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MS HB837
Bill
Status
Failed
2/23/2016
Primary Sponsor
Gary Chism
Click for details
AI Summary
- Adds a threshold requiring the loss amount to exceed $2,000 for non-total loss claims before insurers must add repair businesses or lienholders as payees on settlement checks.
- Requires insurers to add lienholder names to total loss settlement checks if lienholders are shown in the policy, confirmed in writing by the insured, or listed on the vehicle title with the Mississippi Department of Revenue.
- Allows insurers to issue separate checks to lienholders and insured parties for their respective financial interests in total loss cases.
- Requires lienholders to pay any balance owed to the debtor within 30 days of receiving the settlement check.
- Establishes procedures for insurers to request salvage or parts-only certificates of title from the Department of Revenue if the original title is not received within 30 days of total loss settlement payment.
- Sunsets the entire section on July 1, 2017.
Legislative Description
Auto Insurance; revise requirement that insurer paying a claim must add name of repair business or lienholder on the check.
Last Action
Died In Committee
2/23/2016
Committee Referrals
Insurance2/8/2016
Full Bill Text
No bill text available