Insurance Commissioner Mike Chaney

“As Insurance Commissioner, protecting consumers in the state of Mississippi is my number one priority,” says Chaney.

Mississippi Insurance Commissioner Mike Chaney is raising awareness of what President Joe Biden’s “Build Better” tax proposals that are making their way to Congress could mean for landowners in Magnolia State.

Chaney joined Y’all Politics on Thursday to explain how much the Democrats’ tax proposal will cost Mississippi’s nearly 500,000 landowners. The Biden plan will drive up insurance prices, financially hurting consumers of all income levels, not just those earning more than $ 400,000 a year, as the president has promised.

Average Mississippi family property insurance premiums could rise to as high as $ 230 due to the provision that would raise the price of international reinsurance, the financial safety net that keeps the U.S. insurance market functioning .

Commissioner Chaney said many large reinsurers are based in Bermuda, where low taxes limit spending, allowing reinsurers to be competitive in their rates. Their influence on the amortization of costs is passed on to the international market for the benefit of American insurance buyers. However, the provisions of the international tax proposals being discussed as part of the “reconciliation bill” to adopt President Biden’s plan would support the implementation of a global minimum tax rate of between 15 and 28. %, which would increase the price of reinsurance abroad. A reinsurer in Bermuda forced to pay more tax would respond by raising prices to aim for the same return as before the new tax came into effect. In Mississippi alone, property insurance costs would increase between $ 100 million and $ 160 million per year. Commissioner Chaney says it’s an additional $ 130 to $ 230 in costs for every Mississippi family, regardless of their income level.

Commissioner Chaney encourages Mississippians to contact their federal delegation, especially Democratic Congressman Bennie Thompson, an ally of President Nancy Pelosi and President Biden.

You can watch Commissioner Chaney’s full interview below.

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