MISSISSIPPI LEGISLATURE

2025 Regular Session

To: Insurance

By: Senator(s) Michel

Senate Bill 2024

AN ACT TO AMEND SECTION 83-1-3, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE COMMISSIONER OF INSURANCE SHALL BE APPOINTED BY THE GOVERNOR WITH THE ADVISE AND CONSENT OF THE SENATE AND TO PROVIDE REQUIREMENTS FOR SAID APPOINTMENT; TO AMEND SECTION 83-1-7, MISSISSIPPI CODE OF 1972, TO REMOVE THE REQUIREMENT THAT THE GOVERNOR APPROVE THE APPOINTMENT BY THE COMMISSIONER OF INSURANCE OF A CHIEF DEPUTY COMMISSIONER; AND FOR OTHER RELATED PURPOSES.

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

     SECTION 1.  Section 83-1-3, Mississippi Code of 1972, is amended as follows:

     83-1-3.  (1)  The chief officer of the department shall be * * * denominated the Commissioner of Insurance, who shall be * * * elected at the general election as other state officers, and who shall possess the same qualifications as required for the Secretary of State appointed by the Governor, with the advice and consent of the Senate. * * *  His term of office shall be four (4) years, as that of other state officials.  No person shall be Commissioner of Insurance who is in any way connected with the management or control of any company, corporation, association, or order affected by this title, and his term of office shall immediately cease if at any time he shall become so interested.  Before entering on the discharge of his duties, the commissioner shall take the oath of office required of state officers and give a corporate bond in favor of the state in the penal sum of Twenty‑five Thousand Dollars ($25,000.00) in some company or companies duly authorized to transact business in this state, to be approved by the Governor and conditioned for the faithful performance of the duties of said office during his term, which bond and oath of office shall be filed with the Secretary of State.

     (2)  Beginning July 1, 2025, the Office of Commissioner of Insurance shall be an appointed position; however, no person shall be appointed to the position until the term of the present elected Commissioner of Insurance ends or the office is vacated, whichever comes first.  Each term of appointment shall be for six (6) years, except that in case of a vacancy the appointment shall be made to fill the unexpired term.

     (3)  The Commissioner of Insurance shall be a resident of this state, at least thirty (30) years of age, shall have at least a bachelor's degree from an accredited college or university, and shall be selected with special reference to his training, experience, technical knowledge of the insurance industry and risk management, and demonstrated administrative and management ability.

     (4)  No person shall be Commissioner of Insurance who is in any way connected with the management or control of any company, corporation, association, or order affected by this title, and his term of office shall immediately cease if at any time he shall become so interested.  Furthermore, the Commissioner of Insurance shall not be a candidate for, nor hold, any other public office of trust.  If he becomes a candidate for public office, his office as commissioner shall be immediately vacated.

     (5)  The Commissioner of Insurance shall, before entering upon the discharge of the duties of his office, take and subscribe to the oath of office prescribed by the Constitution, shall file the oath in the Office of the Secretary of State, and shall execute a bond in some surety company authorized to do business in the state, to be approved by the Governor, and filed in the Office of the Secretary of State in the penal sum of Twenty-five Thousand Dollars ($25,000.00), conditioned for the faithful and impartial discharge of the duties of his office.  The premium on the bond shall be paid, as provided by law, out of funds appropriated to the Department of Insurance.

     (6)  The Commissioner of Insurance is not subject to removal from office other than by impeachment or by removal from office as provided for under Section 25-5-1.

     SECTION 2.  Section 83-1-7, Mississippi Code of 1972, is amended as follows:

     83-1-7.  The commissioner shall have authority to appoint * * *, with the consent of the Governor, a Chief Deputy Commissioner, who shall have power, during his absence or inability to act from any cause, to perform any and all of the duties of the commissioner.  Said deputy shall be * * * commissioned by the Governor and shall be subject to the same requirements, restrictions, and qualifications as the commissioner, excepting that the bond of the deputy shall be in the penal sum of Ten Thousand Dollars ($10,000.00), conditioned and approved in the same manner as the bond of the commissioner.

     SECTION 3.  This act shall take effect and be in force from and after July 1, 2025.