MS HB773

Creates the Commercial Lines Modernization Act, exempting rates and supplementary rate information for specified commercial lines insurance coverages from filing and approval requirements, though rates remain subject to existing standards.

Exempts the following commercial lines from rate filing requirements: Surety and Fidelity, Boiler and Machinery, Environmental Impairment or Pollution Liability, Kidnap and Ransom, Political Risk or Expropriation, Excess and Umbrella Liability, Employment Practices Liability, Media Liability, Product Liability/Product Recall/Completed Operations, and Highly Protected Commercial Property.

Requires policy forms and endorsements for exempt commercial lines to be filed with the commissioner within 60 days of use for informational purposes only.

Authorizes the Insurance Commissioner to adopt rules establishing criteria and procedures for determining when rate filings require actuary review.

Allows elevator owners to request an exemption from annual inspection requirements if the elevator serves only two adjacent floors, subject to rules promulgated by the Insurance Commissioner.