MS HB468

Expands the Mississippi Life and Health Insurance Guaranty Association to include health maintenance organizations (HMOs) as member insurers and covers HMO subscriber contracts and certificates.

Removes the maximum limitation on Class A assessments and establishes a new methodology for allocating Class B assessments related to long-term care insurance (50% to accident and health insurers, 50% to life and annuity insurers).

Adds long-term care insurance coverage exclusions, including protections for policies with long-term care riders to life insurance or annuity contracts, and excludes structured settlement annuity benefits transferred in factoring transactions.

Requires HMOs and other member insurers to deliver a summary document describing the guaranty association's purposes and limitations to policy owners, contract owners, certificate holders, and enrollees upon delivery of coverage.

Effective July 1, 2020, with amendments not applying to member insurers already placed under liquidation orders with insolvency findings before the effective date.