MS HB322

Revises the definition of "covered claim" under Mississippi's Insurance Guaranty Association law to exclude claims rejected or denied by other state guaranty funds based on the insured's net worth.

Excludes claims filed with the association after the final court-set deadline for filing claims against a liquidator or receiver of an insolvent insurer.

Maintains existing covered claim provisions including full payment for workers' compensation claims, minimum $50 deductible for unearned premium claims, and $300,000 maximum per claimant for other covered claims.

Specifies that covered claims must have the claimant or insured as a Mississippi resident at the time of the insured event, or the property giving rise to the claim must be permanently located in Mississippi.

Takes effect July 1, 2019.