Policyholder Bill of Rights

Policyholder Bill of Rights The rights set forth below shall serve as standards to be followed by the Mississippi Department of Insurance in exercising the Department's powers and duties, in exercising administrative discretion, in dispensing administrative interpretations of the law, and in regulating insurance companies pursuant to the Unfair and Deceptive Trade Practices Act, Miss. Code Ann. §§83-5- 29 through 83-5-51. These rights include, but are not limited to, the following: A. Policyholders shall have the right to competitive pricing practices and marketing methods that enable them to determine the best value among comparable coverage. B. Policyholders shall have the right to insurance advertising and other selling approaches that provide accurate and balanced information on the benefits and limitations of a policy. C. Policyholders shall have the right to assurance that the insurance market in general and their insurance company in particular is financially stable. D. Policyholders shall have the right to receive good service from competent, honest individuals and producers, and to have their questions addressed promptly. E. Policyholders shall have the right to a policy in an easily readable format, to receive a complete policy, and to request a duplicate or replacement policy as needed. F. Policyholders shall have the right to assurance that their insurance company is regulated to comply with Mississippi laws requiring economic delivery of coverage and loss prevention measures. G. Policyholders shall have the right to balanced and positive regulation by the Mississippi Department of Insurance. H. Policyholders shall have the right to request the license status of an insurance company or producer. I. Policyholders shall have the right to receive in writing from their insurance company the reason for any cancellation or nonrenewal of coverage. The written statement from the insurance company must provide an adequate explanation for the cancellation or nonrenewal of coverage. J. Policyholders shall have the right to cancel their policy and receive a refund of any unearned premium. If a policy was funded by a premium finance company, the unearned premium will be returned to the premium finance company to pay toward the policyholder's financing loan. K. Policyholders shall have the right to a written notification detailing any change in policy provisions relating to their coverage at renewal. L. Policyholders shall have the right to receive a written explanation of why a claim is denied, in whole or in part. M. Policyholders shall have the right to request and receive from the insurance company any adjuster reports, engineer reports, contractor reports, statements or documents which are not legally privileged documents that the insurance company prepared, had prepared, or used during its adjustment of the policyholder's claim. A company may keep confidential any documents they prepare in conjunction with a fraud investigation. N. Policyholders shall have the right to have any decision regarding the denial or nonrenewal of their policy, or the adjustment of their rates not be based solely on the basis of their credit history without consideration of other factors. If an insurance company uses credit history, it must comply with the provisions set forth in 19 Miss. Admin. Code, Part 1, Chapter 31, "Use of Credit History and Insurance Scores for Determining Rates and Eligibility for Personal Insurance", and the Federal Fair Credit Reporting Act. O. Policyholders shall have the right to prevent an insurance company, agent, adjuster or financial institution from disclosing their personal financial information to companies or entities that are not affiliated with the insurance company or financial institution, subject to the provisions set out in 19 Miss. Admin. Code, Part 1, Chapter 28, "Privacy of Consumer Financial and Health Information Regulation". P. Policyholders shall have the right to receive at least thirty (30) days’ notice of the nonrenewal of their policy pursuant to the provisions of Miss. Code Ann. § 83-5-28. Q. Policyholders shall have the right to be treated fairly and honestly when making a claim. R. Policyholders shall have the right to reject any settlement amount offered by the insurance company. S. Policyholders shall have the right to file a written complaint against any insurance company or insurance producer with the Mississippi Department of Insurance, and to have that complaint investigated by the Mississippi Department of Insurance. On or after September 1, 2009, no homeowners’ personal lines residential property coverage insurance policy shall be delivered or issued for delivery in this state, or at renewal, unless a copy of the Policyholder Bill of Rights is included with the policy.