Chaney Announces Reelection Campaign
Mississippi Insurance Commissioner Mike Chaney has
announced his intention to seek a second term as the state’s top insurance
“I’m excited and proud of the opportunity to run for re-election and to offer my
accomplishments and the accomplishments of the department for the citizens of
Mississippi to review,” Chaney said. “It has been a challenging, but rewarding,
term and I believe we have solid, progressive results to show for them.
“We have faced many challenges and obstacles over these past three years and I
believe we have been successful in meeting those challenges in order to help our
state go forward in a sound and responsible direction for many years to come.”
Chaney points to a solid record of achievement as he seeks a second term as
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 $9,337,004.80 for
insurance consumers in the state. This money is recovered from companies for
overcharging on premiums and additional payments for claims. This money is
refunded to policyholders.
Chaney noted that 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.
In 2010 property and casualty collections were up over 452 percent. It is important
to note, Chaney added, that this money does not go to the state or the department,
but flows directly to the policyholders.
Also, upon taking office, Commissioner Chaney oversaw the completion ofan 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 program has advanced to the pilot program phase and full mitigation efforts
will be beginning in 2011.
Also, in his continuing effort to expand the insurance market on the Gulf Coast and
in the state as a whole, Chaney noted the 125 new companies have begun doing
business in the state since he became commissioner.
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
One of his first moves after being sworn in as commissioner was to open an
office of MID on the Mississippi Gulf Coast to better serve consumers there. The
commissioner also hosted a two-day Coastal Insurance Forum with experts from
around the nation coming together to provide useful insurance information to
residents and find solutions to coastal insurance problems.
Also, since January, 2008, Commissioner Chaney has overseen the transfer
of $99.9 million to the state’s Wind Pool to stabilize rates for Gulf Coast
The Mississippi Insurance department, under Chaney’s leadership, has also taken
a lead role and invested hundreds of manhours trying to meet the challenges of
federal health care reform. “As regulators, we face a tremendous challenge with
health care reform,” Chaney said. “We have been very active in trying to shape
reform in a way that is beneficial to our state’s citizens.”
Other legislative efforts MID has been successful with under Chaney’s guidanceinclude leading the effort to provide low-cost disability insurance to the state’s
over-13,000 volunteer firemen if they are injured on the way to or from a fire or
while fighting the fire.
MID under Chaney’s leadership led the effort to ban novelty cigarette lighters to
protect children from accidental fires and to maintain data on all burn injuries in an
effort to lower fire deaths in the state.
“Since I took office I have made my top priority efforts to ensure that our state’s
residents have access to available, affordable and accountable insurance,” Chaney
said. “Right now availability is not a problem in our state but affordability
continues to be an issue.
“There must be stability and predictability in the marketplace to have a healthy
industry and to protect policyholders. I am asking voters for the opportunity to
continue the vital work begun in my first term. Insurance is vital to our economy
for job creation, job stability and growth.
Mike Chaney Press Release