Bill > SB2701

This bill establishes the "Insurance Department Fraud Detection Trust Fund" to combat the rise of insurance fraud, particularly cyber fraud, deepfakes, and synthetic identity fraud, which have been exacerbated by advanced technology and lead to increased insurance losses and premiums. The fund will be used by the Mississippi Insurance Department to acquire resources for detecting insurance fraud, conducting cybersecurity reviews, and assisting with arson investigations, among other duties of the Insurance Commissioner. Contributions to this fund, previously capped at $750,000 annually from property, casualty, life, health, and accident insurance companies and health maintenance organizations, will now be capped at $1,000,000 annually, and these monies will no longer be required to be deposited into the State General Fund, allowing them to remain in the dedicated trust fund for its intended purposes. The bill also allows the Commissioner to seek federal or private grants and ensures that any unexpended funds and earned interest 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/SB/SB2701.xml