Bill Text: MS SB2159 | 2011 | Regular Session | Introduced
Bill Title: Mississippi Department of Insurance Transparency Act; create.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2011-02-01 - Died In Committee [SB2159 Detail]
Download: Mississippi-2011-SB2159-Introduced.html
MISSISSIPPI LEGISLATURE
2011 Regular Session
To: Insurance
By: Senator(s) Baria
Senate Bill 2159
AN ACT TO CREATE THE DEPARTMENT OF INSURANCE TRANSPARENCY ACT; TO REQUIRE INSURANCE COMPANIES TRANSACTING BUSINESS IN THIS STATE TO SUBMIT HOMEOWNERS AND COMMERCIAL PROPERTY POLICY AND PREMIUM INFORMATION TO THE DEPARTMENT; TO REQUIRE THE DEPARTMENT TO PROVIDE ON ITS WEB SITE AGGREGATE DATA OF THE NUMBER OF HOMEOWNERS AND COMMERCIAL PROPERTY INSURANCE POLICIES, THE TOTAL DOLLAR AMOUNT OF PREMIUMS COLLECTED, AND CLAIMS INCURRED OR PAID; TO REQUIRE THE DEPARTMENT TO POST ON ITS WEB SITE A COMPREHENSIVE DESCRIPTION OF THE ACTUARIAL MODEL USED BY THE DEPARTMENT FOR HOMEOWNERS AND COMMERCIAL PROPERTY RISK; TO PROVIDE PENALTIES FOR NONCOMPLIANCE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. This act shall be known and may be cited as the Mississippi Department of Insurance Transparency Act.
SECTION 2. (1) Each insurance company transacting business in the State of Mississippi shall annually submit to the Mississippi Department of Insurance, on or before October 1, the total annual amount of homeowners and commercial property paid and incurred claims, in dollar amounts, of the company and the number of homeowners and commercial property policies written and earned by the company and the dollar amount of homeowners and commercial property premiums collected. Aggregated totals shall be arranged by county and Zip Code.
(2) Based upon all submitted company reports, and other information submitted to or otherwise gathered by department, the department shall compile and maintain a statewide database and shall post on the department Web site an aggregate total of homeowners and commercial property insurance premiums and claims, incurred or paid, and the number of policies by county and Zip Code, on or before January 15, 2012.
(3) The aggregate information compiled from the statewide database, and posted on the department Web site, shall be updated annually. The posted information shall include the aggregate of total homeowners and commercial property policies, premiums, and claims, paid and incurred in dollar amounts, by county and Zip Code, for each of the following perils:
(a) Fire;
(b) Hail;
(c) Tornado;
(d) Named storms, including systems that are remnants of named storms;
(e) Flood; and
(f) Wind-driven water.
(4) (a) The department shall also post on the department Web site the entire rate-making formula, including the hurricane model, the written description of the specific actuarial model, or blending of models, and all relevant data used for calculating rates approval of each category of homeowners and commercial property insurance premium.
(b) The actuarial information shall be provided by Zip Code of each county or set of counties if more than one (1) county is included in a single actuarial calculation.
(5) Each insurance company transacting business in this state shall provide the information required by this act, relating to the total number of claims, premiums, and policies in each county by Zip Code, and their dollar value, by year, commencing with January 1, 1990. Based upon the submitted information, the department shall compile aggregate totals, pursuant to subsection (2), by year, commencing with 1990, and post those aggregate totals, by county and Zip Code, on the department Web site.
(6) (a) Upon written request of an insurance company, the commissioner may waive, or extend for an additional ninety (90) days, the October 1 reporting requirement imposed by this act. The request shall demonstrate a reasonable cause for giving or extending the deadline.
(b) Any insurance company granted a ninety-day extension that fails to comply on or before the ninetieth day shall be fined Two Thousand Five Hundred Dollars ($2,500.00) per day, by the department until the date of compliance. Any funds collected pursuant to this section shall be deposited into the Department of Insurance Special Fund.
(c) Any insurance company failing to comply for more than thirty (30) days after extension shall immediately be suspended from selling new policies of insurance of any kind in this state until such time as the insurance company is in compliance.
SECTION 3. This act shall take effect and be in force from and after July 1, 2011.
