Mississippi lawmakers are considering a change to the state’s insurance commissioner position, potentially making it an appointed role rather than an elected one, according to an AM Best report.
House Bill 1180 proposes that the governor appoint the commissioner, with the appointment subject to approval by the Senate. The bill also outlines new qualifications for the position, requiring the commissioner to be at least 30 years old, a Mississippi resident, hold a bachelor’s degree, and have expertise in insurance or risk management. Under the bill, the commissioner would serve a six-year term.
The bill also includes restrictions on eligibility. It would prevent individuals who currently hold public office or have ties to the insurance industry from being appointed as commissioner. Additionally, if the insurance commissioner seeks another public office, they would be required to vacate their position as a regulator immediately.
Mike Chaney, the current insurance commissioner, has advocated for this change, stating in a September interview with BestWire that it was time to "take the politics" out of the role. He expressed that many of the provisions in HB 1180, including the term limits and the appointment process, were suggestions he had made previously.
Chaney also emphasized that the commissioner position is often seen as a stepping stone to higher offices, which he believes undermines the role's purpose. He added that commissioners accepting campaign contributions from industries they regulate creates potential conflicts of interest.
Attempts to reach Chaney for additional comments on the introduction of HB 1180 were unsuccessful, AM Best said.
If the bill is passed, it would take effect on July 1. However, no appointment could be made until the current commissioner’s term expires or the office becomes vacant. Chaney’s term is set to end in 2028.
Chaney pointed to a past precedent when, during his time in the state legislature, county-level education superintendents were transitioned to appointed roles. This change, he noted, resulted in a stronger pool of applicants and he expects a similar outcome for the insurance commissioner position.
Attempts to contact the legislators sponsoring the bill for further comment were not immediately successful, according to the report.
