MS HB544

Amends Section 83-53-25, Mississippi Code of 1972, to revise requirements for the insurance commissioner's prescribed form for experience refund calculations.

Requires experience refund calculations to include deductions for premium taxes earned and compensation paid or earned, in addition to existing deductions for claims incurred and expenses incurred.

Maintains the 45% compensation limit on credit life insurance and credit disability insurance policies, with experience refunds remaining exempt from this limit if they meet specified conditions.

Requires all experience refunds to be calculated using accounting methods approved by the commissioner and paid annually within 30 days following the insurer's annual statement filing.

Effective date: July 1, 2014.