On Mar. 12, MS LEG enacted bill re cyber insurance, limits on claims.
MS LEG enacted bill SB 2894 to include cybersecurity insurance for purposes of the Mississippi Insurance Guaranty Association statutes; provided limits on claims paid.
Document dated Mar. 12, 2025, was received on Apr. 15, 2025, due to a fixed feed.
Bill Provisions
Added definition of cybersecurity insurance and amended definition of covered claim.
Amended association limits on claims paid due to cyber liability, for property damage.
Added limit, an amount in excess of fifty dollars ($50) but not exceeding four hundred thousand dollars ($400,000) per claimant for property damage covered claims.
In no event shall the association be obligated to pay an amount in excess of three hundred thousand dollars ($300,000) for all first- and third-party claims under policy.
Providing or that is found to provide cybersecurity insurance coverages and arising out of single insured event, regardless of number of claims made or number of claimants.
Legislative History
On Jan. 20, 2025, bill introduced in Senate; on Feb. 7, 2025, bill passed the Senate.
On Feb. 7, 2025, bill transmitted to House; on Mar. 6, 2025, bill passed the House.
On Mar. 12, 2025, bill SB 2894 was approved and signed by the Mississippi governor.
Effectiveness
This act shall take effect and be in force from and after Jul. 1, 2025.
Regulators
MS LEG
Entity Types
Ins
Reference
Bill SB2894, 3/12/2025; Citation: *MS INS* 83-23-3-83-23-109, 83-23-3-83-23-115;
