reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-73 - Claim of third party which is contingent on obtaining judgment against insurer; claims due except for passage of time; employment contracts

(1)
The claim of a third party which is contingent only on his first obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency.
(2)
A claim may be allowed even if contingent, if it is filed in accordance with Section
83-24-69
. It may be allowed and may participate in all distributions declared after it is filed to the extent that it does not prejudice the orderly administration of the liquidation.
(3)
Claims that are due except for the passage of time shall be treated as absolute claims are treated, except that such claims may be discounted at the legal rate of interest.
(4)
Claims made under employment contracts by directors, principal officers, or persons in fact performing similar functions or having similar powers are limited to payment for services rendered prior to the issuance of any order of rehabilitation or liquidation under Section
83-24-25
or Section
83-24-35
.
Laws, 1991, ch. 417, § 37, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-75 - Third-party claim filed with liquidator; insured filing claim; claim subject to coverage by guaranty association

(1)
Whenever any third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim with the liquidator.
(2)
Whether or not the third party files a claim, the insured may file a claim on his own behalf in the liquidation. If the insured fails to file a claim by the date for filing claims specified in the order of liquidation or within sixty (60) days after mailing of the notice required by Section
83-24-43
, whichever is later, he is an unexcused late filer.
(3)
The liquidator shall make his recommendations to the court under Section
83-24-83
, for the allowance of an insured's claim under subsection (2) after consideration of the probable outcome of any pending action against the insured on which the claim is based, the probable damages recoverable in the action and the probable costs and expenses of defense. After allowance by the court, the liquidator shall withhold any dividends payable on the claim, pending the outcome of litigation and negotiation with the insured. Whenever it seems appropriate, he shall reconsider the claim on the basis of additional information and amend his recommendations to the court. The insured shall be afforded the same notice and opportunity to be heard on all changes in the recommendation as in its initial determination. The court may amend its allowance as it thinks appropriate. As claims against the insured are settled or barred, the insured shall be paid from the amount withheld the same percentage dividend as was paid on other claims of like property, based on the lesser of (a) the amount actually recovered from the insured by action or paid by agreement plus the reasonable costs and expense of defense, or (b) the amount allowed on the claims by the court. After all claims are settled or barred, any sum remaining from the amount withheld shall revert to the undistributed assets of the insurer. Delay in final payment under this subsection shall not be a reason for unreasonable delay of final distribution and discharge of the liquidator.
(4)
If several claims founded upon one (1) policy are filed, whether by third parties or as claims by the insured under this section, and the aggregate allowed amount of the claims to which the same limit of liability in the policy is applicable exceeds that limit, each claim as allowed shall be reduced in the same proportion so that the total equals the policy limit. Claims by the insured shall be evaluated as in subsection (3). If any insured's claim is subsequently reduced under subsection (3), the amount thus freed shall be apportioned ratably among the claims which have been reduced under this subsection.
(5)
No claim may be presented under this section if it is or may be covered by any guaranty association or foreign guaranty association.
Laws, 1991, ch. 417, § 38, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-77 - Denial of claim; notice; objection to denial; hearing

(1)
When a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or his attorney by first class mail at the address shown in the proof of claim. Within sixty (60) days from the mailing of the notice, the claimant may file his objections with the liquidator. If no such filing is made, the claimant may not further object to the determination.
(2)
Whenever objections are filed with the liquidator and the liquidator does not alter his denial of the claim as a result of the objections, the liquidator shall ask the court for a hearing as soon as practicable and give notice of the hearing by first class mail to the claimant or his attorney and to any other persons directly affected not less than ten (10) nor more than thirty (30) days before the date of the hearing. The matter may be heard by the court or by a court-appointed referee who shall submit findings of fact along with his recommendation.
Laws, 1991, ch. 417, § 39, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-79 - Failure of secured creditor to file claim; distribution on claim

Whenever a creditor whose claim against an insurer is secured, in whole or in part, by the undertaking of another person, fails to prove and file that claim, the other person may do so in the creditor's name, and shall be subrogated to the rights of the creditor, whether the claim has been filed by the creditor or by the other person in the creditor's name, to the extent that he discharges the undertaking. In the absence of an agreement with the creditor to the contrary, the other person shall not be entitled to any distribution; however, until the amount paid to the creditor on the undertaking plus the distributions paid on the claim from the insurer's estate to the creditor equals the amount of the entire claim of the creditor. Any excess received by the creditor shall be held by him in trust for such other person. The term "other person," as used in this section is not intended to apply to a guaranty association or foreign guaranty association.
Laws, 1991, ch. 417, § 40, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-81 - Value of security held by secured creditor; determination

(1)
The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct:
(a)
By converting the same into money according to the terms of the agreement pursuant to which the security was delivered to such creditors; or
(b)
By agreement, arbitration, compromise or litigation between the creditor and the liquidator.
(2)
The determination shall be under the supervision and control of the court with due regard for the recommendation of the liquidator. The amount so determined shall be credited upon the secured claim, and any deficiency shall be treated as an unsecured claim. If the claimant shall surrender his security to the liquidator, the entire claim shall be allowed as if unsecured.
Laws, 1991, ch. 417, § 41, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-85 - Review of claims filed in liquidation; reports; power and duty of court

(1)
The liquidator shall review all claims duly filed in the liquidation and shall make such further investigation as he shall deem necessary. He may compound, compromise or in any other manner negotiate the amount for which claims will be recommended to the court except when the liquidator is required by law to accept claims as settled by any person or organization, including any guaranty association or foreign guaranty association. Unresolved disputes shall be determined under Section
83-24-77
. As soon as practicable, he shall present to the court a report of the claims against the insurer with his recommendations. The report shall include the name and address of each claimant and the amount of the claim finally recommended, if any. If the insurer has issued annuities or life insurance policies, the liquidator shall report the persons to whom, according to the records of the insurer, amounts are owed as cash surrender values or other investment value and the amounts owed.
(2)
The court may approve, disapprove or modify the report on claims by the liquidator. Such reports as are not modified by the court within a period of sixty (60) days following submission by the liquidator shall be treated by the liquidator as allowed claims, subject thereafter to later modification or to rulings made by the court pursuant to Section
83-24-77
. No claim under a policy of insurance shall be allowed for an amount in excess of the applicable policy limits.
Laws, 1991, ch. 417, § 43, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-87 - Payment of distributions

Under the direction of the court, the liquidator shall pay distributions in a manner that will assure the proper recognition of priorities and a reasonable balance between the expeditious completion of the liquidation and the protection of unliquidated and undetermined claims, including third-party claims. Distribution of assets in kind may be made at valuations set by agreement between the liquidator and the creditor and approved by the court.
Laws, 1991, ch. 417, § 44, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-89 - Deposit of unpaid funds with State Treasurer; escheat proceedings

(1)
All unclaimed funds subject to distribution remaining in the liquidator's hands when he is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member or other person who is unknown or cannot be found, shall be deposited with the State Treasurer, and shall be paid without interest except in accordance with Section
83-24-83
to the person entitled thereto or his legal representative upon proof satisfactory to the State Treasurer of his right thereto. Any amount on deposit not claimed within six (6) years from the discharge of the liquidator shall be deemed to have been abandoned and shall be escheated without formal escheat proceedings and shall be deposited into the General Fund.
(2)
All funds withheld under Section
83-24-73
and not distributed shall upon discharge of the liquidator be deposited with the State Treasurer and paid by him in accordance with Section
83-24-83
. Any sums remaining which under Section
83-24-83
would revert to the undistributed assets of the insurer shall be transferred to the State Treasurer and become the property of the state under subsection (1), unless the commissioner, in his discretion, petitions the court to reopen the liquidation under Section
83-24-93
.
Laws, 1991, ch. 417, § 45, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-91 - Application for order of discharge; costs and expenses

(1)
When all assets justifying the expense of collection and distribution have been collected and distributed under this chapter, the liquidator shall apply to the court for discharge. The court may grant the discharge and make any other orders, including an order to transfer any remaining funds that are uneconomic to distribute, as may be deemed appropriate.
(2)
Any other person may apply to the court at any time for an order under subsection (1). If the application is denied, the applicant shall pay the costs and expenses of the liquidator in resisting the application, including a reasonable attorney's fee.
Laws, 1991, ch. 417, § 46, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-93 - Reopening proceedings after discharge of liquidator; orders

After the liquidation proceeding has been terminated and the liquidator discharged, the commissioner or other interested party may at any time petition the court to reopen the proceedings for good cause, including the discovery of additional assets. If the court is satisfied that there is justification for reopening, it shall so order.
Laws, 1991, ch. 417, § 47, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-95 - Destruction of records

Whenever it shall appear to the commissioner that the records of any insurer in process of liquidation or completely liquidated are no longer useful, he may recommend to the court and the court shall direct what records should be retained for future reference and what should be destroyed.
Laws, 1991, ch. 417, § 48, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-97 - Audit of books of commissioner relating to receivership established under this chapter; reports; expenses

The court may, as it deems desirable, cause audits to be made of the books of the commissioner relating to any receivership established under this chapter, and a report of each audit shall be filed with the commissioner and with the court. The books, records and other documents of the receivership shall be made available to the auditor at any time without notice. The expense of each audit shall be considered a cost of administration of the receivership.
Laws, 1991, ch. 417, § 49, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-99 - Commissioner of insurance acting as conservator in absence of appointment of domiciliary liquidator; orders

(1)
If a domiciliary liquidator has not been appointed, the commissioner may apply to the court by verified petition for an order directing him to act as conservator to conserve the property of an alien insurer not domiciled in this state or a foreign insurer on any one or more of the following grounds:
(a)
Any of the grounds in Section
83-24-23
;
(b)
That any of the insurer's property has been sequestered by official action in its domiciliary state, or in any other state;
(c)
That enough of the insurer's property has been sequestered in a foreign country to give reasonable cause to fear that the insurer is or may become insolvent;
(d)
(i)
That the insurer's certificate of authority to do business in this state has been revoked or that none was ever issued; and
(ii)
That there are residents of this state with outstanding claims or outstanding policies.
(2)
When an order is sought under subsection (1), the court shall cause the insurer to be given such notice and time to respond thereto as is reasonable under the circumstances.
(3)
The court may issue the order in whatever terms it shall deem appropriate. The filing or recording of the order with the Clerk of the Chancery Court of the First Judicial District of Hinds County or of the county in which the principal business of the company is located shall impart the same notice as a deed, bill of sale or other evidence of title duly filed or recorded with that chancery court would have imparted.
(4)
The conservator may at any time petition for and the court may grant an order under Section
83-24-101
to liquidate assets of a foreign or alien insurer under conservation, or, if appropriate, for an order under Section
83-24-105
to be appointed ancillary receiver.
(5)
The conservator may at any time petition the court for an order terminating conservation of an insurer. If the court finds that the conservation is no longer necessary, it shall order that the insurer be restored to possession of its property and the control of its business. The court may also make such finding and issue such order at any time upon motion of any interested party, but if such motion is denied all costs shall be assessed against such party.
Laws, 1991, ch. 417, § 50, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-101 - Application by commissioner for order permitting liquidation of assets found in state of foreign insurer or alien insurer not domiciled in state; notice; filing or recording order; domiciliary liquidator appointed in reciprocal state or nonreciprocal state; payment of claims

(1)
If no domiciliary receiver has been appointed, the commissioner may apply to the court by verified petition for an order directing him to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state, on any of the following grounds:
(i)
Any of the grounds in Section
83-24-23
or
83-24-33
; or
(ii)
Any of the grounds specified in Section
83-24-99(1)(b) through (d)
.
(2)
When an order is sought under subsection (1), the court shall cause the insurer to be given such notice and time to respond thereto as is reasonable under the circumstances.
(3)
If it shall appear to the court that the best interests of creditors, policyholders and the public require, the court may issue an order to liquidate in whatever terms it shall deem appropriate. The filing or recording of the order with the Clerk of the Chancery Court of the First Judicial District of Hinds County or of the county in which the principal business of the company is located or the county in which its principal office or place of business is located, shall impart the same notice as a deed, bill of sale or other evidence of title duly filed or recorded with that chancery court would have imparted.
(4)
If a domiciliary liquidator is appointed in a reciprocal state while a liquidation is proceeding under this section, the liquidator under this section shall thereafter act as ancillary receiver under Section
83-24-105
. If a domiciliary liquidator is appointed in a nonreciprocal state while a liquidation is proceeding under this section, the liquidator under this section may petition the court for permission to act as ancillary receiver under Section
83-24-105
.
(5)
On the same grounds as are specified in subsection (1), the commissioner may petition any appropriate federal district court to be appointed receiver to liquidate that portion of the insurer's assets and business over which the court will exercise jurisdiction, or any lesser part thereof that the commissioner deems desirable for the protection of the policyholders and creditors in this state.
(6)
The court may order the commissioner, when he has liquidated the assets of a foreign or alien insurer under this section, to pay claims of residents of this state against the insurer under such rules as to the liquidation of insurers under this chapter as are otherwise compatible with the provisions of this section.
Laws, 1991, ch. 417, § 51, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-103 - Vesting of title to assets in liquidator; filing claim with liquidator or ancillary receiver

(1)
The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except as to special deposits and security on secured claims under Section
83-24-105(3)
, be vested by operation of law with the title to all of the assets, property, contracts and rights of action, agents' balances, and all of the books, accounts and other records of the insurer located in this state. The date of vesting shall be the date of the filing of the petition, if that date is specified by the domiciliary law for the vesting of property in the domiciliary state. Otherwise, the date of vesting shall be the date of entry of the order directing possession to be taken. The domiciliary liquidator shall have the immediate right to recover balances due from agents and to obtain possession of the books, accounts and other records of the insurer located in this state. He also shall have the right to recover all other assets of the insurer located in this state, subject to Section
83-24-105
.
(2)
If a domiciliary liquidator is appointed for an insurer not domiciled in a reciprocal state, the commissioner of this state shall be vested by operation of law with the title to all of the property, contracts and right of action, and all of the books, accounts and other records of the insurer located in this state, at the same time that the domiciliary liquidator is vested with title in the domicile. The commissioner of this state may petition for a conservation or liquidation order under Section
83-24-99
or
83-24-101
, or for an ancillary receivership under Section
83-24-105
or after approval by the court may transfer title to the domiciliary liquidator, as the interests of justice and the equitable distribution of the assets require.
(3)
Claimants residing in this state may file claims with the liquidator or ancillary receiver, if any, in this state or with the domiciliary liquidator, if the domiciliary law permits. The claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceedings.
Laws, 1991, ch. 417, § 52, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-105 - Petition for appointment as ancillary receiver; orders

(1)
If a domiciliary liquidator has been appointed for an insurer not domiciled in this state, the commissioner may file a petition with the court requesting appointment as ancillary receiver in this state:
(a)
If he finds that there are sufficient assets of the insurer located in this state to justify the appointment of an ancillary receiver;
(b)
If the protection of creditors or policyholders in this state so requires.
(2)
The court may issue an order appointing an ancillary receiver in whatever terms it shall deem appropriate. The filing or recording of the order with the chancery court in this state imparts the same notice as a deed, bill of sale or other evidence of title duly filed or recorded with that chancery court.
(3)
When a domiciliary liquidator has been appointed in a reciprocal state, then the ancillary receiver appointed in this state may, whenever necessary, aid and assist the domiciliary liquidator in recovering assets of the insurer located in this state. The ancillary receiver shall, as soon as practicable, liquidate from their respective securities those special deposit claims and secured claims which are proved and allowed in the ancillary proceedings in this state, and shall pay the necessary expenses of the proceedings. He shall promptly transfer all remaining assets, books, accounts and records to the domiciliary liquidator. Subject to this section, the ancillary receiver and his deputies shall have the same powers and be subject to the same duties with respect to the administration of assets as a liquidator of an insurer domiciled in this state.
(4)
When a domiciliary liquidator has been appointed in this state, ancillary receivers appointed in reciprocal states shall have, as to assets and books, accounts, and other records in their respective states, corresponding rights, duties and powers to those provided in subsection (3) for ancillary receivers appointed in this state.
Laws, 1991, ch. 417, § 53, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-107 - Discretion of commissioner of insurance to institute proceedings

The commissioner in his sole discretion may institute proceedings under Sections
83-24-19
and
83-24-21
at the request of the commissioner or other appropriate insurance official of the domiciliary state of any foreign or alien insurer having property located in this state.
Laws, 1991, ch. 417, § 54, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-109 - Claimants residing in foreign country or in states not reciprocal states; time requirements; notice; claims by claimants residing in reciprocal states

(1)
In a liquidation proceeding begun in this state against an insurer domiciled in this state, claimants residing in foreign countries or in states not reciprocal states must file claims in this state, and claimants residing in reciprocal states may file claims either with the ancillary receivers, if any, in their respective states, or with the domiciliary liquidator. Claims must be filed on or before the last date fixed for the filing of claims in the domiciliary liquidation proceeding.
(2)
Claims belonging to claimants residing in reciprocal states may be proved either in the liquidation proceeding in this state as provided in this chapter, or in ancillary proceedings, if any, in the reciprocal states. If notice of the claims and opportunity to appear and be heard is afforded the domiciliary liquidator of this state as provided in Section
83-24-111(2)
with respect to ancillary proceedings, the final allowance of claims by the courts in ancillary proceedings in reciprocal states shall be conclusive as to amount and as to priority against special deposits or other security located in such ancillary states, but shall not be conclusive with respect to priorities against general assets under Section
83-24-83
.
Laws, 1991, ch. 417, § 55, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-111 - Liquidation proceeding in reciprocal state against insurer domiciled in that state; claims by residents of Mississippi; notice; hearings; final allowance

(1)
In a liquidation proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside within this state may file claims either with the ancillary receiver, if any, in this state, or with the domiciliary liquidator. Claims must be filed on or before the last dates fixed for the filing of claims in the domiciliary liquidation proceeding.
(2)
Claims belonging to claimants residing in this state may be proved either in the domiciliary state under the law of that state, or in ancillary proceedings, if any, in this state. If a claimant elects to prove his claim in this state, he shall file his claim with the liquidator in the manner provided in Sections
83-24-69
and
83-24-71
. The ancillary receiver shall make his recommendation to the court as under Section
83-24-85
. He shall also arrange a date for hearing if necessary under Section
83-24-77
and shall give notice to the liquidator in the domiciliary state, either by certified mail or by personal service at least forty (40) days prior to the date set for hearing. If the domiciliary liquidator, within thirty (30) days after the giving of such notice, gives notice in writing to the ancillary receiver and to the claimant, either by certified mail or by personal service, of his intention to contest the claim, he shall be entitled to appear or to be represented in any proceeding in this state involving the adjudication of the claim.
(3)
The final allowance of the claim by the courts of this state shall be accepted as conclusive as to amount and as to priority against special deposits or other security located in this state.
Laws, 1991, ch. 417, § 56, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-113 - Attachment, garnishment or levy of execution against delinquent insurer during pendency of liquidation proceedings

During the pendency in this or any other state of a liquidation proceeding, whether called by that name or not, no action or proceeding in the nature of an attachment, garnishment or levy of execution shall be commenced or maintained in this state against the delinquent insurer or its assets.
Laws, 1991, ch. 417, § 57, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-115 - Liquidation proceeding in Mississippi involving one or more reciprocal states; order of distribution; priority of claims; special deposit claims; surrender of secured claim

(1)
In a liquidation proceeding in this state involving one or more reciprocal states, the order of distribution of the domiciliary state shall control as to all claims of residents of this and reciprocal states. All claims of residents of reciprocal states shall be given equal priority of payment from general assets regardless of where such assets are located.
(2)
The owners of special deposit claims against an insurer for which a liquidator is appointed in this or any other state shall be given priority against the special deposits in accordance with the statutes governing the creation and maintenance of the deposits. If there is a deficiency in any deposit, so that the claims secured by it are not fully discharged from it, the claimants may share in the general assets, but the sharing shall be deferred until general creditors, and also claimants against other special deposits who have received smaller percentages from their respective special deposits, have been paid percentages of their claims equal to the percentage paid from the special deposit.
(3)
The owner of a secure claim against an insurer for which a liquidator has been appointed in this or any other state may surrender his security and file his claim as a general creditor, or the claim may be discharged by resort to the security in accordance with Section
83-24-81
, in which case the deficiency, if any, shall be treated as a claim against the general assets of the insurer on the same basis as claims of unsecured creditors.
Laws, 1991, ch. 417, § 58, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 24 - INSURERS REHABILITATION AND LIQUIDATION ACT (§§ 83-24-1 — 83-24-119) › Section 83-24-117 - Failure of ancillary receiver in another state or foreign country to transfer assets to domiciliary liquidator

If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state any assets within his control other than special deposits, diminished only by the expenses of the ancillary receivership, if any, the claims filed in the ancillary receivership, other than special deposit claims or secured claims, shall be placed in the class of claims under Section
83-24-83(7)
.
Laws, 1991, ch. 417, § 59, eff. 3/20/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 25 - CO-OPERATIVE INSURANCE (§§ 83-25-1 — 83-25-5) › Section 83-25-1 - Charter, bylaws, rules, to be filed with commissioner

Every corporation, company, society, organization, or association of this or of any other state or country transacting the business of life insurance upon the co-operative or assessment plan shall file with the commissioner of insurance, before commencing to do business in this state, a copy of its charter or articles of association, as well as the bylaws, rules, or regulations referred to in its policies or certificates and made a part of said contract. No bylaws or regulations, unless so filed with the commissioner, shall operate to avoid or affect any policy or certificate issued by such company or association.
Codes, 1906, § 2636; Hemingway's 1917, § 5102; 1930, § 5180; 1942, § 5690.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 25 - CO-OPERATIVE INSURANCE (§§ 83-25-1 — 83-25-5) › Section 83-25-3 - Policies to agree with charter and bylaws

Every policy or certificate or renewal receipt issued to a resident of the State of Mississippi by any corporation, association, or order therein transacting the business of life insurance upon the assessment plan shall be in accord with the provisions of the charter and bylaws of said corporation, association, or order, as filed with the commissioner of insurance. It shall be unlawful for any domestic or foreign insurance company or fraternal order to transact or offer to transact any business not authorized by the provisions of their charter and the terms of their bylaws, or through an agent, or otherwise to offer or issue any policy, renewal, certificate, or other contract, the terms of which are not in clear accord with the powers, terms, and stipulations of their charters and bylaws. Upon a proper application by any citizen of this state, it shall be the duty of the commissioner to give a statement or synopsis of the provisions of any insurance contract offered or issued to such citizen. If any such corporation or association or order shall at any time fail or refuse to comply with the provisions of this section, the commissioner shall forthwith suspend or revoke all authority to such corporation, association, or order, and all its agents or officers to do business in this state, and shall publish such revocation in some newspaper published in this state.
Codes, 1906, § 2635; Hemingway's 1917, § 5101; 1930, § 5179; 1942, § 5689.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 25 - CO-OPERATIVE INSURANCE (§§ 83-25-1 — 83-25-5) › Section 83-25-5 - Report and publication

Every corporation, company, society, organization, or association of this or any other state or country transacting the business of life insurance on the co-operative or assessment plan shall, on or before the first day of March of each year, make and file with the commissioner of insurance a report of its affairs and operations during the year ending on the 31st day of December immediately preceding. Such report shall be upon blank forms to be provided by the commissioner; and shall be verified under oath by the duly authorized officers of such corporation, society, order, or association; shall be published, or the substance thereof, in some newspaper published in the state at the expense of said company, corporation, order, etc., and in his annual report by the commissioner under a separate part, entitled "Assessment Companies or Associations"; and shall contain such information as the commissioner in his judgment may deem necessary for the welfare of the people of the state, subject to like penalties imposed in Section
83-5-69
.
Codes, 1906, § 2634; Hemingway's 1917, § 5100; 1930, § 5178; 1942, § 5688.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 27 - SURETY COMPANIES (§§ 83-27-1 — 83-27-11) › Section 83-27-1 - Accepted as sureties on bonds

Any company incorporated and organized under the laws of any state of the United States for the purpose of transacting business as surety on obligations of persons or corporations, which has complied with all the requirements of this chapter may be accepted as surety in part, or as sole surety, upon the bond of any person, officer or corporation required by the laws of this state to execute a bond or bonds. Such company may be substituted as sole surety or as co-surety for a surety or sureties on bonds already given, and may be released from liability on the same terms and conditions as are by law prescribed for the substitution and release of individuals as sureties. Where a surety company subscribes to a bond, it shall not be necessary that there shall be additional sureties. In all cases where such company shall become surety for part only of any bond, its liability on such bond shall be limited to the amount for which it becomes surety. All surety companies shall possess the capital and surplus requirements as required in Sections
83-19-31
and
83-21-3
.
Codes, 1906, § 2669; Hemingway's 1917, § 5135; 1930, § 5225; 1942, § 5739; Laws, 1896, ch. 55; Laws, 1997, ch. 410, § 18, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 27 - SURETY COMPANIES (§§ 83-27-1 — 83-27-11) › Section 83-27-3 - Must show compliance with law

Before such company shall be accepted as surety, it shall produce to the judge, head of department, or other officer authorized to approve such bond satisfactory evidence of its compliance with and fulfillment of all the requirements of this chapter.
Codes, 1906, § 2670; Hemingway's 1917, § 5136; 1930, § 5226; 1942, § 5740; Laws, 1894, ch. 64.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 27 - SURETY COMPANIES (§§ 83-27-1 — 83-27-11) › Section 83-27-5 - Capital of $100,000 in securities required

No such company shall be accepted as surety unless the amount of at least One Hundred Thousand Dollars ($100,000.00) of its said paid-up capital is invested in solvent securities created by the laws of the United States or of the State of Mississippi or by or under the laws of the state by which such company is incorporated, or in other safe securities the value of which, at the time of such acceptance, shall be at or above par and which are deposited with the insurance commissioner, auditor, comptroller, or chief financial officer of the state under whose laws such company is incorporated, and the commissioner of insurance of this state is furnished with the certificate of such commissioner, auditor, comptroller, or officer, under his hand and official seal that he, as said insurance commissioner, auditor, comptroller, or chief financial officer of said state holds the said securities in trust and on deposit for the benefit of such obligees of such company, which certificate shall describe the items of security so held and shall state that he is satisfied they are worth One Hundred Thousand Dollars ($100,000.00).
Codes, 1906, § 2671; Hemingway's 1917, § 5137; 1930, § 5227; 1942, § 5741.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 27 - SURETY COMPANIES (§§ 83-27-1 — 83-27-11) › Section 83-27-7 - Agents

Every person who shall so represent any such company as to receive or transmit applications for suretyship, or to receive for delivery bonds founded on applications from this state, or otherwise to procure suretyship to be effected by said company upon the bonds of persons or corporations in this state, or upon bonds given to persons or corporations in this state, shall be deemed as an agent for such company. No person shall act as agent for such company until such company shall have complied with all of the requirements of this chapter, under penalty of a fine of One Thousand Dollars ($1,000.00).
Codes, 1906, § 2672; Hemingway's 1917, § 5138; 1930, § 5228; 1942, § 5742.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 27 - SURETY COMPANIES (§§ 83-27-1 — 83-27-11) › Section 83-27-9 - Liability limited to one tenth of capital and surplus

No company shall be accepted as surety on any bond for an amount larger than one tenth (1/10) of the company's paid-up capital and surplus as reflected in its last annual statement, unless it shall be secured from loss beyond such amount by reinsurance in an authorized company or by the amount of any cosuretyship, provided such reinsurance or cosurety shall not exceed the limits set forth herein for the prime surety, or by the value of any security deposited, pledged, or held subject to the company's consent and for its protection.
Codes, 1906, § 2673; Hemingway's 1917, § 5139; 1930, § 5229; 1942, § 5743; Laws, 1970, ch. 453, § 1, eff. 3/24/1970.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 27 - SURETY COMPANIES (§§ 83-27-1 — 83-27-11) › Section 83-27-11 - Estopped to deny corporate powers

Any company who shall execute any bond as surety shall, in any proceeding to enforce the liability which it shall have assumed to incur, be estopped to deny its corporate power to execute such instrument or assume such liability. Nor shall any failure to comply with any or all of the provisions of this chapter avail said company as a defense in any such proceedings.
Codes, 1906, § 2674; Hemingway's 1917, § 5140; 1930, § 5230; 1942, § 5744.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 29 - FRATERNAL SOCIETIES (§§ 83-29-1 — 83-29-75) › Section 83-29-1 - Fraternal benefit societies defined

Any corporation, society, order, or voluntary association without capital stock, organized and carried on solely for the mutual benefit of its members and their beneficiaries and not for profit, and having less than Thirty Thousand Dollars ($30,000.00) in total annual written premium, having a lodge system and representative form of government, or which limits its membership to a secret fraternity having a lodge system and representative form of government, and which shall make provision for the payment of benefits in accordance with Section
83-29-9
is hereby declared to be a fraternal benefit society.
Codes, 1930, § 5231; 1942, § 5745; Laws, 2001, ch. 362, § 42, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 29 - FRATERNAL SOCIETIES (§§ 83-29-1 — 83-29-75) › Section 83-29-3 - Lodge system defined

Any society having a supreme governing or legislative body and subordinate lodges or branches by whatever name known, into which members shall be admitted in accordance with its constitution, laws, ritual, rules, and regulations, and which shall be required by the laws of such society to hold periodical meetings, shall be deemed to be operating on the lodge system.
Codes, 1930, § 5232; 1942, § 5746.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 29 - FRATERNAL SOCIETIES (§§ 83-29-1 — 83-29-75) › Section 83-29-5 - Representative form of government defined

Any society shall be deemed to have a representative form of government when it shall provide in its constitution and laws for a supreme legislative or governing body, composed of representatives elected either by the members or by delegates elected directly or indirectly by the members, together with such other members as may be prescribed by its constitution and laws. The elective members shall constitute a majority in number and not less than the number of votes required to amend its constitution and laws; and the meetings of the supreme or governing body, and the election of officers, representatives, or delegates shall be held as often as once in four (4) calendar years. No member under age sixteen (16) shall have a voice or vote in the management of the society. No member, officer, representative, or delegate shall vote by proxy.
Codes, 1930, § 5233; 1942, § 5747.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 29 - FRATERNAL SOCIETIES (§§ 83-29-1 — 83-29-75) › Section 83-29-7 - Exemptions

Except as herein provided, such societies shall be governed by this chapter and shall be exempt from all provisions of the insurance laws of this state, not only in governmental relations with the state but for every other purpose. No law hereafter enacted shall apply to them unless they be expressly designated therein.
Codes, 1930, § 5234; 1942, § 5748.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 29 - FRATERNAL SOCIETIES (§§ 83-29-1 — 83-29-75) › Section 83-29-9 - Benefits

(1)
Every society transacting business under this chapter may provide for the payments of benefits upon the death of its members either within a term of years or at any time, may provide for benefits payable upon its members reaching seventy (70) years of age, may also provide for the payment of benefits in case of total and permanent disability, may provide also for the payment of benefits in the event of temporary disability, and may provide for monuments or tombstones to the memory of its deceased members and for the payment of funeral benefits.
(2)
Any society may also enter into contracts in such other forms and granting such benefits as its laws may authorize when it shall provide for the accumulation and maintenance of assets required for the payment of such benefits when valued upon an interest basis not exceeding four percent (4%) per annum and mortality standards adopted by it within the limitations provided in the statutes relating to fraternal benefit societies or, at the option of the society, in the statutes relating to life insurance companies.
Codes, 1930, § 5235; 1942, § 5749; Laws, 1966, ch. 533, § 1, eff. 6/11/1966.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 29 - FRATERNAL SOCIETIES (§§ 83-29-1 — 83-29-75) › Section 83-29-11 - Members and beneficiaries

Any person may be admitted to beneficial, or general, or social membership in any society in such manner and upon such showing of eligibility as the laws of the society may provide, and any beneficial member may direct any benefit to be paid to such person or persons, entity, or interest as may be permitted by the laws of the society. No beneficiary shall have or obtain any vested interest in the said benefit until the same has become due and payable in conformity with the provisions of the contract of membership, and the member shall have full right to change his beneficiary, or beneficiaries, in accordance with the laws, rules, and regulations of the society.
Codes, 1930, § 5236; 1942, § 5750.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 29 - FRATERNAL SOCIETIES (§§ 83-29-1 — 83-29-75) › Section 83-29-13 - Certificate

The certificate, the charter or articles of incorporation or, if a voluntary association, the articles of association, constitution and laws of the society, and the application for membership signed by the applicant, and all amendments to each thereof shall constitute the agreement between the society and the member; and copies of the same certified by the secretary of the society, or corresponding officer, shall be received in evidence of the terms and conditions thereof. Any changes, additions, or amendments to said charter or articles of incorporation, or articles of association, if a voluntary association, constitution or laws duly made or enacted subsequent to the issuance of the benefit certificate shall bind the member and his beneficiaries, and shall govern and control the agreement in all respects the same as though such changes, additions, or amendments had been made prior to and were in force at the time of the application for membership.
Codes, 1930, § 5237; 1942, § 5751.