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Bill > HB744
MS HB744
MS HB744Insurance premium discount for hurricane or windstorm damage mitigation; include commercial property.
summary
Introduced
02/10/2020
02/10/2020
In Committee
05/11/2020
05/11/2020
Crossed Over
03/04/2020
03/04/2020
Passed
Dead
06/09/2020
06/09/2020
Introduced Session
2020 Regular Session
Bill Summary
An Act To Amend Sections 83-75-1, 83-75-3 And 83-75-5, Mississippi Code Of 1972, To Include Commercial Property In The Insurance Premium Discount Or Rate Reduction For Hurricane Or Windstorm Damage Mitigation; And For Related Purposes.
AI Summary
This bill amends the Mississippi Code to include commercial property in the insurance premium discount or rate reduction for hurricane or windstorm damage mitigation. Specifically, the bill requires insurance companies to provide a premium discount or insurance rate reduction for new commercial insurable property in an amount and manner established in the law, in addition to the existing requirements for new residential and retrofitted residential properties. The bill also expands the definition of "insurable property" to include commercial property. The amendments are effective as of July 1, 2021.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Died In Committee (on 06/09/2020)
Official Document
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