MS HB1395

Changes the maximum contract period between the Mississippi Real Estate Commission and approved errors and omissions insurance carriers from three years to five (5) consecutive policy terms, after which the commission must place the contract out for competitive bid.

Requires the commission to reserve the right to place the contract out for bid at the end of any policy period before the five-year maximum is reached.

Maintains existing minimum insurance requirements including per-claim limits of at least $100,000, annual aggregate limits of at least $100,000, and maximum deductibles of $2,500 for damages and $1,000 for defense costs.

Applies to active individual brokers, broker-salespersons, salespersons, partnerships, and corporations operating in Mississippi's real estate market.

Takes effect July 1, 2011.