Bill Text | History of Actions | Background | Title |
Description: MS Insurance Guaranty Association Law; revise.
Bill Text: [Introduced]
| 1 | 01/13 (S) Referred To Insurance | |
| 2 | 02/01 (S) Died In Committee |
| Effective date | July 1, 2005 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Majority |
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.
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2005/html/History/SB/SB2353.htm