2007 Regular Session
To: Insurance; Transportation
By: Representative Parker
AN ACT TO REQUIRE AN INSURER PAYING A CLAIM UNDER A POLICY OF AUTOMOBILE INSURANCE TO PLACE ON THE CHECK THE NAME OF THE LIENHOLDER OF THE AUTOMOBILE AS A LOSS PAYEE IN ADDITION TO THE NAME OF THE INSURED; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. An insurer paying a claim under a policy of automobile insurance shall place on the check the name of any lienholder of the automobile as a loss payee in addition to the name of the insured. An insurer shall reissue any check that does not comply with the provisions of this section.
SECTION 2. Section 1 of this act shall be codified in Chapter 11, Title 83 of the Mississippi Code of 1972.
SECTION 3. This act shall take effect and be in force from and after July 1, 2007.