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AI Summary
MS HB1020: Renames the Insurance Department Fund as the 'Insurance Department Fraud Detection Trust Fund', redesignates it as a special fund, and increases contribution caps.
Business Impact
If you operate in the insurance sector in Mississippi, you must contribute to the Fraud Detection Trust Fund by July 1, 2026, or face funding shortfalls.
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
Renames the Insurance Department Fund as the 'Insurance Department Fraud Detection Trust Fund', redesignates it as a special fund in the State Treasury for fraud detection, with increased contribution caps from insurance companies. Unexpended amounts in the fund do not lapse into the State General Fund. The bill amends Sections 83-2-33 and 83-5-72 of the Mississippi Code of 1972.
Key Provisions
- Renames the Insurance Department Fund as the 'Insurance Department Fraud Detection Trust Fund' and redesignates it as a special fund in the State Treasury for fraud detection and related purposes.
- Removes requirement for funds to be deposited into the State General Fund.
- Raises cap on contributions from property and casualty insurance companies, life, health and accident insurance companies, and health maintenance organizations.
- Unexpended amounts in the fund do not lapse into the State General Fund.
- Amends Sections 83-2-33 and 83-5-72 of the Mississippi Code of 1972.
Latest Legislative Action
Died In Committee
Bill Sponsors (showing 5 of 21)
| Name | Role |
|---|---|
| Bain | Primary |
| Banks | Primary |
| Brown | Primary |
| Johnson | Primary |
| Lamar | Primary |
Compliance Checklist
Contribute to the Insurance Department Fraud Detection Trust Fund
Who: Property and casualty insurance companies, life, health, and accident insurance companies
Deadline: By July 1, 2026
Penalty: Potential funding shortfalls for fraud detection initiatives
Who: Property and casualty insurance companies, life, health, and accident insurance companies
Deadline: By July 1, 2026
Penalty: Potential funding shortfalls for fraud detection initiatives
Prepare to allocate resources for fraud detection and cybersecurity
Who: Insurance companies operating in Mississippi
Deadline: By July 1, 2026
Penalty: Increased risk of fraud losses and higher premiums
Who: Insurance companies operating in Mississippi
Deadline: By July 1, 2026
Penalty: Increased risk of fraud losses and higher premiums
Related & Companion Bills
Full Legal Analysis
Re-checked & corrected (4 fixes). Score: 85% → 90%. The AI-generated analysis accurately reflects the key provisions and intent of HB1020 as described in the official description. The bill amends Sections 83-2-33 and 83-5-72 of the Mississippi Code of 1972, renaming the Insurance Department Fund as the 'Insurance Department Fraud Detection Trust Fund' and redesignating it as a special fund in the State Treasury specifically for fraud detection and related purposes. It also deletes the requirement that expenses of the Department of Insurance be defrayed by State General Fund appropriations, deletes the requirement that monies collected from insurance companies be deposited into the State General Fund, and raises the cap on contributions from property and casualty insurance companies, life, health and accident insurance companies, and health maintenance organizations that may be deposited into the special fund. Additionally, unexpended amounts in the fund do not lapse into the State General Fund.
Official Source
Official Bill Text
View HB1020 on official legislature website →
Related Topics
Affected Industries
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