Establishes the Insurance Fraud Detection Act to create a trust fund for combating insurance fraud in Mississippi.
The Insurance Fraud Detection Act creates the Insurance Department Fraud Detection Trust Fund to assist the Mississippi Insurance Department in detecting and combating insurance fraud. The fund is financed by annual contributions from licensed insurance companies, with a minimum assessment of $100 per company. The fund's total contributions are capped at $1,000,000 annually. The fund will be used for resources to assist with the detection of insurance fraud, cybersecurity review, arson investigations, and other actions to support the Commissioner of Insurance.
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