business Impact
If you operate in the insurance sector in Mississippi, you must contribute to the trust fund by [date] or face penalties.
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
What This Means
The Insurance Fraud Detection Act amends existing sections to create the Insurance Department Fraud Detection Trust Fund, increasing annual contributions to combat insurance fraud.
Key Provisions
- Amends Sections 83-2-33 and 83-5-72 to establish the Insurance Department Fraud Detection Trust Fund.
- Increases annual contributions to $1,000,000.
- Removes requirement for fund deposits into the General Fund.
Latest Legislative Action
Died In Committee
Bill Sponsors (showing 5 of 8)
| Name | Role |
|---|---|
| Branning | Primary |
| Fillingane | Primary |
| Hill | Primary |
| Horhn | Primary |
| Michel | Primary |
Compliance Checklist
Contribute to the Insurance Department Fraud Detection Trust Fund
Who: All property and casualty insurance companies
Deadline: Annually, as determined by the Insurance Commissioner
Penalty: Non-compliance may result in penalties as determined by the Insurance Commissioner.
Who: All property and casualty insurance companies
Deadline: Annually, as determined by the Insurance Commissioner
Penalty: Non-compliance may result in penalties as determined by the Insurance Commissioner.
Prepare for increased contribution requirements
Who: All life, health, and accident insurance companies
Deadline: By July 1, 2026
Penalty: Failure to comply may lead to regulatory actions.
Who: All life, health, and accident insurance companies
Deadline: By July 1, 2026
Penalty: Failure to comply may lead to regulatory actions.
Related & Companion Bills
Full Legal Analysis
The Insurance Fraud Detection Act amends Sections 83-2-33 and 83-5-72 of the Mississippi Code of 1972 to establish the Insurance Department Fraud Detection Trust Fund, which will be funded by increased annual contributions, totaling $1,000,000, reflecting the growing need for enhanced fraud detection resources.
Official Source
Official Bill Text
View SB2701 on official legislature website →
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