Bill Text: MS HB321 | 2017 | Regular Session | Introduced

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Bill Title: Property and casualty insurance; allow expense depreciation.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Failed) 2017-01-31 - Died In Committee [HB321 Detail]

Download: Mississippi-2017-HB321-Introduced.html

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MISSISSIPPI LEGISLATURE

2017 Regular Session

To: Insurance

By: Representative Touchstone

House Bill 321

AN ACT TO PROVIDE THAT EXPENSE DEPRECIATION MAY BE INCLUDED IN AN INSURANCE POLICY COVERING DAMAGED PROPERTY IF NOTICE IS PROVIDED WITHIN THE POLICY IN A FORM APPROVED BY THE COMMISSIONER OF INSURANCE; AND FOR RELATED PURPOSES.

     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

     SECTION 1.  (1)  As used in this section, the following terms shall have the following meanings, unless the context clearly indicates otherwise:

          (a)  "Damaged property" means a dwelling, structure, personal property, or any other property or service that is covered under the terms of an insurance policy; and

          (b)  "Expense depreciation" means depreciation of the cost of all goods, materials, labor, services, fees, permits and taxes necessary to replace, repair or rebuild damaged property.

     (2)  An insurance policy covering damaged property:

          (a)  May allow for expense depreciation; and

          (b)  Shall provide notice within the insurance policy in a form approved by the Commissioner of Insurance that expense depreciation may be deducted.

     (3)  If expense depreciation is applied to a loss for damaged property, the insurer shall provide a written explanation as to how the expense depreciation was calculated.

     SECTION 2.  This act shall take effect and be in force from and after July 1, 2017.