2007 Regular Session
By: Representative Wells-Smith
AN ACT TO REQUIRE INSURANCE ADJUSTERS TO DETERMINE THE VALUE OF AUTOMOBILE LOSS BASED ON CERTAIN NATIONALLY RECOGNIZED AUTO VALUATION SYSTEMS USED TO ASSESS THE VEHICLE'S MARKET VALUE IMMEDIATELY BEFORE THE ACCIDENT; TO REQUIRE INSURERS TO COMPENSATE INSURED PERSONS AT A RATE COMPARABLE TO THE RATE ASSIGNED BY A NATIONALLY RECOGNIZED VALUATION SYSTEM; TO ASCRIBE DEFINITIONS FOR CERTAIN TERMS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) When determining the value of an automobile damaged and considered a total loss as a result of a collision, accident or natural disaster, the insurance adjuster making the appraisal shall use, as a basis for determination of the automobile's market value immediately before the accident, a nationally recognized automobile valuation system, including, but not limited to:
(a) Kelly's Blue Book;
(b) National Automobile Dealer's Association (NADA);
(c) Automatic Data Processing, Inc. (ADP); or
(d) CCC Information Services.
(2) Insurers, which deliver or issue for delivery policies for motor vehicle insurance in this state to any person in this state, shall compensate insured persons, who are not in default with scheduled premium payments and have taken the appropriate measures to recoup a loss of property, at a rate comparable to the adjusted value as required by subsection (1) of this section.
(3) For purposes of this section, the terms "adjuster" and "insurers" shall have the same meaning ascribed in Section 83-17-401.
SECTION 2. This act shall take effect and be in force from and after July 1, 2007.