Bill Text: MS SB2862 | 2011 | Regular Session | Introduced

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

Spectrum: Bipartisan Bill

Status: (Failed) 2011-02-01 - Died In Committee [SB2862 Detail]

Download: Mississippi-2011-SB2862-Introduced.html

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MISSISSIPPI LEGISLATURE

2011 Regular Session

To: Insurance

By: Senator(s) Baria, Watson

Senate Bill 2862

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, 2011.