MS SB2682

Expands entities authorized to enter into reciprocal insurance contracts to include limited liability companies, public hospitals, and all entities authorized under Mississippi law, not just individuals, partnerships, and corporations.

Reduces the minimum number of separate risks required for reciprocal formation from 75 to 10, with minimum aggregate coverage of $1,500,000 or $2,500,000 for employers' liability insurance.

Establishes that reciprocals are sued in their own name rather than through the attorney-in-fact, prohibits suits against individual subscribers, and limits judgment satisfaction to reciprocal funds only.

Creates board of directors governance for reciprocals with at least two-thirds subscriber representation, and allows reciprocals to issue either assessable or nonassessable policies based on minimum surplus requirements.

Permits reciprocals to return savings or credits to subscribers and allows two or more reciprocals to combine into one reciprocal with Commissioner of Insurance approval, effective July 1, 2013.