Bill Text: MS HB1037 | 2012 | Regular Session | Introduced

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Bill Title: Insurance companies; prohibit payment of loss ratio bonus to agents.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Failed) 2012-03-06 - Died In Committee [HB1037 Detail]

Download: Mississippi-2012-HB1037-Introduced.html

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MISSISSIPPI LEGISLATURE

2012 Regular Session

To: Insurance

By: Representatives Baria, Broomfield

House Bill 1037

AN ACT TO PROHIBIT ANY INSURANCE COMPANY TO PAY, DIRECTLY OR INDIRECTLY, TO AN AGENT ANY BONUS OR EXTRA COMPENSATION CONTINGENT ON THE NUMBER OF CLAIMS THAT ARE FILED AND/OR PAID ON AN INSURANCE POLICY, OR ON THE ACTUAL AMOUNT OF THE CLAIMS PAID ON AN INSURANCE POLICY; AND FOR RELATED PURPOSES.

     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

     SECTION 1.  It shall be unlawful for any insurance company to pay, directly or indirectly, to an agent any bonus or extra compensation contingent on the number of claims that are filed and/or paid on an insurance policy, or on the actual amount of the claims paid on an insurance policy.

     SECTION 2.  This act shall take effect and be in force from and after July 1, 2012.