Mississippi House Bill 706 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 31 2017 - 100% progression
Action: 2017-01-31 - Died In Committee
Text: Latest bill text (Introduced) [HTML]

An Act To Amend Section 83-6-1, Mississippi Code Of 1972, To Define The Terms "group-wide Supervisor" And "internationally Active Insurance Group" As Used In The Insurance Holding Company Act; To Amend Section 83-6-21, Mississippi Code Of 1972, To Provide That No Domestic Insurer Shall Pay An Extraordinary Dividend Until The Commissioner Of Insurance Has Received Notice Of The Declaration And Has Not Disapproved The Payment; To Amend Section 83-6-24, Mississippi Code Of 1972, To Require The Filing Of A Preacquisition Notification With The Commissioner Of Insurance; To Create A New Code Section To Regulate Acquisitions Involving Insurers Not Otherwise Covered; To Amend Section 83-6-27, Mississippi Code Of 1972, To Revise The Authority Of The Commissioner To Conduct A Financial Examination Of Registered Insurers Or Affiliates; To Create A New Code Section To Authorize The Commissioner Of Insurance To Participate In A Supervisory College With Other Insurance Regulators In Order To Assess The Business Strategy, Financial Position, Legal And Regulatory Position, Risk Exposure, Risk Management And Governance Processes, And As Part Of The Examination Of Individual Insurers; To Create A New Code Section To Authorize The Commissioner Of Insurance To Act As The Group-wide Supervisor For Any Internationally Active Insurance Group; To Amend Sections 83-19-151, 83-19-153 And 83-19-157, Mississippi Code Of 1972, Under The Credit For Insurance Act To Require More Comprehensive Regulation Of Reinsurance Agreements; To Create New Code Section 83-19-159, Mississippi Code Of 1972, To Provide For The Applicability Of The Act To Reinsurance Agreements; To Create The "own Risk And Solvency Assessment Act"; To Provide For The Purpose And Scope Of The Act; To Define Certain Terms Used In The Act; To Require Insurers To Conduct An Own Risk And Solvency Assessment And File With The Commissioner An Orsa Summary Report; To Provide Exemptions; To Require Certain Contents Of The Orsa Summary Report; To Require The Confidentiality Of Certain Documents, Materials Or Other Information In The Possession Of Or Control Of The Department Of Insurance That Are Obtained Under The Act; To Provide Sanctions For Failing To Timely File An Orsa Summary Report; And For Related Purposes.

Insurance companies; revise laws regulating holding companies and credit for reinsurance, require risk and solvency assessments.

Rep. Gary Chism [R]

Date	Chamber	Action
2017-01-31	House	Died In Committee
2017-01-13	House	Referred To Insurance

Type	Source
Summary	https://billstatus.ls.state.ms.us/2017/pdf/history/HB/HB0706.xml
Text	https://billstatus.ls.state.ms.us/documents/2017/html/HB/0700-0799/HB0706IN.htm