The Mississippi Legislature is reviewing a bill that would prohibit campaign contributions to insurance commissioner candidates from companies and individuals regulated by the state insurance department.
The proposal has drawn criticism from the sitting commissioner, who said it fails to adequately address the underlying issue.
Senate Bill 2918 would make it unlawful for any regulated entity to offer campaign contributions to the commissioner, a commissioner candidate, or any employee at the Mississippi Insurance Department.
The measure would also prohibit the commissioner, candidates, and MID employees from accepting such contributions.
Violations would carry penalties of up to US$5,000 in fines and a minimum of one year in jail. Officials and MID employees found in violation would also be removed from their positions.
Insurance Commissioner Mike Chaney said the bill is ambiguous and "not the right solution." Chaney has advocated throughout his tenure for converting the commissioner role from an elected to an appointed position – a structural reform he believes would more effectively address concerns about industry influence.
"Hopefully, this would eliminate campaign contributions from regulated industries for electing commissioners," Chaney said in an email, reiterating his preference for an appointed commissioner confirmed by the state Senate.
That said, his position on the matter sits somewhat awkwardly alongside his own political plans. In August last year, Chaney announced his intention to run for reelection in 2027.
"I intend to keep doing the job that you elected me to do because insurance touches every life in this state and in this country, and it touches your wallets every single day," he said at the time.
The current bill is not the first attempt to reform how Mississippi selects its insurance commissioner. A separate bill introduced earlier in 2025, HB 1180, proposed converting the commissioner's office to an appointed position starting in 2028.
That measure outlined eligibility requirements including a bachelor's degree and experience in insurance or risk management. It would have allowed governors to appoint commissioners with the consent of the state Senate. The bill did not advance out of committee.
Section five of SB 2918 defines a "covered person" as any individual who is an owner, agent, or legal representative of insurance companies and entities regulated by the MID.
The definition also extends to anyone considered "interested" as an owner, agent, or legal representative, and to those acting at their request or direction.
The bill is currently under consideration by lawmakers. No timeline has been set for a vote on the measure.
