Establishes the Insurance Department Fraud Detection Trust Fund to combat insurance fraud in Mississippi.
Mississippi House Bill 1020 creates the Insurance Department Fraud Detection Trust Fund as a special fund in the State Treasury. This fund will be used to support the detection of insurance fraud, cybersecurity reviews, and arson investigations. The bill renames the existing Insurance Department Fund as the "Insurance Department Fraud Detection Trust Fund" and increases the maximum contributions from property and casualty insurance companies, life, health, and accident insurance companies, and health maintenance organizations.
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