MS HB618

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

Authorizes the Insurance Commissioner to conduct hearings and issue cease-and-desist orders upon finding an insurer engaged in unfair claims practices.

Establishes 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 committed in conscious disregard of the act.

Allows the Commissioner to suspend or revoke an insurer's license for violations, with enhanced penalties up to $25,000 per violation (capped at $250,000 aggregate) for violations of cease-and-desist orders; effective July 1, 2016.