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MS HB544

Bill

Official Source

Status

Passed

3/22/2023

Primary Sponsor

Kevin Ford

Click for details

Origin

House of Representatives

2023 Regular Session

AI Summary

  • Amends Mississippi Code Section 83-13-5 to exempt builder's risk insurance policies from the valued policy law
  • The valued policy law currently prohibits fire insurance companies from issuing policies exceeding fair property value and requires them to pay the full insured amount if buildings are totally destroyed by fire
  • Builder's risk insurance policies are now excluded from these valued policy law requirements
  • Takes effect upon passage

Legislative Description

Valued policy law; exempt builder's risk insurance policies from.

Last Action

Approved by Governor

3/22/2023

Committee Referrals

Insurance2/13/2023
Insurance1/13/2023

Full Bill Text

No bill text available