MS HB1180

Insurance companies authorized to sell homeowners insurance in Mississippi must submit annual reports to the Insurance Department beginning October 1, 2015, including total direct incurred losses, number of policies in force, and direct earned premiums organized by zip code.

The Insurance Department must compile and post aggregated data from all insurance companies on its website by zip code, including loss and policy information broken down by fire, wind/hail, and other perils.

The Insurance Department must post a general description of rate-making methodology used by insurance companies for homeowners insurance on its website.

Insurance companies failing to timely comply with reporting requirements receive a 90-day notice period to comply, after which they face fines of $2,500 per month until compliance is achieved.

Individual company data reported to the department is treated as confidential trade secrets, but aggregated data across all companies may be publicly released by the department.