Mississippi Legislature

1997 Regular Session

House Bill 1597

[Introduced]

Instructions Bill Status Menu





History of Actions

Background

Title

Description: Mississippi Insurance Licensee and Sales Act; create.

History of Actions:

101/20/97(H)Referred To Insurance;Banks and Banking
201/31/97(H)DR - TSDPCS: IN To BB
302/04/97(H)Died In Committee

Background Information:

Effective dateJuly 1, 1997
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredNo

House Committees:

Principal Author: Stevens

Code Section: A 083-0017-0101

Title: AN ACT TO CREATE THE MISSISSIPPI INSURANCE LICENSEE SALES ACT; TO DEFINE CERTAIN TERMS; TO AUTHORIZE THE COMMISSIONER OF INSURANCE TO PROMULGATE ADMINISTRATIVE REGULATIONS TO EFFECTUATE THE PURPOSES OF THE ACT; TO ENABLE FINANCIAL INSTITUTIONS TO ENGAGE IN THE SALE OF INSURANCE SUBJECT TO THE REQUIREMENTS AND CONDITIONS OF THIS ACT AND ALL OTHER INSURANCE LAWS OF THE STATE OF MISSISSIPPI; TO REQUIRE LICENSURE OF PERSONS OR ENTITIES WHO SOLICIT OR WHO RECEIVE COMPENSATION FOR THE PURCHASE OR SALE OF ANY INSURANCE PRODUCT; TO PROHIBIT THE TYING OF BANKING PRODUCTS OR SERVICES WITH THE PURCHASE OF INSURANCE PRODUCTS; TO REQUIRE FINANCIAL INSTITUTIONS TO MAKE CERTAIN DISCLOSURES WHEN SOLICITING THE PURCHASE OF OR SELLING INSURANCE; TO PROHIBIT FINANCIAL INSTITUTIONS FROM ENGAGING IN CERTAIN MISLEADING ADVERTISING WHEN SELLING INSURANCE; TO PROHIBIT FINANCIAL INSTITUTIONS FROM DISCRIMINATING AGAINST NONAFFILIATED AGENTS; TO PROVIDE THAT CERTAIN NONPUBLIC CUSTOMER INFORMATION SHALL NOT BE USED WITHOUT THE CUSTOMER'S CONSENT; TO PLACE CERTAIN RESTRICTIONS ON THE PHYSICAL LOCATION OF INSURANCE ACTIVITIES OF FINANCIAL INSTITUTIONS; TO PROVIDE PENALTIES FOR VIOLATIONS OF THE ACT; TO PROVIDE FOR THE CORPORATE STRUCTURE AND RECORD-KEEPING REQUIREMENTS OF INSURANCE ACTIVITIES OF FINANCIAL INSTITUTIONS; TO GRANT ENFORCEMENT POWERS TO THE DEPARTMENT OF INSURANCE; TO AMEND SECTION 83-17-101, MISSISSIPPI CODE OF 1972, TO REVISE DEFINITIONS; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 01/31/97 at 09:17.



End Of Document

1997/History/HB\HB1597.htm