reglab/housing_qa huggingface dataset:
MS Code § 83-19-119 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 19 - Domestic Companies|Merger or Consolidation, or Exchange of Outstanding Stock, of Domestic Stock Companies|§ 83-19-119. Effect of merger or consolidation; when plan of exchange becomes effective; stock certificates

  The effect of the merger or consolidation shall be as provided in Section 79-4-11.06.   The plan of exchange and the issuance and exchange of securities provided for therein shall become effective when the agreement of exchange has been recorded by the commissioner, or upon such later date as may be specified in such agreement, which may not be later than thirty (30) days after such recording. Upon the plan of exchange becoming effective, the issuance and exchange of securities provided for therein shall be deemed to have been consummated, each shareholder of the domestic company shall cease to be a shareholder of such company and the ownership of all shares of the issued and outstanding stock of the domestic company shall vest in the acquiring corporation automatically without any physical transfer or deposit of certificates representing such shares.  Certificates representing shares of stock of the domestic company prior to the plan of exchange becoming effective shall, after the plan of exchange becomes effective, represent (a) shares of the issued and outstanding capital stock or other securities issued by the acquiring corporation; and (b) the right, if any, to receive such cash or other consideration upon such terms as shall be specified in the plan of exchange. Such certificates representing shares of stock of the domestic company may, after the plan of exchange becomes effective, be exchanged for shares of stock or other securities issued by the acquiring corporation or cash or other consideration or any combination thereof upon such terms as shall be specified in the plan of exchange.
MS Code § 83-19-121 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 19 - Domestic Companies|Merger or Consolidation, or Exchange of Outstanding Stock, of Domestic Stock Companies|§ 83-19-121. Rights of dissenters

 Any shareholder of any domestic stock insurance company which is a party to a merger, consolidation or exchange of securities as described in Sections 83-19-99 through 83-19-123 shall have the right to dissent and receive fair value for his shares by complying with the procedure set forth in Section 79-3-161, Mississippi Code of 1972.
MS Code § 83-19-123 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 19 - Domestic Companies|Merger or Consolidation, or Exchange of Outstanding Stock, of Domestic Stock Companies|§ 83-19-123. Construction and effect of Sections 83-19-99 through 83-19-123

 Nothing contained in Sections 83-19-99 through 83-19-123 shall affect the power of the commissioner of insurance to regulate, supervise and control insurance companies to the extent of and as provided by Title 83, Mississippi Code of 1972. Nothing contained in Sections 83-19-99 through 83-19-123 shall be construed to authorize any insurance company to engage in any kinds of insurance business not authorized by its charter or to authorize any acquiring corporation which is not an insurance company to engage directly in the business of insurance. Subsequent to the effective date of any plan of exchange, the commissioner of insurance, having regard to the findings stated in Section 83-19-107, shall have authority to require that the affairs of the domestic company be conducted in such manner as to assure the continued safe conduct and transaction of the business of insurance of the domestic company.
MS Code § 83-19-153 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 19 - Domestic Companies|Regulation of Reinsurance|§ 83-19-153. Reduction from liability for reinsurance ceded by domestic insurer to assuming insurer not meeting requirements

 An asset or reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of Section 83-19-151 shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer, provided that the commissioner may adopt by regulation pursuant to Section 83-19-157(2) specific additional requirements relating to or setting forth: (i) the valuation of assets or reserves credits; (ii) the amount and forms of security supporting reinsurance arrangements described in Section 83-19-157(2); and/or (iii) the circumstances pursuant to which the credit will be reduced or eliminated. The reduction shall be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with such assuming insurer as security for the payment of obligations thereunder, if such security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer; or, in the case of a trust, held in a qualified United States financial institution, as defined in paragraph (b) of Section 83-19-155. This security may be in the form of:   Cash;   Securities listed by the Securities Valuation Office of the National Association of Insurance Commissioners, including those deemed exempt from filing as defined by the Purposes and Procedures Manual of the Securities Valuation Office, and qualifying as admitted assets;   (i) Clean, irrevocable, unconditional letters of credit, issued or confirmed by a qualified United States financial institution, as defined in paragraph (a) of Section 83-19-155, effective no later than December 31 in respect of the year for which filing is being made, and in the possession of, or in trust for, the ceding insurer on or before the filing date of its annual statement.   Letters of credit meeting applicable standards of issuer acceptability as of the dates of their issuance or confirmation shall, notwithstanding the issuing or confirming institution's subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until their expiration, extension, renewal, modification or amendment, whichever first occurs; or   Any other form of security acceptable to the commissioner.
MS Code § 83-19-155 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 19 - Domestic Companies|Regulation of Reinsurance|§ 83-19-155. Definitions

 For purposes of paragraph (c) of Section 83-19-153, a "qualified United States financial institution" means an institution that:   Is organized or (in the case of a United States office of a foreign banking organization) licensed, under the laws of the United States or any state thereof;   Is regulated, supervised and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and   Has been determined by either the commissioner, or the Securities Valuation Office of the National Association of Insurance Commissioners, to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner.   A "qualified United States financial institution" means, for purposes of those provisions of this law specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:   Is organized, or (in the case of a United States branch or agency office of a foreign banking organization) licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and   Is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.
MS Code § 83-19-157 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 19 - Domestic Companies|Regulation of Reinsurance|§ 83-19-157. Adoption of rules and regulations

  The commissioner may adopt rules and regulations implementing the provisions of Sections 83-19-151 through 83-19-157.   The commissioner is further authorized to adopt rules and regulations applicable to reinsurance arrangements described in paragraph (a) of this subsection (2).   A regulation adopted pursuant to this subsection (2) may apply only to reinsurance relating to:   Life insurance policies with guaranteed nonlevel gross premiums or guaranteed nonlevel benefits;   Universal life insurance policies with provisions resulting in the ability of a policyholder to keep a policy in force over a secondary guarantee period;   Variable annuities with guaranteed death or living benefits;   Long-term care insurance policies; or   Such other life and health insurance and annuity products as to which the NAIC adopts model regulatory requirements with respect to credit for reinsurance.     A regulation adopted pursuant to paragraph (a)(i) or (ii) of this subsection (2) may apply to any treaty containing (i) policies issued on or after January 1, 2015, and/or (ii) policies issued prior to January 1, 2015, if risk pertaining to such pre-2015 policies is ceded in connection with the treaty, in whole or in part, on or after January 1, 2015.   A regulation adopted pursuant to this subsection (2) may require the ceding insurer, in calculating the amounts or forms of security required to be held under regulations promulgated under this authority, to use the Valuation Manual adopted by the NAIC under Section 83-7-23(11)(b)(i), including all amendments adopted by the NAIC and in effect on the date as of which the calculation is made, to the extent applicable.   A regulation adopted pursuant to this subsection (2) shall not apply to cessions to an assuming insurer that:   Is certified in this state or, if this state has not adopted provisions substantially equivalent to Section 83-19-151(e), certified in a minimum of five (5) other states; or   Maintains at least Two Hundred Fifty Million Dollars ($250,000,000.00) in capital and surplus when determined in accordance with the NAIC Accounting Practices and Procedures Manual, including all amendments thereto adopted by the NAIC, excluding the impact of any permitted or prescribed practices; and is:    1. Licensed in at least twenty-six (26) states; or   2. Licensed in at least ten (10) states, and licensed or accredited in a total of at least thirty-five (35) states.    The authority to adopt regulations pursuant to this subsection (2) does not limit the commissioner's general authority to adopt regulations pursuant to subsection (1) of this section.
MS Code § 83-19-201 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 19 - Domestic Companies|Reinsurance Intermediary Act|§ 83-19-201. Short title

 Sections 83-19-201 through 83-19-221 may be cited as the Reinsurance Intermediary Act.
MS Code § 83-19-207 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 19 - Domestic Companies|Reinsurance Intermediary Act|§ 83-19-207. Written authorization required for transactions between reinsurance intermediary broker and insurer; minimum contents of authorization

 Transactions between a reinsurance intermediary broker and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, contain provisions that:   The insurer may terminate the reinsurance intermediary broker's authority at any time.   The reinsurance intermediary broker shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by, or owing to, the reinsurance intermediary broker, and remit all funds due to the insurer within thirty (30) days of receipt.   All funds collected for the insurer's account shall be held by the reinsurance intermediary broker in a fiduciary capacity in a bank which is a qualified U.S. financial institution as defined herein.   The reinsurance intermediary broker shall comply with Section 83-19-209.   The reinsurance intermediary broker shall comply with the written standards established by the insurer for the cession or retrocession of all risks.   The reinsurance intermediary broker shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
MS Code § 83-19-209 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 19 - Domestic Companies|Reinsurance Intermediary Act|§ 83-19-209. Records required to be kept by reinsurance intermediary broker; right of insurer to access, copy and audit records

  For at least ten (10) years after expiration of each contract of reinsurance, the reinsurance intermediary broker shall keep a complete record for each transaction showing:   The type of contract, limits, underwriting restrictions, classes or risks and territory;   Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;   Reporting and settlement requirements of balances;   Rate used to compute the reinsurance premium;   Names and addresses of assuming reinsurers;   Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary broker;   Related correspondence and memoranda;   Proof of placement;   Details regarding retrocessions handled by the reinsurance intermediary broker, including the identity of retrocessionaires and percentage of each contract assumed or ceded;   Financial records, including but not limited to, premium and loss accounts; and   When the reinsurance intermediary broker procures a reinsurance contract on behalf of a licensed ceding insurer:   Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or   If placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative.       The insurer shall have access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary broker related to its business in a form usable by the insurer.
MS Code § 83-19-211 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 19 - Domestic Companies|Reinsurance Intermediary Act|§ 83-19-211. Required and prohibited acts of insurer with respect to reinsurance intermediary brokers

  An insurer shall not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary broker on its behalf unless such person is licensed as required by Section 83-19-205.   An insurer may not employ an individual who is employed by a reinsurance intermediary broker with which it transacts business, unless such reinsurance intermediary broker is under common control with the insurer and subject to the Holding Company Act.   The insurer shall obtain annually a copy of statements of the financial condition of each reinsurance intermediary broker with which it transacts business.
MS Code § 83-19-215 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 19 - Domestic Companies|Reinsurance Intermediary Act|§ 83-19-215. Prohibited acts of reinsurance intermediary manager

 The reinsurance intermediary manager shall not:   Bind retrocessions on behalf of the reinsurer, except that the reinsurance intermediary manager may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. Such guidelines shall include a list of reinsurers with which such automatic agreements are in effect, and for each such reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules.   Commit the reinsurer to participate in reinsurance syndicates.   Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he is appointed.   Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent (1%) of the reinsurer's policyholder's surplus as of December 31 of the last complete calendar year.   Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be promptly forwarded to the reinsurer.   Jointly employ an individual who is employed by the reinsurer.   Appoint a sub-reinsurance intermediary manager.
MS Code § 83-19-217 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 19 - Domestic Companies|Reinsurance Intermediary Act|§ 83-19-217. Required and prohibited acts of reinsurer with respect to reinsurance intermediary managers

  A reinsurer shall not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary manager on its behalf unless such person is licensed as required by Section 83-19-205.   The reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary manager which such reinsurer has engaged prepared by an independent certified accountant in a form acceptable to the commissioner.   If a reinsurance intermediary manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the reinsurance intermediary manager. This opinion shall be in addition to any other required loss reserve certification.   Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the reinsurance intermediary manager.   Within thirty (30) days of termination of a contract with a reinsurance intermediary manager, the reinsurer shall provide written notification of such termination to the commissioner.   A reinsurer shall not appoint to its board of directors, any officer, director, employee, controlling shareholder or subproducer of its reinsurance intermediary manager. This subsection shall not apply to relationships governed by the Holding Company Act or, if applicable, the Broker Controlled Insurer Act.
MS Code § 83-19-219 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 19 - Domestic Companies|Reinsurance Intermediary Act|§ 83-19-219. Examination of reinsurance intermediary by commissioner; reinsurance intermediary manager examined as reinsurer; commissioner to adopt rules and regulations

  A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable to the commissioner.   A reinsurance intermediary manager may be examined as if it were the reinsurer.   The commissioner may adopt reasonable rules and regulations for the implementation and administration of Sections 83-19-201 through 83-19-221.
MS Code § 83-19-221 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 19 - Domestic Companies|Reinsurance Intermediary Act|§ 83-19-221. Penalties for violations of §§ 83-19-201 through 83-19-221

  A reinsurance intermediary, insurer or reinsurer found by the commissioner, after a hearing conducted in accordance with Section 83-6-39, to be in violation of any provision(s) of Sections 83-19-201 through 83-19-221, shall:   For each separate violation, pay a penalty in an amount not exceeding Five Thousand Dollars ($5,000.00);   Be subject to revocation or suspension of its license; and   If a violation was committed by the reinsurance intermediary, such reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to such violation.     The decision, determination or order of the commissioner pursuant to subsection (1) shall be subject to judicial review pursuant to Section 83-6-41.   Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in the insurance law.   Nothing contained in Sections 83-19-201 through 83-19-221 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights to such persons.
MS Code § 83-21-5 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 21 - Foreign Companies|General Provisions|§ 83-21-5. Deposit required for companies outside United States

 No foreign company, if incorporated or organized under the laws of any government or state elsewhere than in the United States, shall be admitted until it has made a deposit with the treasurer of the state, or with the financial officer of some other states of the United States, of a sum not less than the capital required of like companies under this chapter. Such deposit must be in exclusive trust for the benefit and security of all the company's policyholders and creditors in the United States, and such deposit shall be deemed for all purposes of the insurance law the capital of the company making it.
MS Code § 83-21-7 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 21 - Foreign Companies|General Provisions|§ 83-21-7. Applicable laws

 Foreign insurance companies, upon complying with the conditions applicable to such companies, may be admitted to transact in this state, by constituted agents resident therein, any class of insurance authorized by the laws now or hereafter in force relative to the duties, obligations, prohibitions, and penalties of insurance companies, and shall be subject to all laws applicable to the transaction of such business by foreign insurance companies and their agents. No provision of law which by its terms applies specifically to domestic life insurance companies shall thereby become applicable to foreign life insurance companies; and in the case of life insurance companies, the residence requirement shall not apply to agents who are residents of other states which permit residents of Mississippi to be licensed therein.
MS Code § 83-21-9 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 21 - Foreign Companies|General Provisions|§ 83-21-9. License refused on certain conditions

 When an insurance company organized under the laws of any state or country is prohibited by the laws of said state or country or by its charter from investing its assets other than capital stock in the bonds of this state, then and in such case the commissioner of insurance is authorized and directed to refuse to grant a license to transact business in Mississippi to such insurance company.
MS Code § 83-21-13 (2020)
2020 Mississippi Code|Title 83 - Insurance|Chapter 21 - Foreign Companies|General Provisions|§ 83-21-13. Revocation of license for deficiency in capital, surplus, or reserves

 Any company heretofore licensed shall have its financial status reviewed upon the filing of its annual statement, and in the event of a deficiency in either capital, surplus, or reserves, the license of the company and the certificate of authority of its agents to represent said company shall be immediately revoked.