On March 26, 2009, Mississippi Governor Haley Barbour signed into law House Bill 777 (the "New Producer Law"), whereby the Mississippi Insurance Department will adopt the NAIC uniform standards for the licensing of producers.
With the passage of the New Producer Law, the previously issued single insurance producer license will now be issued separately by lines of authority (e.g. life, accident & health, and property & casualty). Limited lines producer and limited lines credit producer licenses will also be broken down and issued by the lines of authority granted.
Under the New Producer Law, producer licenses, as well as surplus lines, supervising general agent, general agent and managing general agent licenses, will be issued on a biennial basis and will expire on the last day of the birth month of the individual licensee. Business entity licenses will expire on May 31 in the second year following issuance. The transition will begin with the Life & Health licenses expiring on December 31, 2009. License renewals issued will have an expiration date of the last day of the individual's birth month. Property & Casualty licenses will transition during the 2010 renewal period.
Producers applying for licensure must complete 20 hours of prelicensing education per line of authority. Individuals renewing their licenses must complete 24 hours of continuing education. License fees have also changed and can be found in Mississippi Insurance Department Bulletin 2009-2. The New Producer Law also eliminates the privilege tax exemption for two executive officers of a business entity.
The New Producer Law is effective November 1, 2009.
Click here to view Mississippi Insurance Department Bulletin 2009-2 regarding the New Producer Law.