MISSISSIPPI LEGISLATURE

2000 Regular Session

To: Insurance

By: Representative Stevens

AN ACT TO AMEND SECTION 83-17-11, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER OF INSURANCE TO IMPOSE FINES ON COMPANIES WHO USE UNLICENSED AGENTS OR ON UNLICENSED AGENTS, OR BOTH; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 83-17-11, Mississippi Code of 1972, is amended as follows:

83-17-11. (1) For violation of Sections 83-17-7 to 83-17-15, the commissioner shall have the authority to revoke the license of the agent or company violating same, for not less than three (3) nor more than six (6) months for the first offense, and for one (1) year for the second offense.

(2) In lieu of, or in addition to, the revocations provided for in subsection (1) of this section, the commissioner may fine the company or the agent, or both, for violations of Sections 83-17-1 through 83-17-15. Any fines levied against the agent or companies, or both, shall be up to Five Hundred Dollars ($500.00) for each agent and Five Thousand Dollars ($5,000.00) for each company per violation of state law or department regulation. The funds from such fines shall be deposited into the special fund in the State Treasury designated as the "Insurance Department Fund."

SECTION 2. This act shall take effect and be in force from and after July 1, 2000.