Mississippi 2025 Regular Session

Mississippi House Bill HB1172

Introduced

1/20/25

Refer

1/20/25

Failed

2/4/25

Caption

Holding Company Act; amend to include group capital calculation and liquidity stress test requirements to.

Impact

The proposed amendments will significantly influence the regulatory framework governing insurance holding companies in Mississippi. By mandating group capital calculations and liquidity stress tests, the bill equips the Commissioner with tools to better assess financial risks and systemic vulnerabilities within the insurance sector. These measures are intended to align Mississippi's regulatory standards with best practices from other jurisdictions, potentially improving the state's ability to respond to financial instability within insurance companies and safeguarding public interests.

Summary

House Bill 1172 amends several sections of the Mississippi Code to enhance oversight of insurance holding companies by introducing requirements for group capital calculations and liquidity stress tests. The bill specifies that the Commissioner of Insurance has the authority to require insurance companies to maintain either a bond or a deposit in situations deemed necessary, thereby strengthening the financial safeguards within the insurance industry. This legislative move aims to promote stability and protect policyholders by ensuring that insurance companies are adequately capitalized to withstand financial stress.

Contention

While the bill is aimed at enhancing regulatory capacity and protecting policyholders, it may also prompt discussions around the balance of regulatory oversight and the operational flexibility of insurance companies. Some industry stakeholders might express concerns regarding the added administrative and compliance burdens associated with implementing these requirements. The emphasis on confidentiality in the reporting of financial calculations and stress test results may also raise discussions about transparency and public accountability within the insurance sector.

Companion Bills

No companion bills found.

Previously Filed As

MS SB2455

Public Service Commission; restructure to include Public Utilities Staff.

MS SB2754

Pharmacy benefit managers; set certain requirements related thereto, including claim administration and reimbursements.

MS SB2484

Pharmacy Benefit Manager; revise certain requirements of.

MS SB2966

Gold and silver bullion; exempt sales from taxation and capital gain and require State Treasurer to invest.

MS SB2736

Pharmacy Benefit Manager; revise certain requirements of entity that contracts with State Health Plan.

MS HB1647

Commissioner of Insurance; authorize to implement a state insurance exchange, authorize income tax deductions and insurance premium tax credit.

MS SB2739

Pharmacy Benefit Prompt Pay Act, Pharmacy Integrity Act, jurisdiction of Department of Insurance; bring forward provisions of.

MS HB892

MS Workforce Training and Education Act; extend repealer on act and delete repealer on sections amended to conform in 2004.

MS HB1298

Pharmacy benefit managers; require to use national average drug acquisition cost.

MS SB2808

Mississippi Flexible Tax Incentive Act; bring forward code sections for the purpose of possible amendment.

Similar Bills

MS SB2412

Insurance Holding Company Act; include NAIC Group Capital Calculation test requirements.

ND HB1124

The standards and management of an insurer with an insurance holding company system and the confidential treatment of investigation and examination records of insurance holding companies.

KS SB121

Authorizing the commissioner of insurance to select and announce the version of certain instructions, calculations and documents in effect for the upcoming calendar year and cause such announcement to be published in the Kansas register, allowing certain life insurers to follow health financial reports and adopting certain provisions from the national association of insurance commissioners holding company system regulatory act relating to group capital calculations and liquidity stress testing.