Mississippi Code Title 79. Corporations, Associations and Partnerships § 79-11-759

(1) Unless the governing documents of the homeowners association require greater coverage amounts, the homeowners association shall maintain fidelity bond or comparable insurance coverage for its directors, officers, and employees in an amount that is equal to or more than the combined amount of the reserves of the association and total assessments for the highest balance during the previous year. The association's coverage shall also include computer fraud and funds transfer fraud, which is not required to include cyber coverage. If the association uses a managing agent, the association's fidelity bond or comparable insurance coverage must additionally include dishonest acts by that person or entity and its employees.

(2) Notwithstanding the provisions of subsection (1) of this section, if a majority of the board of a homeowners association at a regular or special meeting of the association vote not to maintain fidelity bond coverage for its directors, officers, or employees, the provisions of subsection (1) shall not apply to the association.