Bill Text: MS SB2536 | 2015 | Regular Session | Introduced

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Bill Title: Property insurance; prohibit hurricane deductible unless damages arose from a named storm.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2015-02-03 - Died In Committee [SB2536 Detail]

Download: Mississippi-2015-SB2536-Introduced.html

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MISSISSIPPI LEGISLATURE

2015 Regular Session

To: Insurance; Judiciary, Division B

By: Senator(s) Watson

Senate Bill 2536

AN ACT TO PROHIBIT THE APPLICATION OF A HURRICANE DEDUCTIBLE FOR PROPERTY DAMAGE IN INSURANCE POLICIES UNLESS THE DAMAGE AROSE FROM A NAMED HURRICANE OR TROPICAL STORM; TO PROVIDE PENALTIES FOR VIOLATIONS; AND FOR RELATED PURPOSES.

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

     SECTION 1.  (1)  In the event that property damage is caused by wind, wind gusts, hail, tornado or cyclone from a source other than a named hurricane or named tropical storm as declared by the National Hurricane Center of the National Weather Service, a provision for a hurricane deductible or percentage wind deductible shall not be applied as to any insurance contract insuring any dwelling or other building.

     (2)  An insurer found by the Commissioner of Insurance to be in violation of subsection (1) of this section shall:

          (a)  Pay a penalty in an amount not exceeding Ten Thousand Dollars ($10,000.00) for each separate violation; and

          (b)  Be subject to revocation or suspension of its license.

     (3)  Nothing in this section shall affect the right of the commissioner to impose any other penalties provided for in this Title 83, Mississippi Code of 1972.

     (4)  The Department of Insurance shall promulgate such rules as are necessary to implement and administer this section.

     SECTION 2.  This act shall take effect and be in force from and after its passage.