MS HB318

Amends Mississippi Code Section 83-2-7 to exempt specific commercial lines insurance coverages from rate and policy form filing and approval requirements with the state insurance commissioner.

Exempted coverages include surety and fidelity, boiler and machinery, environmental liability, kidnap and ransom, political risk, excess and umbrella liability, employment practices liability, media liability, and product liability.

Allows the commissioner to exempt additional commercial lines coverages by regulation to promote competition or conserve department resources.

Requires exempted commercial lines rates to still comply with fairness standards under Section 83-2-3 and permits the commissioner to issue orders discontinuing non-compliant rates or forms prospectively.

Authorizes the commissioner to reinstate filing requirements for up to one year for specific commercial lines coverages if a competitive market does not reasonably exist, with effective date of July 1, 2020.