Rescission of Treatment of Creditor-Placed Insurance as an “Inland Marine” Product

[LOGO] # STATE OF MISSISSIPPI Mississippi Insurance Department GEORGE DALE Commissioner of Insurance State Fire Marshal RONALD E. HANNA Deputy Commissioner 1804 Walter Sillers Building (39201) Post Office Box 79 Jackson, Mississippi 39205-0079 (601) 359-3569 FAX (601) 359-2474 http://www.doi.state.ms.us April 25, 2000 Bulletin No: 2000-7 ## TO ALL LICENSED PROPERTY AND CASUALTY INSURANCE COMPANIES OFFERING CREDITOR-PLACED (FORCED-PLACED) INSURANCE IN THE STATE OF MISSISSIPPI Any prior communications or notices from the Mississippi Department of Insurance that treated Creditor-Placed insurance as an "inland marine" product exempt from rate and form filing requirements, are hereby rescinded, effective immediately. All Creditor-Placed insurance products must be filed for prior approval use in the same manner as other property and casualty lines of insurance as provided for in Miss. Code Ann. Section 83-2-7 (Rev. 1999). Creditor-Placed insurance products, also known as Forced-Placed insurance, will be treated under the Casualty/Liability (No. 03) license of the insurer. All companies offering policies and insurance products in this State for Creditor-Placed insurance must file, for approval, prior to July 1, 2000, all rates, supplementary rate information, policy forms and endorsements, as required by and pursuant to Miss. Code Ann. Section 83-2-7 (Rev. 1999). However, any rates/rules, policy forms and endorsements for Creditor-Placed programs that have already been approved by the Department of Insurance since January 1, 1997, are exempt from the July 1st filing requirement. This exemption assumes no changes to the previously reviewed rates/rules, forms or endorsements. Any changes to the same will require the program to be refiled by July 1, 2000, along with any new or unreviewed programs. For any questions concerning the directives of this Bulletin, please consult Mississippi Code Annotated Sections 83-2-1 through 83-2-35. For those questions that can not be answered by reference to Mississippi law, you may contact the Department's Property and Casualty Rating Division at 601-359-3575. George Dale