Dale Announces Public Hearing for MID Homeowner Insurance
Policyholder Bill of Rights Regulation
From: Mississippi Insurance Department Filed
Commissioner of Insurance George Dale today announced that a
public hearing for the Mississippi Insurance Department (MID)'s new
proposed regulation regarding a homeowner insurance policyholder bill of
rights will be held at 9 a.m. on Friday, January 26, 2007, in the Public
Service Commission's Hearing Room on the first floor of the Woolfolk State
Office Building in Jackson. The public is invited to attend and can also
submit written comments on the proposed regulation.
The proposed regulation can be found on the Mississippi Insurance
Department website at
www.doi.state.ms.us. The regulation is based in part on comments from
citizens and similar legislation from the states of Maryland and Florida.
Two major components of the proposed regulation are: (1) the bill of
rights and (2) the requirement that all property and casualty insurers
writing homeowners personal lines residential insurance property coverage
provide an outline of coverage for homeowners insurance policies,
including renters/tenants insurance and mobile home/manufactured housing
property coverage. Insurance companies will also be required to provide a
policyholder checklist that will help policyholders better understand the
principal benefits and coverage provided in their policy.
The regulation shall apply to all insurance companies, including surplus
lines companies, the Mississippi Windstorm Underwriting Association, and
the Mississippi Residential Property Insurance Underwriting Association,
writing homeowners personal lines residential property coverage insurance
policies in the State of Mississippi.