MS HB643

Creates the "Unfair Claims Settlement Practices Act" to establish standards for investigation and settlement of insurance claims for Mississippi residents, excluding workers' compensation, fidelity, suretyship, and boiler and machinery insurance.

Defines 13 specific unfair claims practices including misrepresenting policy provisions, failing to acknowledge communications promptly, refusing to investigate before denying claims, and unreasonably delaying claim payments.

Authorizes the Insurance Commissioner to hold hearings and issue cease-and-desist orders when insurers engage in unfair claims practices flagrantly or as a general business practice.

Establishes monetary penalties of up to $1,000 per violation ($100,000 aggregate) for standard violations, or up to $25,000 per violation ($250,000 aggregate) for flagrant violations; also permits license suspension or revocation.

Takes effect July 1, 2013; does not create a private cause of action for policyholders to sue insurers directly.