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Vicksburg resident Mike Chaney is Mississippi’s Commissioner of Insurance. Prior to his election in 2007, Commissioner Chaney served seven years in the Mississippi House of Representatives and eight years in the Mississippi Senate.
Since taking office in January, 2008, Commissioner Chaney has brought a style of openness and accessibility to the office, including opening a Mississippi Insurance Department office on the Gulf Coast. He has also spearheaded a wind mitigation program for the Mississippi Gulf Coast region to strengthen homes against hurricane-force winds and help homeowners realize discounts on their wind insurance premiums.
Also, in his continuing effort to expand the insurance market on the Gulf Coast and in the state as a whole, he has overseen the addition of 125 new companies to write insurance in the state.
He was recently selected by his peers at the National Association of Insurance Commissioners to chair the prestigious Property and Casualty “C” Committee. The NAIC is the organization of state insurance regulators for all 50 of the United States, Washington D.C., and five US territories.
The Property and Casualty Committee deals with insurance issues and regulations for catastrophe insurance, crop insurance, earthquakes, terrorism, title insurance, workers’ compensation, surplus lines and risk retention, among many other issues. The mission of the committee is to monitor and respond to regulatory issues associated with property and casualty insurance including their delivery and cost. The committee has four task forces that report to it and eight working groups to assist with deliberations.
Also among the accomplishments listed by the Mississippi Insurance Department under Chaney’s leadership is an on-going effort to modernize the way business is done in the department, digitizing voluminous paper files and reworking the department’s web site to be more consumer friendly. Regulations were also changed to allow for two-year licensing of agents in the state, saving the department money and making life easier for the agents.
Since January, 2008, the department has recovered a total of over $10 million for insurance consumers in the state. This money is recovered from companies for overcharging on premiums and additional payments for claims. In 2010 property and casualty collections were up over 452 percent. This money is refunded to policyholders.
Over $4 million of that money has been collected in the past year as upgrades to personnel and efficiency allowed the department to more diligently pursue refunds and additional claims payments for consumers.
Also, upon taking office, Commissioner Chaney oversaw the completion of an extensive market conduct study of State Farm concerning the company’s operations following Hurricane Katrina and has held the line against unwarranted rate hikes by companies.
In his initial three years Commissioner Chaney also oversaw a $1 million hurricane wind mitigation study now being hailed by experts across the country as one of the best ever produced that has led to a grant program for coast homeowners to strengthen their homes against hurricane winds. That grant has been awarded and full mitigation efforts are underway.
In his tenure as Insurance Commissioner and State Fire Marshall, Commissioner Chaney has focused on the number of fire deaths in the state and the Fire Marshal’s office has secured $1,496,273 in grants for the purchase of smoke alarms which are installed for free in citizens’ homes through local volunteer and municipal fire departments.
Commissioner Chaney has worked to stabilize the state’s Windpool, the insurer of last resort for some homeowners, lengthen the amount of time the department has in responding to rate filings, worked to secure insurance for volunteer firefighters and sought legislation to protect victims of domestic violence from discrimination by health insurance companies. He has also studied and reduced several major rate filings by companies.
During his time in the Mississippi Legislature he was named Legislator of the Year by the Mississippi Realtors, the Mississippi Homebuilders Association and the Mississippi School Superintendents. Commissioner Chaney has received numerous other awards for his legislative work in education, economic development and catastrophe recovery.
He is a businessman with a strong background in energy and agriculture and a strong advocate for consumers. He was a pioneer in worker’s compensation in Mississippi.
Commissioner Chaney has served on numerous community development entities, including serving as President of the Vicksburg/Warren County Chamber of Commerce and President of the Vicksburg/Warren County Economic Development Committee. He is also a Rotarian and Paul Harris Fellow. He is a past president of the Republican Elected Officials of Mississippi and serves on the state Republican Executive Committee.
He is a 1966 graduate of Mississippi State University with B.S. in Business and Finance and is a veteran of the United States Army, serving in Vietnam in 1968-69.
He is married to Mary Thurmond Chaney and they have three children and eight grandchildren.
Duties of the Insurance Commissioner
The Commissioner of Insurance is elected to a four-year term and may be re-elected. Miss. Code Ann. § 83-1-1 et seq. The Commissioner is charged with execution of all laws relative to insurance companies, corporations, associations and fraternal orders, their agents and adjusters. The Commissioner licenses and regulates the practices of all insurance companies, agents, burial associations, fraternal societies, bail bondsmen, and other entities engaged in the business of insurance. The Commissioner, as State Fire Marshal, acting through the State Chief Deputy Fire Marshal, investigates all fires called to his attention occurring in the state, licenses manufacturers, installers/transporters and dealers of mobile homes and regulates their practices. The Commissioner, through the State Fire Marshal Division, administers the Mississippi Fire Prevention Code. The Commissioner, through the Fire Service Development Division, establishes guidelines, use and accountability for municipal and county fire protection funds. The Commissioner administers the Liquefied Compressed Gas Equipment Law (Miss. Code Ann. § 75-57-1 et seq.) and enforces the National Fire Protection Association Code, Books 54 and 58. The Commissioner encourages and supports all employees to attain and maintain professional designations in their career fields.
The Mississippi Surplus Lines Association (MSLA) is a non-profit association created to provide a stamping procedure for all eligible non-admitted/surplus lines insurance policies sold on risks to ensure the proper payment of premium taxes to the State of Mississippi. This association, under the direction of the Commissioner, has no separate regulatory powers. MSLA enables the Department to ensure that proper taxes are paid to the State of Mississippi. As a result of this law, the State receives additional taxes that were not received in previous years. Miss. Code Ann. § 83-21-17 et seq.
In addition to his regular duties, Commissioner Chaney participates in the following:
Health Insurance Management Board – Commissioner Chaney serves on this board, which oversees the activities of the statewide Children’s Health Insurance Program, established under Title XXI of the Social Security Act to provide child health care assistance to targeted, uninsured, low-income children.
Miss. Code Ann.§ 41-86-1 et seq.
Mississippi Automobile Insurance Plan – Commissioner Chaney or his designee attends meetings of the Mississippi Automobile Insurance Plan, which was created to provide automobile insurance coverage to eligible individuals who are unable to obtain such coverage through the voluntary market.
Miss. Code Ann.§ 63-15-65 et seq.
Mississippi Comprehensive Health Insurance Risk Pool Association - Commissioner Chaney appoints four members to this nine-member board, which provides a mechanism to make health and accident insurance coverage available to those citizens of Mississippi who, because of health conditions, cannot secure such coverage.
Miss. Code Ann.§ 83-9-211 et seq.
Mississippi Fire Personnel Minimum Standards and Certification Board – Commissioner Chaney serves as an ex-officio member of this board, and appoints fifteen members to this seventeen-member board. The Director of the State Fire Academy also serves as an ex-officio member of the board.
Miss. Code Ann.§ 45-11-251 et seq.
Mississippi Fire Prevention Code Board of Adjustments and Appeals – Commissioner Chaney appoints all five members to this board per the Standard Fire Prevention Code as adopted by Miss. Code Ann. § 45-11-103 et seq.
Mississippi Insurance Guaranty Association (Property and Casualty) – Commissioner Chaney approves the members of this board, which consists of not less than five nor more than nine members. The Association assists in the detection and prevention of insurer insolvencies and provides a mechanism for the payment of covered claims for insurance policies written by licensed property and casualty insurance companies to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of insurer insolvencies.
Miss. Code Ann.§ 83-23-101 et seq.
Mississippi Life & Health Insurance Guaranty Association - Commissioner Chaney approves the members of this board, which consists of not less than five nor more than nine members. The Association assists in the detection and prevention of insurer insolvencies and provides a mechanism for the payment of covered claims for insurance policies written by licensed life and health insurance companies to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of insurer insolvencies.
Miss. Code Ann. § 83-23-201 et seq.
Mississippi Tort Claims Board – Commissioner Chaney serves on this board, which provides coverage to governmental entities for every risk for which the board determines the respective governmental entities to be liable in the event of a claim or suit for injuries.
Miss. Code Ann.§ 11-46-18 et seq.
Mississippi Rural Risk Underwriting Association – Commissioner Chaney approves the plan of operation of this association, which is charged with providing essential property insurance coverage to eligible individuals who have been unable to secure such insurance through the voluntary market.
Miss. Code Ann. § 83-38-1 et seq.
Mississippi Windstorm Underwriting Association - Commissioner Chaney approves the plan of operation of this board and appoints three members to the board, which coordinates the availability of wind and hail coverage in the six Mississippi Coastal counties (Hancock, Harrison, Jackson, Pearl River, Stone, and George). Additionally, a designee of the Commissioner attends each meeting of the Association.
Miss. Code Ann.§ 83-34-1 et seq.
Mississippi Workers Compensation Assigned Risk Plan / Mississippi Workers Compensation Assigned Risk Pool – Commissioner Chaney is responsible for administration of the Mississippi Workers Compensation Assigned Risk Plan, and its reinsurance mechanism, the Mississippi Workers Compensation Assigned Risk Pool, as stipulated in Miss. Code Ann. § 71-3-111 et seq. The Plan and Pool are organized to provide coverage to eligible employers who seek workers compensation coverage and are unable to obtain such coverage through the voluntary market.
Rural Fire Truck Acquisition Assistance Review Committee – Commissioner Chaney chairs this committee, which is responsible for reviewing all applications for compliance in regard to established guidelines for applicants to the Rural Fire Truck Acquisition Assistance Program as outlined in Miss. Code Ann. § 17-23-1 et seq.
State Employees Health Insurance Board Advisory Council – Commissioner Chaney serves on this council, which is responsible for advising the State and School Employees Health Insurance Management Board concerning the design of a state insurance plan for state employees.
Miss. Code Ann.§ 25-15-9 et seq.
State Liquefied Compressed Gas Board – Commissioner Chaney oversees this board, which is vested with the power to regulate matters pertaining to liquefied compressed gas in Mississippi. Commissioner Chaney appoints seven members to this board, including one from each of Mississippi’s five congressional districts, as well as two at-large members
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Vicksburg resident Mike Chaney is Mississippi’s Commissioner of Insurance. Prior to his election in 2007, Commissioner Chaney served seven years in the Mississippi House of Representatives and eight years in the Mississippi Senate.
Since taking office in January, 2008, Commissioner Chaney has brought a style of openness and accessibility to the office, including opening a Mississippi Insurance Department office on the Gulf Coast. He has also spearheaded a wind mitigation program for the Mississippi Gulf Coast region to strengthen homes against hurricane-force winds and help homeowners realize discounts on their wind insurance premiums.
Also, in his continuing effort to expand the insurance market on the Gulf Coast and in the state as a whole, he has overseen the addition of 125 new companies to write insurance in the state.
He was recently selected by his peers at the National Association of Insurance Commissioners to chair the prestigious Property and Casualty “C” Committee. The NAIC is the organization of state insurance regulators for all 50 of the United States, Washington D.C., and five US territories.
The Property and Casualty Committee deals with insurance issues and regulations for catastrophe insurance, crop insurance, earthquakes, terrorism, title insurance, workers’ compensation, surplus lines and risk retention, among many other issues. The mission of the committee is to monitor and respond to regulatory issues associated with property and casualty insurance including their delivery and cost. The committee has four task forces that report to it and eight working groups to assist with deliberations.
Also among the accomplishments listed by the Mississippi Insurance Department under Chaney’s leadership is an on-going effort to modernize the way business is done in the department, digitizing voluminous paper files and reworking the department’s web site to be more consumer friendly. Regulations were also changed to allow for two-year licensing of agents in the state, saving the department money and making life easier for the agents.
Since January, 2008, the department has recovered a total of over $10 million for insurance consumers in the state. This money is recovered from companies for overcharging on premiums and additional payments for claims. In 2010 property and casualty collections were up over 452 percent. This money is refunded to policyholders.
Over $4 million of that money has been collected in the past year as upgrades to personnel and efficiency allowed the department to more diligently pursue refunds and additional claims payments for consumers.
Also, upon taking office, Commissioner Chaney oversaw the completion of an extensive market conduct study of State Farm concerning the company’s operations following Hurricane Katrina and has held the line against unwarranted rate hikes by companies.
In his initial three years Commissioner Chaney also oversaw a $1 million hurricane wind mitigation study now being hailed by experts across the country as one of the best ever produced that has led to a grant program for coast homeowners to strengthen their homes against hurricane winds. That grant has been awarded and full mitigation efforts are underway.
In his tenure as Insurance Commissioner and State Fire Marshall, Commissioner Chaney has focused on the number of fire deaths in the state and the Fire Marshal’s office has secured $1,496,273 in grants for the purchase of smoke alarms which are installed for free in citizens’ homes through local volunteer and municipal fire departments.
Commissioner Chaney has worked to stabilize the state’s Windpool, the insurer of last resort for some homeowners, lengthen the amount of time the department has in responding to rate filings, worked to secure insurance for volunteer firefighters and sought legislation to protect victims of domestic violence from discrimination by health insurance companies. He has also studied and reduced several major rate filings by companies.
During his time in the Mississippi Legislature he was named Legislator of the Year by the Mississippi Realtors, the Mississippi Homebuilders Association and the Mississippi School Superintendents. Commissioner Chaney has received numerous other awards for his legislative work in education, economic development and catastrophe recovery.
He is a businessman with a strong background in energy and agriculture and a strong advocate for consumers. He was a pioneer in worker’s compensation in Mississippi.
Commissioner Chaney has served on numerous community development entities, including serving as President of the Vicksburg/Warren County Chamber of Commerce and President of the Vicksburg/Warren County Economic Development Committee. He is also a Rotarian and Paul Harris Fellow. He is a past president of the Republican Elected Officials of Mississippi and serves on the state Republican Executive Committee.
He is a 1966 graduate of Mississippi State University with B.S. in Business and Finance and is a veteran of the United States Army, serving in Vietnam in 1968-69.
He is married to Mary Thurmond Chaney and they have three children and eight grandchildren.
Duties of the Insurance Commissioner
The Commissioner of Insurance is elected to a four-year term and may be re-elected. Miss. Code Ann. § 83-1-1 et seq. The Commissioner is charged with execution of all laws relative to insurance companies, corporations, associations and fraternal orders, their agents and adjusters. The Commissioner licenses and regulates the practices of all insurance companies, agents, burial associations, fraternal societies, bail bondsmen, and other entities engaged in the business of insurance. The Commissioner, as State Fire Marshal, acting through the State Chief Deputy Fire Marshal, investigates all fires called to his attention occurring in the state, licenses manufacturers, installers/transporters and dealers of mobile homes and regulates their practices. The Commissioner, through the State Fire Marshal Division, administers the Mississippi Fire Prevention Code. The Commissioner, through the Fire Service Development Division, establishes guidelines, use and accountability for municipal and county fire protection funds. The Commissioner administers the Liquefied Compressed Gas Equipment Law (Miss. Code Ann. § 75-57-1 et seq.) and enforces the National Fire Protection Association Code, Books 54 and 58. The Commissioner encourages and supports all employees to attain and maintain professional designations in their career fields.
The Mississippi Surplus Lines Association (MSLA) is a non-profit association created to provide a stamping procedure for all eligible non-admitted/surplus lines insurance policies sold on risks to ensure the proper payment of premium taxes to the State of Mississippi. This association, under the direction of the Commissioner, has no separate regulatory powers. MSLA enables the Department to ensure that proper taxes are paid to the State of Mississippi. As a result of this law, the State receives additional taxes that were not received in previous years. Miss. Code Ann. § 83-21-17 et seq.
In addition to his regular duties, Commissioner Chaney participates in the following:
Health Insurance Management Board – Commissioner Chaney serves on this board, which oversees the activities of the statewide Children’s Health Insurance Program, established under Title XXI of the Social Security Act to provide child health care assistance to targeted, uninsured, low-income children.
Miss. Code Ann.§ 41-86-1 et seq.
Mississippi Automobile Insurance Plan – Commissioner Chaney or his designee attends meetings of the Mississippi Automobile Insurance Plan, which was created to provide automobile insurance coverage to eligible individuals who are unable to obtain such coverage through the voluntary market.
Miss. Code Ann.§ 63-15-65 et seq.
Mississippi Comprehensive Health Insurance Risk Pool Association - Commissioner Chaney appoints four members to this nine-member board, which provides a mechanism to make health and accident insurance coverage available to those citizens of Mississippi who, because of health conditions, cannot secure such coverage.
Miss. Code Ann.§ 83-9-211 et seq.
Mississippi Fire Personnel Minimum Standards and Certification Board – Commissioner Chaney serves as an ex-officio member of this board, and appoints fifteen members to this seventeen-member board. The Director of the State Fire Academy also serves as an ex-officio member of the board.
Miss. Code Ann.§ 45-11-251 et seq.
Mississippi Fire Prevention Code Board of Adjustments and Appeals – Commissioner Chaney appoints all five members to this board per the Standard Fire Prevention Code as adopted by Miss. Code Ann. § 45-11-103 et seq.
Mississippi Insurance Guaranty Association (Property and Casualty) – Commissioner Chaney approves the members of this board, which consists of not less than five nor more than nine members. The Association assists in the detection and prevention of insurer insolvencies and provides a mechanism for the payment of covered claims for insurance policies written by licensed property and casualty insurance companies to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of insurer insolvencies.
Miss. Code Ann.§ 83-23-101 et seq.
Mississippi Life & Health Insurance Guaranty Association - Commissioner Chaney approves the members of this board, which consists of not less than five nor more than nine members. The Association assists in the detection and prevention of insurer insolvencies and provides a mechanism for the payment of covered claims for insurance policies written by licensed life and health insurance companies to avoid excessive delay in payment and to avoid financial loss to claimants or policyholders because of insurer insolvencies.
Miss. Code Ann. § 83-23-201 et seq.
Mississippi Tort Claims Board – Commissioner Chaney serves on this board, which provides coverage to governmental entities for every risk for which the board determines the respective governmental entities to be liable in the event of a claim or suit for injuries.
Miss. Code Ann.§ 11-46-18 et seq.
Mississippi Rural Risk Underwriting Association – Commissioner Chaney approves the plan of operation of this association, which is charged with providing essential property insurance coverage to eligible individuals who have been unable to secure such insurance through the voluntary market.
Miss. Code Ann. § 83-38-1 et seq.
Mississippi Windstorm Underwriting Association - Commissioner Chaney approves the plan of operation of this board and appoints three members to the board, which coordinates the availability of wind and hail coverage in the six Mississippi Coastal counties (Hancock, Harrison, Jackson, Pearl River, Stone, and George). Additionally, a designee of the Commissioner attends each meeting of the Association.
Miss. Code Ann.§ 83-34-1 et seq.
Mississippi Workers Compensation Assigned Risk Plan / Mississippi Workers Compensation Assigned Risk Pool – Commissioner Chaney is responsible for administration of the Mississippi Workers Compensation Assigned Risk Plan, and its reinsurance mechanism, the Mississippi Workers Compensation Assigned Risk Pool, as stipulated in Miss. Code Ann. § 71-3-111 et seq. The Plan and Pool are organized to provide coverage to eligible employers who seek workers compensation coverage and are unable to obtain such coverage through the voluntary market.
Rural Fire Truck Acquisition Assistance Review Committee – Commissioner Chaney chairs this committee, which is responsible for reviewing all applications for compliance in regard to established guidelines for applicants to the Rural Fire Truck Acquisition Assistance Program as outlined in Miss. Code Ann. § 17-23-1 et seq.
State Employees Health Insurance Board Advisory Council – Commissioner Chaney serves on this council, which is responsible for advising the State and School Employees Health Insurance Management Board concerning the design of a state insurance plan for state employees.
Miss. Code Ann.§ 25-15-9 et seq.
State Liquefied Compressed Gas Board – Commissioner Chaney oversees this board, which is vested with the power to regulate matters pertaining to liquefied compressed gas in Mississippi. Commissioner Chaney appoints seven members to this board, including one from each of Mississippi’s five congressional districts, as well as two at-large members
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