Senate Bill 2642

AN ACT TO CREATE NEW SECTION 83-5-90, MISSISSIPPI CODE OF 1972, TO AUTHORIZE HOMEOWNER INSURERS TO PROVIDE ACTIVE MILITARY PERSONNEL BASED IN THE STATE A 10% DISCOUNT OF THE PREMIUM ON ANY HOMEOWNER'S INSURANCE POLICY PURCHASED IN THE STATE; TO REQUIRE THE COMMISSIONER OF INSURANCE TO ADOPT RULES AND REGULATIONS TO IMPLEMENT THE PROVISIONS OF THE ACT; TO CREATE NEW SECTION 83-5-92, MISSISSIPPI CODE OF 1972, TO AUTHORIZE MOTOR VEHICLE INSURERS TO PROVIDE ACTIVE MILITARY PERSONNEL BASED IN THE STATE A 25% DISCOUNT OF THE PREMIUM ON ANY AUTOMOBILE LIABILITY INSURANCE POLICY PURCHASED IN THE STATE; TO REQUIRE THE COMMISSIONER OF INSURANCE TO ADOPT RULES AND REGULATIONS TO IMPLEMENT THE PROVISIONS OF THE ACT; AND FOR RELATED PURPOSES.

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

SECTION 1. The following shall be codified as Section 83-5-90, Mississippi Code of 1972:

83-5-90. (1) Beginning on July 1, 2023, and thereafter, every homeowner's insurer authorized to transact business in this state and offering homeowner's coverage in this state may provide to active military personnel based in this state a discount of ten percent (10%) of the premium on any homeowner's insurance policy purchased in this state to cover immovable property owned by such military personnel.

(2) The Commissioner of Insurance shall adopt rules and regulations to implement the provisions of this section. The rules and regulations shall include, but not be limited to, the following:

(a) Provisions defining and delineating active military personnel who may receive the discount;

(b) Recordkeeping requirements for the insurer; and

(3) Except for the purpose of administering the military personnel premium discounts set forth in this section, the fact that the insured is deployed in the military for a period in excess of six (6) months shall not be used by any insurer for the classification of risks.

SECTION 2. The following shall be codified as Section 83-5-92, Mississippi Code of 1972:

83-5-92. (1) Beginning on July 1, 2023, and thereafter,

every motor vehicle insurer authorized to transact business in this state may provide to active military personnel based in this state a discount of twenty-five percent (25%) of the premium on any automobile liability insurance policy purchased in this

state to cover motor vehicles owned by such military personnel.

(2) Insurers providing the discount authorized by this section to active military personnel shall be entitled to a credit that shall be applied toward the premium taxes imposed under existing law when applicable and in an amount equal to the discount actually provided. To the extent an insurer's credit authorized in this section exceeds the insurer's premium tax liability, the amount of credit not used to offset premium taxes due shall be considered overpaid taxes and shall be refundable to

the insurer, without interest. Such insurers shall submit to the Commissioner of Insurance the documents, evidence and proof required, in accordance with the rules and regulations adopted by

the commissioner, to establish the discounts actually provided.

(3) The Commissioner of Insurance shall adopt rules and regulations to implement the provisions of this section. The rules and regulations shall include, but not be limited to, the following:

(a) Provisions defining and delineating active military personnel who may receive the discount.

(b) Recordkeeping requirements for the insurer.

(d) A listing of the documents, evidence and proof necessary to establish a valid claim.

(e) Time requirements and limitations for the submission of a claim, examination of the claim and a final decision by the commissioner.

(f) Other such provisions necessary for the proper implementation of this section.

(4) Except for the purpose of administering the military personnel premium discounts set forth in this section, the fact that the insured is deployed in the military for a period in excess of six (6) months shall not be used by any insurer for the classification of risks.

SECTION 3. This act shall take effect and be in force from and after July 1, 2023.