reglab/housing_qa huggingface dataset:
MS Code § 83-53-5 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-5. Permissible forms of insurance

 Credit life insurance and credit disability insurance shall be issued only in the following forms:   Individual policies of life insurance issued to debtors on the term plan;   Individual policies of disability insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance;   Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; and   Group policies of disability insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage.
MS Code § 83-53-7 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-7. Limitations on amount of insurance

  The initial amount of credit life insurance shall not exceed the total amount repayable under the contract of indebtedness. In the case of revolving loan or revolving charge accounts, the insurance shall not at any time exceed the unpaid indebtedness.  Notwithstanding the provisions of the above paragraph, the amount of insurance on agricultural loan commitments may be equal to the amount of the loan commitment.    The total amount of periodic indemnity payable by credit disability insurance, in the event of disability as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of indebtedness, and the amount of each periodic indemnity shall not exceed the total amount repayable divided by the number of periodic installments.
MS Code § 83-53-9 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-9. Term of insurance

 The term of any credit life insurance or credit disability insurance shall commence on the date when the debtor becomes obligated to the creditor, or the date the debtor applies for such insurance, whichever is later, except that where a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to such indebtedness shall commence on the effective date of the policy. Where evidence of insurability is required and such evidence is furnished more than ninety (90) days after the date when the debtor becomes obligated to the creditor, the term of the insurance may commence on the date on which the insurance company determines the debtor to be insurable, and in such event there shall be an approximate refund or adjustment on any charge to the debtor for insurance. The term of such insurance shall not extend more than thirty (30) days beyond the scheduled maturity date of the indebtedness, except when extended without additional cost to the debtor.
MS Code § 83-53-11 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-11. Reinsurance and retrocession agreements

 An insurer licensed in the State of Mississippi may not enter into any reinsurance agreement or retrocession agreement, with another insurance company after May 1, 1986, whereby credit life or credit accident and health insurance on risks located within this state, would be ceded to an insurer which is not licensed to engage in the writing of such lines of insurance within the State of Mississippi, or which does not meet the statutory financial and other requirements for admission and licensing in this state. An insurer shall not enter into any such reinsurance or retrocession agreement with another insurance company which would by the terms and provisions thereof serve to, either directly or indirectly, circumvent this chapter or any other law of the State of Mississippi, or any regulation issued thereunder. The commissioner shall have the right to inspect, review and approve any reinsurance or retrocession agreement between insurance companies affecting any risks or insureds located in the State of Mississippi pertaining to credit life or credit disability insurance. Provided, however, any reinsurance or retrocession agreements between insurance companies in effect prior to May 1, 1986, shall be allowed to continue, but this chapter shall apply to any renewal, extension, endorsement or similar amendment of any such reinsurance or retrocession agreement.
MS Code § 83-53-13 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-13. Requirement of individual policy or certificate of insurance; contents

  All credit life insurance and credit disability insurance subject to this chapter shall be evidenced by an individual policy or, in the case of group insurance, by a certificate of insurance, which individual policy or group certificate of insurance shall be delivered to the debtor.   Each individual policy or group certificate of credit life insurance or credit disability insurance or any combination thereof or both shall, in addition to other requirements of law, set forth the name of the insurer, the name or names of the debtor, the premium or amount of payment by the debtor separately for credit life insurance and credit disability insurance, a description of the coverage, including the amount and term thereof, and any exceptions, limitations and restrictions, and shall state that the benefits shall be paid to the creditor to reduce or extinguish the unpaid indebtedness and, whenever the amount of insurance may exceed the unpaid indebtedness, that any excess shall be payable to a beneficiary, other than the creditor, named by the debtor, or his estate.   Notwithstanding the provisions of subsection (2) of this section, a certificate issued where the indebtedness is a revolving loan or revolving charge account, may set forth the rate of premium or amount of payment.
MS Code § 83-53-15 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-15. Requirement of commissioner's approval with respect to insurance matters; judicial review

 All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders delivered or issued for delivery in this state, and the schedules of premium rates pertaining thereto, shall be filed with the commissioner for his approval prior to use.   If after filing, the commissioner notifies the insurer that the form is disapproved, it is unlawful for the insurer to issue or use the form. In the notice the commissioner shall specify the reason for his disapproval and state that a hearing will be granted within thirty (30) days after receipt of request in writing by the insurer. No such policy, certificate of insurance, notice of proposed insurance, nor any application, endorsement or rider shall be issued or used unless and until the commissioner shall give his prior written approval thereto.   Any insurer or other party affected by any order or final determination of the commissioner under the provisions of this section may obtain judicial review thereof by filing in the Circuit Court of Hinds County within thirty (30) days from the date thereof a written petition or complaint praying that said order or final determination be modified or reversed. A copy of such petition or complaint shall be forthwith served upon the commissioner, and the commissioner shall file a transcript of the entire record of the proceedings with said court, which shall then have jurisdiction of the proceedings and questions determined therein. Said court shall have the power to make or enter a judgment modifying, affirming or reversing the order or final determination of the commissioner in whole or in part.   A premium rate or schedule of premium rates shall be deemed reasonable for all purposes under this chapter and shall be deemed approved by the commissioner upon filing with the commissioner as required by this section if the premium rate or schedule of premium rates meets the requirements for being considered reasonable under Section 83-53-23. However, a different premium rate or schedule of premium rates shall be deemed reasonable upon the filing thereof with the commissioner as required by this section if it produces, or reasonably may be expected to result in claims incurred in excess of fifty percent (50%) of earned premiums.
MS Code § 83-53-17 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-17. Premium rates; refunds; remission of premiums by agent; rules relative to insurer's certification of compliance with chapter

  Any insurer with the prior approval of the commissioner may revise its schedules of premium rates from time to time and shall file the revised schedules with the commissioner. No insurer shall issue any credit life insurance policy or credit disability insurance policy for which the premium rate exceeds that determined by the schedules of the insurer as previously approved by the commissioner.   Each individual policy or group certificate shall provide that in the event of termination of the insurance prior to the scheduled maturity date of the indebtedness, any refund of an amount paid by the debtor for insurance shall be paid or credited promptly by the insurer to the person entitled thereto; provided, however, that no refund of less than Two Dollars ($2.00) need be made. The formula to be used in computing the premium refund shall be the "sum of the digits" formula with respect to decreasing term credit life insurance and credit disability insurance, and the "pro rata" formula with respect to level term credit life insurance. Upon the payment of a death benefit under the credit life insurance coverage, the entire premium shall be considered earned and no refund shall be due. The insurer shall pay or cause to be paid to the debtor any refund due pursuant to this subsection within thirty (30) days of the accrual of such refund.   The amount required of a debtor for any credit life or credit disability insurance shall not exceed the premium rate allowed to the insurer computed at the time the cost to the debtor is determined. All premiums payable to the insurer less any compensation to the agent or supervising general agent shall be remitted by the agent or supervising general agent to the insurer within sixty (60) days of collection.   The commissioner may promulgate rules whereby an insurer may certify that the policy forms and other documents required to be approved by the commissioner prior to use are in compliance with this chapter.
MS Code § 83-53-19 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-19. Reporting and settlement of claims; maintenance of claim files

 All claims shall be promptly reported by the debtor, his agent or estate to the insurer or its designated claims representative, who shall maintain adequate claim files. All claims shall be settled in accordance with the terms of the insurance contract by the insurer who shall be the sole party liable to the debtor for the payment of claims or refunds.
MS Code § 83-53-21 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-21. Freedom of debtor to procure insurance from any authorized company

 When credit life insurance or credit disability insurance is required as additional security for any indebtedness, the debtor shall be free to procure the required insurance from any insurance company authorized to transact credit life insurance or credit disability insurance business in this state.
MS Code § 83-53-25 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-25. Limitation upon compensation in connection with insurance contract

  No one shall pay, accrue, credit or otherwise allow, either directly or indirectly, any compensation to any creditor, person, partnership, corporation, association or other entity in connection with any policy, certificate or other contract of credit life insurance or credit disability insurance which exceeds forty-five percent (45%) of the premium rates approved for such policy, certificate or contract.   "Compensation," as used herein, shall include, but not be limited to, all of the following:   Commission, fees and expense allowances;   The fair market value of all equipment, calculators, goods and services;   The fair market value of benefits such as travel, vacations or other rewards of any kind; and   All other accruals, payments and other compensation or expenditures in any form whatsoever.     "Compensation" shall not include:   Bona fide corporate dividends paid or accrued by an insurance company to a stockholder;   Bona fide compensation paid to or reimbursement of expenses incurred by a director, officer or employee of an insurance company for the performance of the corporate duties of any such director, officer or employee;   Experience refunds paid, allocated or accrued by an insurer pursuant to a written experience refund agreement which are paid only with respect to earned premiums produced by or attributable to the creditor or licensed agent designated to receive such experience refund; provided, however, that:   All such experience refund agreements shall be on a form approved in writing by the commissioner;   All such experience refunds shall be calculated using only accounting methods approved by the commissioner;   All such experience refund calculations shall be made in accordance with the requirements of a form prescribed by the commissioner which form shall provide, among other things, for the deduction of claims incurred, premium taxes earned, compensation paid or earned and expenses incurred during the preceding calendar year, all of which shall be determined in a manner acceptable to the commissioner; and   All such experience refunds shall be paid annually within thirty (30) days following the filing of the insurer's annual statement with the Department of Insurance;     Corporate allocations or dividends paid, allocated or accrued by an insurer or insurance holding company from any part of the assets, income, earnings, profits or losses of any corporation, insurer or other legal entity with respect to any class or series of stock, or other equity interest, in the insurer or insurance holding company, including payments for the redemption or purchase by the issuer of such shares or other equity interest.     The commissioner is hereby vested with full authority as provided by Section 83-53-29 to regulate, reduce and/or adjust experience refunds or corporate allocations in accordance with the provisions of paragraphs (c) and (d) of subsection (3) of this section.
MS Code § 83-53-27 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-27. Additional compensation payable to credit life/credit disability supervising general agent; functions and duties of supervising general agents

  Notwithstanding any provision in Section 83-53-25 to the contrary, an insurer may pay, in addition to the compensation authorized by Section 83-53-25, an overriding commission to a credit life/credit disability supervising general agent. A supervising general agent shall be responsible for and supervise soliciting agents and no soliciting agent under the supervision of the supervising general agent may be either directly or indirectly an employee of a supervising general agent. Furthermore, no supervising general agent shall have any monetary interest in the creditor with whom the soliciting agent is affiliated for the writing of such insurance in any way or exercise any control over such business operation either directly or indirectly. A supervising general agent is defined as an individual or entity which performs the following documented functions:   Provides administrative services for insurance companies in the hiring, training and supervision of all agents under the supervising general agent's authority;   Provides underwriting services on behalf of the insurance company;   Audits reports submitted by the soliciting agent;   Requires compliance of all statutory responsibilities of soliciting agents under the supervising general agent's authority. Any supervising general agent who has knowledge of statutory violations by soliciting agents under such agent's supervision or responsibility may be subject to disciplinary action by the Insurance Department for the activities of that soliciting agent or agency.     Documentation of the above responsibilities will include the following and must be retained by the supervising general agent for three (3) years:   Written records certifying compliance of all hiring, training and monthly reports verifying continuous supervision of the soliciting agents' activities;   Complete records certifying underwriting review of policies and group contracts.     Supervising general agents may not receive directly or indirectly any soliciting agents' commissions nor pay any portion of such overriding commission to any creditor or other agent.
MS Code § 83-53-29 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-29. Promulgation of rules and regulations; requirement of information

 The commissioner may, after notice and hearing, issue any rules and regulations that he deems necessary to effectuate the purposes of this chapter or to eliminate devices or plans designed to avoid or render ineffective the provisions 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.
MS Code § 83-53-31 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-31. Issuance of cease and desist order; penalties

 Whenever there has been a violation of this chapter or any rule or regulation issued pursuant thereto, the commissioner shall issue and serve upon the insurer, agent or other person charged with such violation an order requiring such person to cease and desist from violating this chapter or any rule or regulation issued pursuant thereto.   In addition, the commissioner, in the cease and desist order, may impose upon such person a fine not to exceed One Thousand Dollars ($1,000.00) for each violation and may revoke, suspend or decline to renew any license of such person to sell or issue insurance.
MS Code § 83-53-35 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-35. Order, after hearing, as to findings, conclusions, and decision

 After such hearing the commissioner shall issue and cause to be served upon the person charged with the violation and any petitioner or intervenor an order setting forth the commissioner's findings, conclusions and decision.
MS Code § 83-53-37 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-37. Judicial review

 Any person affected by an order of the commissioner under Section 83-53-35 may obtain a review of such order by filing in the Circuit Court of Hinds County, within thirty (30) days from the date of the service of such order, a complaint praying that the order of the commissioner be modified or set aside. A copy of such petition or complaint shall be forthwith served upon the commissioner, and thereupon the commissioner forthwith shall certify and file in such court a transcript of the entire record in the proceeding, including all the evidence taken and the findings and order of the commissioner. Upon such filing of the petition and transcript, such court shall have jurisdiction of the proceedings and of the question determined therein, shall determine whether the filing of such petition shall operate as a stay of such order of the commissioner, and shall have power to make and enter upon the pleadings, evidence and proceedings set forth in such transcript a judgment modifying, affirming or reversing the order of the commissioner, in whole or in part. Any party, including the commissioner, aggrieved by a final decision of said circuit court, may appeal to the Supreme Court in the manner provided by law.
MS Code § 83-53-39 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-39. Effective dates of orders; stay of execution or enforcement

 A cease and desist order issued by the commissioner under Section 83-53-31 shall become final upon the completion of the time allowed for filing a petition with the commissioner for a hearing if no such petition has been duly filed within such time. If a petition for a hearing is filed within such time pursuant to Section 83-53-33, the order of the commissioner shall not take effect and be in force until the issuance of an order pursuant to Section 83-53-35. An order issued pursuant to Section 83-53-35 shall take effect and be in force upon issuance or at such time as may be stated in such order. The commissioner, in his discretion, or the circuit court, upon appeal, may stay the execution or enforcement of any such order.
MS Code § 83-53-41 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-41. Appeal from order which does not charge violation

 If the order of the commissioner under Section 83-53-35 does not charge a violation of this chapter or any rule or regulation pursuant thereto, then any petitioner or intervenor in the proceedings may, within thirty (30) days after the service of such report, file a petition or complaint in the Circuit Court of Hinds County for a review of such order. Upon such review, the court shall have the authority to issue appropriate orders and decrees in connection therewith, including orders enjoining and restraining the continuance of any act which it finds, notwithstanding such order of the commissioner, constitutes a violation of this chapter or any rule or regulation issued pursuant thereto.
MS Code § 83-53-43 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-43. Penalty for violation of final order; civil action to recover penalty

 Any person who violates an order of the commissioner, after it has become final, and while such order is in effect, shall, upon proof thereof to the satisfaction of the court, forfeit and pay to the State of Mississippi a sum to be determined by the commissioner not to exceed Five Thousand Dollars ($5,000.00) for each violation, which if not paid may be recovered in a civil action instituted in the name of the commissioner in the circuit court in the county of the residence of such person who is a resident of the state. In the case of a nonresident, the action shall be brought in the Circuit Court of Hinds County.
MS Code § 83-53-45 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-45. Time for hearing

 Whenever any insurer, agent or other interested party petitions the commissioner for a hearing to consider any alleged violation of this chapter or any rule or regulation issued pursuant thereto, the commissioner shall hold a hearing within thirty (30) days after the petition is filed with the commissioner and proceed as provided in Sections 83-53-33 through 83-53-43.
MS Code § 83-53-47 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 53 - Credit Life and Credit Disability Insurance|§ 83-53-47. Relation to other laws

 Nothing in this chapter shall be construed to relieve any person from compliance with any other applicable law of this state.