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MS SB2416
Bill
AI Summary
- Creates Section 83-65-125 to allow vehicle service contract providers to operate without being named insureds on reimbursement insurance policies if they meet specific financial requirements
- Requires providers to maintain a net worth or stockholders' equity of at least $100,000,000, either independently or through a parent company
- Requires providers to file the vehicle service contract with the commissioner upon request and submit either SEC filings (Form 10-K or 20-F) or audited financial statements demonstrating the $100,000,000 minimum net worth
- Exempts compliant providers from certain sections of Mississippi insurance code (83-65-105, 83-65-107, 83-65-109, and portions of 83-65-111)
- Takes effect July 1, 2011
Legislative Description
Vehicle service contracts; provider not required to be named insured under reimbursement policy upon certain conditions.
Last Action
Approved by Governor
3/14/2011
Full Bill Text
No bill text available