Bill > SB2894

This bill amends Mississippi's Insurance Guaranty Association statutes to include cybersecurity insurance and establish specific provisions for claims related to cyber incidents. The bill introduces a new definition for "cybersecurity insurance" that encompasses first- and third-party coverage for data privacy breaches, network security intrusions, computer viruses, ransomware, cyber extortion, and identity theft. It modifies the existing insurance guaranty association regulations to set specific claim limits for cybersecurity insurance, capping the association's obligation at $300,000 for all first- and third-party claims arising from a single insured event, regardless of the number of claims or claimants. Additionally, the bill adds a new provision for property damage claims, increasing the maximum claim limit from $300,000 to $400,000. The changes aim to provide clarity and protection for policyholders in the event of an insurer's insolvency, specifically addressing the growing importance of cybersecurity insurance in the modern digital landscape. The bill will take effect on July 1, 2025, giving insurers and regulators time to prepare for the new regulations.

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https://billstatus.ls.state.ms.us/2025/pdf/history/SB/SB2894.xml