Senate Bill 2523

AN ACT TO MAKE IT UNLAWFUL FOR THE COMMISSIONER OF INSURANCE, ANY CANDIDATE FOR COMMISSIONER OF INSURANCE, OR ANY EMPLOYEE OF THE COMMISSIONER OF INSURANCE TO KNOWINGLY ACCEPT ANY GIFT, PASS, CAMPAIGN CONTRIBUTION OR OTHER BENEFIT FROM ANY INSURANCE COMPANY THAT COMES UNDER HIS JURISDICTION OR SUPERVISION; TO PROVIDE CRIMINAL PENALTIES; AND FOR RELATED PURPOSES.

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

SECTION 1. (1) It shall be unlawful for the Commissioner of Insurance, any candidate for Commissioner of Insurance, or any employee of the Commissioner of Insurance to knowingly accept any gift, pass, money, campaign contribution or any emolument or other pecuniary benefit whatsoever, either directly or indirectly, from any person interested as owner, agent or representative, or from any person acting in any respect for such owner, agent or representative of any insurance company that comes under the jurisdiction or supervision of the Commissioner of Insurance. Any person found guilty of violating the provisions of this subsection shall immediately forfeit his or her office or position and shall be fined not less than Five Thousand Dollars ($5,000.00), imprisoned in the State Penitentiary for not less than one (1) year, or both.

(2) It shall be unlawful for any person interested as owner, agent or representative, or any person acting in any respect for such owner, agent or representative of any insurance company that comes under the jurisdiction or supervision of the Commissioner of Insurance to offer any gift, pass, money, campaign contribution or any emolument or other pecuniary benefit whatsoever to the Commissioner of Insurance, any candidate for Commissioner of Insurance or any employee of the Commissioner of Insurance. Any party found guilty of violating the provisions of this subsection shall be fined not less than Five Thousand Dollars ($5,000.00), or imprisoned in the State Penitentiary for not less than one (1) year, or both.

(3) For purposes of this section the term "emolument" shall include salary, donations, contributions, loans, stock tips, vacations, trips, honorarium, directorships or consulting posts. Expenses associated with social occasions afforded public servants shall not be deemed a gift, emolument or other pecuniary benefit as defined in Section 25-4-103(k), Mississippi Code of 1972.

(4) For purposes of this section, a person who owns less than one-half of one percent (1/2 of 1%) in stock, the value thereof not to exceed Ten Thousand Dollars ($10,000.00), of any insurance company that is regulated by the Commissioner of Insurance, or of any holding company of such insurance company, by virtue of such ownership, shall not be deemed an owner, agent or representative of such insurance company unless such person is acting in any respect for or as an owner, agent or representative of such insurance company.

SECTION 2. The Attorney General of the State of Mississippi shall submit this act, immediately upon approval by the Governor, or upon approval by the Legislature subsequent to a veto, to the Attorney General of the United States or to the United States District Court for the District of Columbia in accordance with the provisions of the Voting Rights Act of 1965, as amended and extended.

SECTION 3. This act shall take effect and be in force from and after July 1, 2006, or the date it is effectuated under Section 5 of the Voting Rights Act of 1965, as amended and extended, whichever occurs later.