Mississippi Legislature
2005 Regular Session

Senate Bill 2353

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Bill Text

History of Actions

Background

Title

Description: MS Insurance Guaranty Association Law; revise.

Bill Text: [Introduced]

History of Actions:

1 01/13 (S) Referred To Insurance
2 02/01 (S) Died In Committee

Background Information:

Effective dateJuly 1, 2005
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
Vote type requiredMajority

Senate Committee:

Principal Author: Kirby

Code Sections: A 083-0023-0105, A 083-0023-0109, A 083-0023-0115, A 083-0023-0121, A 083-0023-0123, A 083-0023-0135, A 083-0023-0137

Title: AN ACT TO AMEND SECTION 83-23-105, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE MISSISSIPPI INSURANCE GUARANTY ASSOCIATION LAW SHALL NOT APPLY TO SELF-INSURANCE COVERAGES; TO AMEND SECTION 83-23-109, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF THE TERM "COVERED CLAIM"; TO AMEND SECTION 83-23-115, MISSISSIPPI CODE OF 1972, TO REVISE THE POWERS AND DUTIES OF THE ASSOCIATION; TO AMEND SECTION 83-23-121, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT ALL RECOVERIES BY THE ASSOCIATION SHALL NOT BE PROPERTY OF THE LIQUIDATOR OF THE INSOLVENT CARRIER'S ESTATE BUT THE PROPERTY OF THE ASSOCIATION FOR ITS USE IN PAYING ITS OBLIGATION ON BEHALF OF THE INSOLVENT INSURER; TO AMEND SECTION 83-23-123, MISSISSIPPI CODE OF 1972, TO REVISE THE PROVISION PROHIBITING NONDUPLICATION OF RECOVERY; TO AMEND SECTION 83-23-135, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE STATE OF PROCEEDINGS IN WHICH THE INSOLVENT INSURER IS A PARTY IS AUTOMATIC AND MANDATORY AND MAY NOT BE WAIVED BY ANY PARTIES; TO AMEND SECTION 83-23-137, MISSISSIPPI CODE OF 1972, TO ALLOW THE COMMISSIONER OF INSURANCE TO INITIATE PROCEEDINGS TO REQUIRE THE FILING OF A PLAN FOR DISBURSAL OF ASSETS OF AN INSOLVENT INSURER WHENEVER THE RECEIVER, LIQUIDATOR OR SUCCESSOR FAILS TO FILE THE PLAN WITHIN 120 DAYS; TO CREATE A NEW SECTION 83-23-139, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR POLICYHOLDER COLLATERAL, DEDUCTIBLE REIMBURSEMENTS AND OTHER POLICYHOLDER OBLIGATIONS; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 02/01/05 at 18:21.

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