MS HB614

Amends Section 83-53-25 of the Mississippi Code to revise the form prescribed by the Commissioner of Insurance for calculating experience refunds in credit life and disability insurance policies.

Requires that experience refund calculations deduct premium taxes earned (changed from "incurred") and compensation paid or earned (revised from previous language) during the preceding calendar year.

Maintains existing requirements that experience refunds be calculated using commissioner-approved accounting methods and paid annually within 30 days following the insurer's annual statement filing.

Takes effect July 1, 2014.