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MS Code § 83-54-1 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 54 - Mississippi Creditor-Placed Insurance Act|§ 83-54-1. Purpose of chapter

 The purposes of this chapter are to:   Promote the public welfare by regulating creditor-placed insurance;   Create a legal framework within which creditor-placed insurance may be written in this state;   Help maintain the separation between creditors and insurers; and   Minimize the possibilities of unfair competitive practices in the sale of creditor-placed insurance.
MS Code § 83-54-3 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 54 - Mississippi Creditor-Placed Insurance Act|§ 83-54-3. Application and construction of chapter

  This chapter applies to an insurer or producer transacting creditor-placed insurance as defined in this chapter.   All creditor-placed insurance written in connection with credit transactions for personal, family or household purposes is subject to the provisions of this chapter, except:   Transactions involving extensions of credit primarily for business or commercial purposes;   Insurance on collateralized real property; provided, however, that creditor-placed insurance written for mobile homes or manufactured housing shall be subject to the provisions of this chapter;   Insurance offered by the creditor and elected by the debtor at the debtor's option;   Insurance for which no specific charge is made to the debtor or the debtor's account; or   Blanket insurance, whether paid for by the debtor or the creditor.     Nothing in this chapter shall be construed to create or imply a private cause of action for violation of this chapter, and the commissioner shall have authority to bring administrative or judicial proceedings to enforce this chapter.
MS Code § 83-54-7 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 54 - Mississippi Creditor-Placed Insurance Act|§ 83-54-7. Effective date and termination date of coverage

  Creditor-placed insurance shall become effective on the latest of the following dates:   The date of the credit transaction;   The date prior coverage, including prior creditor-placed insurance coverage lapsed;   One (1) year before the date on which the related insurance charge is made to the debtor's account; or   A later date provided for in the agreement between the creditor and insurer.     Creditor-placed insurance shall terminate on the earliest of the following dates:   The date other acceptable insurance becomes effective, subject to the debtor providing acceptable evidence of the other insurance to the creditor;   The date the collateralized personal property is repossessed, unless the property is returned to the debtor within ten (10) days of the repossession. The creditor-placed insurance may be kept in force, but the lender must pay the premium that is earned after repossession;   The date the collateralized personal property is determined by the insurer to be a total loss;   The date the debt is completely extinguished; or   An earlier date specified in the individual policy or certificate of insurance.     An insurance charge shall not be made to a debtor for a term longer than the scheduled term of the creditor-placed insurance when it becomes effective, nor may an insurance charge be made to the debtor for creditor-placed insurance before the effective date of the insurance.   If a charge is made to a debtor for creditor-placed insurance coverage that exceeds a term of one (1) year, the debtor shall be notified at least annually that the insurance will be canceled and a refund or credit of unearned charges made if evidence of acceptable insurance secured by the debtor is provided.
MS Code § 83-54-9 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 54 - Mississippi Creditor-Placed Insurance Act|§ 83-54-9. Insurance premiums

  Premiums for creditor-placed insurance coverage may be calculated based on:   An amount not exceeding the net debt even though the coverage may limit the insurer's liability to the net debt, actual cash value or cost of repair; or   Other premium calculation methods that more closely reflect the exposure of each item insured and approximate the premium calculation method of the coverage required by the credit agreement.     An insurer shall not write creditor-placed insurance for which the premium rate differs from that determined by the schedules of the insurer on file and approved by the commissioner. The premium or amount charged to the debtor for creditor-placed insurance shall not exceed the premiums charged by the insurer, computed at the time the charge to the debtor is determined.   A method of billing insurance charges to the debtor on closed-end credit transactions that creates a balloon payment at the end of the credit transaction or extends the credit transaction's maturity date is prohibited, unless specifically disclosed at the time of the origination of the credit agreement.
MS Code § 83-54-11 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 54 - Mississippi Creditor-Placed Insurance Act|§ 83-54-11. Exclusions from coverage

  Creditor-placed insurance coverage shall not include:   Coverage for the cost of repossession;   Skip, confiscation and conversion coverage;   Coverage for payment of mechanics' or other liens that do not arise from a covered loss occurrence;   Coverage that requires a debtor's insurance deductible to be less than Two Hundred Dollars ($200.00); or   Coverage that is broader than the insurance coverages that meet the minimum insurance requirements of the credit agreement.     Nothing in this section shall be deemed to prohibit the issuance of a separate policy or endorsement providing the coverages listed in subsection (1) of this section. However, no charge shall be passed along to the debtor for the coverages.
MS Code § 83-54-13 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 54 - Mississippi Creditor-Placed Insurance Act|§ 83-54-13. Evidence of insurance coverage

 Creditor-placed insurance shall be set forth in an individual policy or certificate of insurance. A copy of the individual policy, certificate of insurance coverage or other evidence of insurance coverage shall be mailed, first-class mail, or delivered in person to the last known address of the debtor.
MS Code § 83-54-17 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 54 - Mississippi Creditor-Placed Insurance Act|§ 83-54-17. Insurer to refund unearned premiums within 60 days after termination of coverage; statement of refund provided to debtor

  Within sixty (60) calendar days after the termination of creditor-placed insurance coverage, and in accordance with the formulas approved by the commissioner, an insurer shall refund any unearned premium or other identifiable charges.   Within sixty (60) calendar days after the termination date of creditor-placed insurance coverage, the insurer or creditor shall provide to the debtor a statement of refund disclosing the effective date, the termination date, the amount of premium being refunded and the amount of premium charged for the coverage provided. No statement shall be required in the event that the policy terminates pursuant to Section 83-54-7(2)(d).   The entire amount of premiums, minimum premiums, fees or charges of any kind shall be refunded if no coverage was provided.
MS Code § 83-54-19 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 54 - Mississippi Creditor-Placed Insurance Act|§ 83-54-19. Payment by insurer in the event of loss

  In the event of a loss under the creditor-placed insurance policy, the insurer shall pay, at a minimum, the least of the following, the value of which shall be determined as of the date of loss and shall be reduced by any payments to the creditor or debtor recovered from a third party:   The cost to repair the collateral, less any applicable deductible;   The actual cash value of the collateral, less any applicable deductible;   The net debt, less any applicable deductible; or   If single interest insurance is provided, the amount by which the creditor's interest is impaired.     The net debt or actual cash value amounts in subsection (1) may be reduced by the value of salvage if the insurer does not take possession of the insured property. This does not preclude the borrower's right to retain possession of the damaged collateral, if desired.   In the event of a loss, no subrogation shall run against the debtor from the insurer.   Whenever a claim is made on a creditor-placed insurance policy, the insurer shall furnish to the creditor a written statement of the loss explaining the settlement amount and the method of settlement, and the creditor shall furnish this information to the debtor.   A creditor or insurer may not abandon salvage to a towing or storage facility in lieu of payment of storage fees without the consent of the facility and the claimant. The insurer shall be responsible for the payment of towing and storage charges for a covered loss occurrence from the time the claim is reported to the insurer in accordance with the terms of the policy to the time the claim is paid. After the claim is paid, the debtor shall be responsible for the payment of any towing or storage charges.
MS Code § 83-54-21 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 54 - Mississippi Creditor-Placed Insurance Act|§ 83-54-21. Prerequisites for creditor to insure collateral; right of debtor to insure collateral

  In order for the creditor to place insurance on the collateral pledged by the debtor and pass the cost of the insurance on to the debtor:   The creditor must have a security interest in the personal property;   The credit agreement must require the debtor to maintain insurance on the collateral to protect the creditor's interest;   The credit agreement must authorize the creditor to place the insurance if the debtor fails to provide evidence of the insurance; and   The information set forth in paragraphs (a) through (c) of this subsection (1) must be clearly disclosed to the debtor at the inception of the credit transaction.     The debtor shall always have the right to provide required insurance through existing policies of insurance owned or controlled by the debtor or of procuring and furnishing the required coverage through an insurer authorized to transact insurance within this state. However, a creditor may establish maximum acceptable deductibles, insurer solidity standards and other reasonable conditions with respect to the required insurance.
MS Code § 83-54-23 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 54 - Mississippi Creditor-Placed Insurance Act|§ 83-54-23. Entire amount of premium due shall be remitted to insurer in accordance with insurer's requirements; creditor prohibited from retaining unearned premiums upon cancellation without crediting debtor's account; rebates to creditor prohibited

  The entire amount of the premium due from a creditor shall be remitted to the insurer or its producer in accordance with the insurer's requirements. No commissions may be paid to, or retained by, a person or entity except a licensed and appointed insurance producer.   The retention by the creditor of unearned premiums upon cancellation of the insurance without crediting to the debtor's account the amount of unearned insurance charges is prohibited.   Rebates to the creditor of a portion of the premium charged to the debtor are prohibited as are other inducements provided to the creditor by an insurer or producer. The listing of the following activities as prohibited rebates or inducements is not intended to be restrictive, and the commissioner may identify an activity as prohibited by rule, regulation or order:   Allowing insurers or producers to purchase certificates of deposit from the creditor or to maintain accounts with the creditor at less than the market interest rates and charges that the creditor applies to other customers for deposit accounts of similar amounts and duration; and   Paying a commission to a person, including a creditor, who is not appropriately licensed as a producer in this state.     Prohibited rebates or inducements do not include:   The providing of insurance tracking and other services incidental to the creditor-placed insurance program;   The paying of commissions and other compensation to a duly licensed and appointed insurance producer, whether or not affiliated with the creditor;   The paying to the creditor policyholder of group experience rated refunds or policy dividends; and   The paying to the creditor of amounts intended to reimburse the creditor for its expenses incurred incidental to the creditor-placed insurance program (such as costs of data processing, mail processing, telephone service, insurance tracking, billing, collections and related activities); provided that these payments are calculated in a manner that does not exceed an amount reasonably estimated to equal the expenses incurred by the creditor.     Nothing contained in this section shall prohibit or restrict an insurer or producer from maintaining a demand, premium deposit or other account or accounts with a creditor for which the insurer or agent provides insurance if the accounts pay the market interest rate and charges that the creditor applies to other customers for deposit accounts of similar amounts and duration.
MS Code § 83-54-29 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 54 - Mississippi Creditor-Placed Insurance Act|§ 83-54-29. Rules and regulations

 The commissioner is authorized after notice and hearing to promulgate rules and regulations to effectuate the purposes of this chapter. The commissioner may require such information as is reasonably necessary for the enforcement of this chapter. All rules and regulations adopted and promulgated pursuant to this chapter shall be subject to the Mississippi Administrative Procedures Law, Section 25-43-1 et seq.
MS Code § 83-54-31 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 54 - Mississippi Creditor-Placed Insurance Act|§ 83-54-31. Severability

 If any provision of this chapter or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of the chapter which can be given effect without the invalid provision or application, and to that end the provisions of this chapter are declared to be severable.
MS Code § 83-55-1 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 55 - Risk Retention Act|§ 83-55-1. Purpose

 The purpose of this chapter is to regulate the formation and/or operation of risk retention groups and purchasing groups in this state formed pursuant to the provisions of the federal Liability Risk Retention Act of 1986 ("RRA 1986"), to the extent permitted by such law.
MS Code § 83-55-5 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 55 - Risk Retention Act|§ 83-55-5. Chartering of risk retention groups; submission of plan of operation; revisions of plan; information required

  A risk retention group shall, pursuant to the provisions of the laws of this state be chartered and licensed to write only liability insurance pursuant to this chapter and, except as provided elsewhere in this chapter, must comply with all of the laws, rules, regulations and requirements applicable to such insurers chartered and licensed in this state and with Section 83-55-7 to the extent such requirements are not a limitation on laws, rules, regulations or requirements of this state.   Before it may offer insurance in any state, each risk retention group shall also submit for approval to the Insurance Commissioner of this state a plan of operation or feasibility study. The risk retention group shall submit an appropriate revision in the event of any subsequent material change in any item of the plan of operation or feasibility study, within ten (10) days of any such change. The group shall not offer any additional kinds of liability insurance, in this state or in any other state, until a revision of such plan or study is approved by the Commissioner.   At the time of filing its application for charter, the risk retention group shall provide to the Commissioner in summary form the following information: The identity of the initial members of the group, the identity of those individuals who organized the group or who will provide administrative services or otherwise influence or control the activities of the group, the amount and nature of initial capitalization, the coverages to be afforded and the states in which the group intends to operate. Upon receipt of this information, the Commissioner shall forward such information to the National Association of Insurance Commissioners (NAIC). Providing notification to the National Association of Insurance Commissioners is in addition to and shall not be sufficient to satisfy the requirements of Section 83-55-7 or any other sections of this chapter.
MS Code § 83-55-9 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 55 - Risk Retention Act|§ 83-55-9. Risk retention groups not to participate in insolvency guaranty funds; no benefits to be received from funds

  No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund or similar mechanism, in this state, nor shall any risk retention group, or its insureds or claimants against its insureds, receive any benefit from any such fund for claims arising under the insurance policies issued by such risk retention group.   When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this state or a risk retention group, no such risks, wherever resident or located, shall be covered by any insurance guaranty fund or similar mechanism in this state.   When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state shall be covered by any state guaranty fund.
MS Code § 83-55-11 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 55 - Risk Retention Act|§ 83-55-11. Policy not required to be countersigned

 A policy of insurance issued to a risk retention group or any member of that group shall not be required to be countersigned.
MS Code § 83-55-13 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 55 - Risk Retention Act|§ 83-55-13. Purchasing group and insurer subject to all applicable state laws; exceptions

 A purchasing group and its insurer or insurers shall be subject to all applicable laws of this state, except that a purchasing group and its insurer or insurers shall be exempt, in regard to liability insurance for the purchasing group, from any law that would:   Prohibit the establishment of a purchasing group;   Make it unlawful for an insurer to provide or offer to provide insurance on a basis providing, to a purchasing group or its members, advantages based on their loss and expense experience not afforded to other persons with respect to rates, policy forms, coverages or other matters;   Prohibit a purchasing group or its members from purchasing insurance on a group basis described in paragraph (b) of this section;   Prohibit a purchasing group from obtaining insurance on a group basis because the group has not been in existence for a minimum period of time or because any member has not belonged to the group for a minimum period of time;   Require that a purchasing group must have a minimum number of members, common ownership or affiliation or certain legal form;   Require that a certain percentage of a purchasing group must obtain insurance on a group basis;   Otherwise discriminate against a purchasing group or any of its members; or   Require that any insurance policy issued to a purchasing group or any of its members be countersigned by an insurance agent or broker residing in this state.
MS Code § 83-55-15 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 55 - Risk Retention Act|§ 83-55-15. Purchasing group; notice of intent to do business; commissioner as agent for service; additional information required; preexisting groups

  A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the Commissioner which shall:   Identify the state in which the group is domiciled;   Identify all other states in which the group intends to do business;   Specify the lines and classifications of liability insurance which the purchasing group intends to purchase;   Identify the insurance company or companies from which the group intends to purchase its insurance and the domicile of such company;   Specify the method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this state;   Identify the principal place of business of the group; and   Provide such other information as may be required by the Commissioner to verify that the purchasing group is qualified under Section 83-55-3(j).     A purchasing group shall, within ten (10) days, notify the Commissioner of any changes in any of the items set forth in subsection (1) of this section.   The purchasing group shall register with and designate the Commissioner (or other appropriate authority) as its agent solely for the purpose of receiving service of legal documents or process, for which a filing fee shall be determined by the Commissioner, except that such requirements shall not apply in the case of a purchasing group which only purchases insurance that was authorized under the Federal Products Liability Risk Retention Act of 1981, and   Which in any state of the United States:   Was domiciled before April 1, 1986; and   Is domiciled on and after October 27, 1986;     Which:   Before October 27, 1986, purchased insurance from an insurance carrier licensed in any state; and   Since October 27, 1986, purchased its insurance from an insurance carrier licensed in any state; or     Which was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986.     Each purchasing group that is required to give notice pursuant to subsection (1) of this section shall also furnish such information as may be required by the Commissioner to:   Verify that the entity qualifies as a purchasing group;   Determine where the purchasing group is located; and   Determine appropriate tax treatment.     Any purchasing group which was doing business in this state prior to July 1, 1988, shall, within thirty (30) days after July 1, 1988, furnish notice to the Commissioner pursuant to the provisions of subsection (1) of this section and furnish such information as may be required pursuant to subsections (2) and (3) of this section.
MS Code § 83-55-16 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 55 - Risk Retention Act|§ 83-55-16. Payment of annual fee to continue to do business in state; penalties for failure to pay fee; filing of annual reports

  Each risk retention group or risk purchasing group which wishes to do or continue to do business in this state shall annually register on or before March 1 of each year. Should a risk retention group or risk purchasing group fail to timely register, the commissioner shall immediately revoke without notice or hearing any registration held by the entity.   Each risk retention group or risk purchasing group operating in the State of Mississippi shall file with the Mississippi Department of Insurance on or before March 1 of each year a listing of the premiums written on risks in Mississippi.