MS HB1162

Removes requirement that reciprocal insurance applicants demonstrate at least 10 separate risks aggregating $1.5 million in indemnity applications or $2.5 million in payroll for employers' liability insurance.

Eliminates requirement that at least two-thirds of a domestic reciprocal's board of directors be composed of subscribers or subscriber representatives independent of the attorney.

Retains requirements for reciprocals to file verified declarations with the Commissioner of Insurance including policy forms, attorney information, and financial statements.

Takes effect July 1, 2023.