MS HB437

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 acknowledge communications promptly, refusing to pay without investigation, unreasonably delaying claims, and failing to provide claim forms within 15 days.

Authorizes the Insurance Commissioner to issue cease-and-desist orders after a hearing with at least 30 days' notice if an insurer engages in unfair claims practices flagrantly or as a general business practice.

Imposes monetary penalties of up to $1,000 per violation (maximum $100,000 aggregate) for standard violations, or up to $25,000 per violation (maximum $250,000 aggregate) for flagrant violations, and allows suspension or revocation of the insurer's license.

Takes effect July 1, 2019; does not create a private cause of action for violations but allows the Commissioner to promulgate rules and regulations to enforce the act.