MS HB748

Allows any legal entity authorized under Mississippi law (including limited liability companies and public hospitals) to enter into reciprocal insurance contracts, expanding eligibility beyond individuals and partnerships.

Reduces the minimum number of separate risks required to establish a reciprocal from 75 to 10, with a minimum aggregate coverage of $1,500,000 in assets.

Establishes that reciprocals can sue or be sued in their own name, prohibits individual subscribers from being sued personally, and shields subscribers from personal liability for the reciprocal's debts or obligations.

Permits reciprocals to issue either assessable policies (with contingent assessment liability up to 10 times earned premiums) or nonassessable policies if they maintain surplus equal to minimum capital requirements for stock insurers.

Creates governance structure requiring a board of directors with at least two-thirds composed of subscribers, and allows reciprocals to combine assets and liabilities with other reciprocals subject to commissioner approval; allows waiver of the two-year domicile requirement for foreign insurers meeting specified criteria.