2006 Regular Session
By: Representative Baker (74th)
AN ACT TO AMEND SECTION 83-5-9, MISSISSIPPI CODE OF 1972, TO REQUIRE THAT EVERY INSURANCE COMPANY WRITING HOMEOWNERS' OR FLOOD INSURANCE POLICIES IN THIS STATE SHALL MAINTAIN A VIABLE CLAIMS OFFICE IN THE STATE OF MISSISSIPPI; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 83-5-9, Mississippi Code of 1972, is amended as follows:
83-5-9. Every insurance company, foreign or domestic, shall conduct its business in this state in its own proper and corporate name; and the policies and contracts of insurance issued by it shall be headed or entitled only by its proper and corporate name. Every insurance company, foreign or domestic, that is writing homeowners' insurance policies or flood insurance policies, or both, in this state shall maintain a viable claims office in the State of Mississippi. When any such company publishes its assets, it shall, in the same connection and with equal conspicuousness, publish its liabilities, computed on the basis allowed for its annual statements; and any publication purporting to show its capital shall exhibit only the amount of such capital as has actually been paid in cash. Any company or any agent thereof issuing or circulating advertisements in violation of this section shall be punished by a fine of not less than Fifty Dollars ($50.00) nor more than Two Hundred Dollars ($200.00).
SECTION 2. This act shall take effect and be in force from and after July 1, 2006.