Bill > HB986

This bill establishes the "Insurance Department Fraud Detection Trust Fund" as a special fund within the State Treasury to combat the increasing prevalence of insurance fraud, which has been exacerbated by advanced technologies like artificial intelligence and digitalization, leading to higher insurance losses and premiums. The fund will be used to support resources for detecting insurance fraud, conducting cybersecurity reviews, and aiding in arson investigations, thereby assisting the Commissioner of Insurance in their duties. Contributions to this fund will come from property and casualty insurance companies, life, health, and accident insurance companies, and health maintenance organizations (HMOs), with increased maximum annual contribution limits. Importantly, this bill removes the requirement for these contributions to be deposited into the State General Fund and for the Department of Insurance's expenses to be covered by general fund 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 unexpended funds or interest earned will remain in the trust fund, not lapse into the general fund.

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https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB0986.xml