Senate Bill 2488

AN ACT TO AMEND SECTION 83-37-29, MISSISSIPPI CODE OF 1972, TO MAKE DISCRETIONARY THE PENALTY IMPOSED BY THE COMMISSIONER OF INSURANCE WHICH PROVIDES FOR THE FORFEITURE OF A BURIAL ASSOCIATION'S LICENSE TO DO BUSINESS IN THE STATE OF MISSISSIPPI; AND FOR RELATED PURPOSES.

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

SECTION 1. Section 83-37-29, Mississippi Code of 1972, is amended as follows:

83-37-29. Any person, firm, association or corporation engaging in the business herein described without first having complied with the provisions hereof, or any person who shall knowingly make any false statement in the reports required by this chapter, as determined by the Commissioner of Insurance after written notice and hearing, shall be assessed a penalty for each violation of not less than Two Hundred Fifty Dollars ($250.00) nor more than Five Hundred Dollars ($500.00), and in addition thereto may forfeit the license to do business in this state. Funds from such penalties shall be deposited with the State Treasurer to be placed in a fund designated as the "Insurance Department Fund."

SECTION 2. This act shall take effect and be in force from and after July 1, 2005.