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MS HB1020
Bill
Status
Failed
2/3/2026
Primary Sponsor
Jerry Turner
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AI Summary
- Renames the "Insurance Department Fund" to the "Insurance Department Fraud Detection Trust Fund" and establishes it as a special fund in the State Treasury
- Increases the maximum annual contributions from property and casualty insurance companies from $750,000 to $1,000,000
- Increases the maximum annual contributions from life, health, accident insurance companies, and health maintenance organizations from $750,000 to $1,000,000
- Directs fund monies toward detecting insurance fraud, cybersecurity review, arson investigations, and supporting the Commissioner of Insurance's duties
- Removes the requirement that collected fees be deposited into the State General Fund; unexpended amounts will no longer lapse into the General Fund at fiscal year end
- Takes effect July 1, 2026
Legislative Description
Insurance Department Fraud Detection Trust Fund; rename Insurance Department Fund and redesignate as a special fund.
Last Action
Died In Committee
2/3/2026
Committee Referrals
Insurance1/16/2026
Full Bill Text
No bill text available