Vehicle value protection agreements; define and provide regulatory framework for.

HB 1168 defines vehicle value protection agreements (VVPA) as non-insurance contracts, distinct from traditional insurance products. The bill prohibits dealers from conditioning vehicle sales or financing on purchasing a VVPA, requires clear disclosures about terms and a 30-day free look period for cancellation, and mandates that providers meet financial responsibility standards (such as maintaining reserves or having $100 million net worth). It grants the Mississippi Insurance Commissioner authority to enforce compliance and impose civil penalties up to $10,000 per violation. The law applies to agreements issued on or after July 1, 2026, and updates existing regulatory frameworks for similar products.