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MississippiSB 28942025 Regular SessionSenateWALLET

Cybersecurity insurance; include in Mississippi Insurance Guaranty Association statutes.

Sponsored By: J. Walter Michel (Republican)

Signed by Governor

InsuranceTechnology

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 1 costs, 0 mixed.

Higher payment limit for property damage

Beginning July 1, 2025, the Mississippi Insurance Guaranty Association covers qualifying property damage claims up to $400,000 per claimant. It pays the portion above $50, but never more than the failed insurer owed under the policy. The $400,000 ceiling is higher than the $300,000 limit for other covered claims. Claims must fall within the coverage period tied to insolvency, policy expiration, replacement, or cancellation. Claims filed after the liquidation court's final filing deadline are excluded.

Cyber insurance payouts face shared cap

Beginning July 1, 2025, the Mississippi Insurance Guaranty Association caps covered cyber claims when an insurer fails. It pays no more than $300,000 total per policy or add-on for one insured event. That limit is shared across all claims and claimants, including losses suffered by policyholders and claims from others. The rule covers direct, state-approved cyber insurance for losses such as data breaches, network intrusions, ransomware, and cyber extortion. Payments also cannot exceed what the failed insurer owed under the policy.

Insurance protection follows some transferred policies

Beginning July 1, 2025, some transferred policies qualify for Mississippi Insurance Guaranty Association protection. The policy must be assigned, transferred, or taken over through an insurer division or policy-transfer process under Mississippi law. The former insurer must have no remaining duty, and the insurer now responsible must enter liquidation. Claims must still qualify for coverage. A policy first issued by a nonmember insurer does not qualify just because a member insurer later takes it over.

Sponsors & Cosponsors

Sponsor

  • J. Walter Michel

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 169 • No: 0

House vote • 3/6/2025

Passed

Yes: 118 • No: 0

Senate vote • 2/6/2025

Passed

Yes: 51 • No: 0

Actions Timeline

  1. Approved by Governor

    3/12/2025legislature

  2. Enrolled Bill Signed

    3/11/2025House

  3. Enrolled Bill Signed

    3/10/2025Senate

  4. Returned For Enrolling

    3/7/2025House

  5. Passed

    3/6/2025House

  6. Title Suff Do Pass

    3/4/2025House

  7. DR - TSDP: TE To IN

    3/4/2025House

  8. DR - TSDP: IN To TE

    2/25/2025House

  9. Referred To Insurance;Technology

    2/14/2025House

  10. Transmitted To House

    2/7/2025Senate

  11. Passed

    2/6/2025Senate

  12. Title Suff Do Pass

    1/30/2025Senate

  13. Referred To Insurance

    1/20/2025Senate

Bill Text

Related Bills

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