Bill
SB 2894
Adds cybersecurity insurance to Mississippi's Insurance Guaranty Association, extending insolvency protection and funding through assessments to cyber policies.
Title: Cybersecurity insurance; include in Mississippi Insurance Guaranty Association statutes.
SB 2894 would amend Mississippi law governing the Mississippi Insurance Guaranty Association (MIGA) to explicitly include “cybersecurity” or “cyber” insurance policies within the scope of coverage and assessment provisions of the guaranty association statutes. The intent is to ensure that insureds with policies that cover cyber incidents (data breaches, ransomware, business interruption from cyber events, etc.) receive similar insolvency protection as holders of traditional property/casualty and other covered policies when an insurer becomes insolvent.
Note: full bill text is not provided here. The likely/typical changes from such a bill include:
- Adds cyber/cybersecurity insurance to the list of covered policies under the Mississippi Insurance Guaranty Association statutes.
- Subjects insurers writing cyber insurance to MIGA membership and to statutory post‑insolvency assessments used to pay covered claims.
- Extends MIGA’s obligation to pay covered claims arising from cyber policies, subject to the same limitations, priority rules, and caps that apply to other covered lines.
- Aligns definitions (or adds a definition) for “cybersecurity insurance” or similar terminology to clarify what types of policies are included.
- Establishes an effective date and possible transitional rules for existing cyber policies.
This summary is based on the bill title and the legislative action record provided. For precise statutory amendments, exact definitions, limits, effective date, and transitional provisions, consult the final enrolled bill text or the updated Mississippi Code.
Compiled from official sources — confirm details with the bill’s official record.
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