MS HB192

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 unfair claims practices including misrepresenting policy provisions, failing to acknowledge communications promptly, refusing to pay without investigation, unreasonably delaying payment, and failing to provide claim forms within 15 days.

Authorizes the Insurance Commissioner to issue cease and desist orders and impose penalties of up to $1,000 per violation (capped at $100,000 aggregate) for standard violations, or up to $25,000 per violation (capped at $250,000 aggregate) for flagrant violations.

Allows the Commissioner to suspend or revoke an insurer's license for violations, with enhanced penalties of up to $25,000 per violation (capped at $250,000 aggregate) for violations of cease and desist orders.

Takes effect July 1, 2014; does not create a private cause of action for violation of the act.