MS HB895

Insurance companies authorized to write homeowners insurance in Mississippi must annually submit to the Insurance Department aggregate data on direct incurred losses, number of policies in force, and direct earned premiums by zip code, starting October 1, 2013, with data commencing from calendar year 2007.

The Insurance Department must post aggregated homeowners insurance data on its website by zip code, including information for fire, wind/hail, and other perils across all insurers collectively.

The Insurance Department must post on its website a general description of the rate-making methodology that insurance companies may use to establish homeowners rates.

Insurance companies that fail to comply with reporting requirements after receiving notice and a 90-day grace period face fines of $2,500 per month until compliance; the commissioner may waive or modify requirements for good cause.

Individual insurer data submitted to the department is confidential trade secret information, but aggregated data across all insurers may be publicly released by the department.