Bill > HB1020

This bill establishes the "Insurance Department Fraud Detection Trust Fund" as a special fund within the State Treasury, recognizing the rise in insurance fraud due to advanced technology like deepfakes and cyberfraud, which leads to increased losses and premiums. The fund will be used to support resources for detecting insurance fraud, reviewing cybersecurity, investigating arson, and other duties of the Commissioner of Insurance. Contributions to this fund will be made by property and casualty insurance companies, as well as life, health, and accident insurance companies and health maintenance organizations (HMOs), based on their gross premiums collected in Mississippi, with a minimum annual assessment for each licensed company. The maximum annual contributions allowed for this fund are increased from $750,000 to $1,000,000. Crucially, this bill removes the previous requirement that these collected monies be deposited into the State General Fund and that the Department of Insurance's expenses be paid from general state appropriations, instead directing these funds specifically to the new trust fund. The bill also allows the Commissioner to seek federal or private grants for the program, and any unspent money or interest earned in the fund will remain in the fund and not revert to the general fund.

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https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB1020.xml