About Mississippi Insurance Laws, Health Insurance and Regulations…
Mississippi is home to a strong insurance industry and market. The state has benefited greatly from the economic activity that the market has generated over the past several years. The performance of the insurance industry is carefully regulated by the Mississippi Insurance Department, which upholds regulations that are formed by the state itself as well as the federal government. Both insurance companies and consumers are required to comply with the state’s regulations, which are designed to protect both parties from gratuitous exploitation.
Auto insurance coverage is mandatory in Mississippi. Because comprehensive auto insurance protection can be expensive for some consumers, the Mississippi Insurance Department has established a minimum level of coverage drivers may carry. This coverage must account for: $25,000 per person per single accident; $50,000 per accident for bodily injury; and $25,000 per accident for property damage. Drivers are not required by the state to carry personal injury protection (PIP) coverage.
Mississippi is one of the most expensive states in terms of auto insurance. The average cost of auto insurance coverage in the state is $1,834, above the national average, which is $1,725.
Mississippi is prone to natural disasters, like many other southern states. The state’s proximity to the Gulf of Mexico exposes it to tropical storms and hurricanes, both of which can easily cause widespread flooding throughout the state. Because of the dangers presented by the state’s location, private insurance companies often charge more for coverage to account for the financial risks they take in doing business with homeowners. Homeowners are not required by state law to purchase insurance protection, but the Mississippi Insurance Department does encourage consumers to do so.
Health insurance is mandatory nationwide since 2014, per the Affordable Care Act. The law requires states to host health insurance exchange programs in order to mitigate the financial burden consumers will be placed under in being required to purchase and maintain health care policies. These exchanges are meant to broaden access to affordable insurance plans.
Mississippi demographics show that nearly 3 million people live there which a staggering 18% of which do not have health insurance of any kind. The state is one among several that is fighting the Affordable Care Act. Unlike others, however, the state has determined that it will build its own health insurance exchange. Mississippi will regulate this program and has made several aggressive steps toward its development thus far. The Mississippi Insurance Department is partly responsible for developing regulations that will help govern the program, while also working with other agencies to build the programs various systems and infrastructure.
Mississippi Insurance Resources:
Mississippi Insurance Commissioner: Mike Chaney
Mississippi Department of Insurance Website: http://www.mid.ms.gov/
Mississippi Insurance Licensing Info: http://www.mid.ms.gov/licensing/producer_licensing.aspx
File Insurance Complaint: http://www.mid.ms.gov/consumer/request_assistance_file_complaint.aspx