MS HB1190

Insurance companies transacting business in Mississippi must annually submit homeowners and commercial property policy, premium, and claims data to the Department of Insurance by October 1, organized by county and Zip Code.

The Department of Insurance shall compile submitted data into a statewide database and post aggregate totals on its website by January 15, 2013, with annual updates including policy counts, premiums, and claims by peril (fire, hail, tornado, named storms, flood, and wind-driven water).

The Department must post on its website the complete rate-making formula, hurricane model, actuarial models used, and relevant data for calculating homeowners and commercial property insurance premiums by county or Zip Code.

Insurance companies must provide historical data covering January 1, 1990 forward; the Department shall compile and post aggregate totals by year on its website.

Companies granted ninety-day filing extensions that fail to comply face fines of $2,500 per day and suspension from selling new policies; penalties collected go to the Department of Insurance Special Fund.