Republican Chaney Elected Miss. Commissioner

Newly elected Mississippi Insurance Commissioner Mike Chaney says he will work to reduce insurance rates but realizes that it can only be accomplished by employing the right combination of factors.

“Competition and strict regulation are the keys to consumer friendly premiums,” Chaney says. “If more insurance options are available — along with proper regulation — the cost of insurance will go down.”

The Republican state senator, who defeated Democrat Gary Anderson on Nov. 6 to succeed George Dale, said enforcement of a building code is crucial. Chaney authored a building code that was deployed in Mississippi’s six southernmost counties for 90 days following the destruction wrought by Hurricane Katrina in 2005. The code is being voluntarily enforced by three coastal counties.

Chaney said he plans to open an office on the Gulf Coast for the purpose of settling leftover Katrina claims.

Chaney is in favor of an actuarially-sound federal catastrophe safety net. “With 50 percent of the population living within 50 miles of a coast, some sort of federal program is paramount,” he said.

Chaney believes it is important for his office to provide predictability in the market. If the industry knows what to expect, policyholders will benefit in the long run, he said.

Chaney wants to get rid of vague or misleading policy language. “We need to make the insurance companies write a policy that can be understood in simple unambiguous language,” he said.

Chaney said he has scheduled a meeting with Dale to discuss transition details.