reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › MISSISSIPPI MUTUAL INSURANCE COMPANY CONVERSION, REORGANIZATION AND MERGER ACT (§§ 83-31-101 — 83-31-181) › Section 83-31-169 - Membership requirements

(1)
Membership in a mutual insurance holding company shall be determined in accordance with the mutual insurance holding company's articles of association and bylaws and, subject to such exceptions as are set forth in the articles of association or bylaws, shall be based upon each member's holding a policy of insurance with a subsidiary insurance company.
(2)
Any person, public or private corporation, board, association, firm, estate, trustee or fiduciary may be a member of a mutual insurance holding company.
(3)
No member of a mutual insurance holding company may transfer membership or any right arising therefrom.
(4)
A member of a mutual insurance holding company is not, as such, personally liable for the acts, debts, liabilities or obligations of the company and may not be assessed by the directors of such company.
(5)
A membership interest in a mutual insurance holding company shall not constitute a security as defined by Section
75-71-105
and shall not be subject to any requirements of the Mississippi Securities Act, Section
75-71-101
et seq.
Laws, 1998, ch. 576, § 34, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › MISSISSIPPI MUTUAL INSURANCE COMPANY CONVERSION, REORGANIZATION AND MERGER ACT (§§ 83-31-101 — 83-31-181) › Section 83-31-171 - Voluntary dissolution

(1)
Upon any voluntary dissolution of a domestic mutual insurance holding company, its assets remaining after discharge of its indebtedness, if any, and expenses of administration shall be distributed to existing persons who were its members at any time within the three-year period preceding the date such liquidation was authorized or ordered or date of last termination of the insurer's certificate of authority, whichever date is earlier; except, if the commissioner has reason to believe that those in charge of the management of the mutual insurance holding company have caused or encouraged the reduction of the number of members of the insurer in anticipation of liquidation and for the purpose of reducing thereby the number of persons who may be entitled to share in distribution of the insurer's assets, the commissioner may enlarge the three-year qualification period by such additional time as the commissioner may deem to be reasonable.
(2)
The distributive share of each such member shall be determined by a formula based upon such reasonable classifications of members as the commissioner may approve.
Laws, 1998, ch. 576, § 35, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › MISSISSIPPI MUTUAL INSURANCE COMPANY CONVERSION, REORGANIZATION AND MERGER ACT (§§ 83-31-101 — 83-31-181) › Section 83-31-173 - Provisions applicable to mutual insurance holding companies; exemptions from certain provisions

Each mutual insurance holding company shall be subject to the applicable laws and rules of this state relating to insurance holding company systems. A mutual insurance holding company shall not be subject to provisions of Title 83 of the Mississippi Code or rules adopted thereunder with respect to the writing of insurance or required capital or surplus. A mutual insurance holding company system shall be considered an insurance holding company system but shall not require separate approval under Section
83-31-1
et seq. for an acquisition of controlling stock, ownership interest, assets or control or for a merger or consolidation, share exchange, organization, or reorganization of insurance companies or other transaction with respect to any action approved under the provisions of Section
83-31-47
or
83-31-101
through
83-31-181
.
Laws, 1998, ch. 576, § 36, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › MISSISSIPPI MUTUAL INSURANCE COMPANY CONVERSION, REORGANIZATION AND MERGER ACT (§§ 83-31-101 — 83-31-181) › Section 83-31-175 - Actions challenging validity

An action challenging the validity of or arising out of acts taken or proposed to be taken regarding a plan of reorganization under Section
83-31-47
or
83-31-101
through
83-31-181
must begin in the Chancery Court of the First Judicial District of Hinds County, Mississippi, not later than the thirtieth day after the effective date of the plan of reorganization.
Laws, 1998, ch. 576, § 38, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › MISSISSIPPI MUTUAL INSURANCE COMPANY CONVERSION, REORGANIZATION AND MERGER ACT (§§ 83-31-101 — 83-31-181) › Section 83-31-177 - Mutual insurance holding company conversion to stock holding company

A mutual insurance holding company may become a stock holding company under such plan and procedure as may be approved by the commissioner and as provided in Section
83-31-101
et seq.
Laws, 1998, ch. 576, § 37, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › MISSISSIPPI MUTUAL INSURANCE COMPANY CONVERSION, REORGANIZATION AND MERGER ACT (§§ 83-31-101 — 83-31-181) › Section 83-31-179 - Fees, costs and expenses

(1)
A director, officer, agent or employee of the mutual insurance company may not receive a fee, commission or other consideration other than that person's usual salary or compensation for aiding, promoting or assisting in a plan of reorganization under Sections
83-31-47
or
83-31-101
through
83-31-181
, except as provided by the plan of reorganization approved by the commissioner.
(2)
All the costs and expenses connected with a plan of reorganization shall be paid for or reimbursed by the mutual insurance company or the mutual insurance holding company.
Laws, 1998, ch. 576, § 39, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › MISSISSIPPI MUTUAL INSURANCE COMPANY CONVERSION, REORGANIZATION AND MERGER ACT (§§ 83-31-101 — 83-31-181) › Section 83-31-181 - Rules and regulations

The commissioner may adopt rules and regulations implementing the provisions of Sections
83-31-101
through
83-31-179
, including, but not limited to, the regulation of the solvency of mutual insurance holding companies and intermediate holding companies.
Laws, 1998, ch. 576, § 40, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-1 - Regulation of exchange

Individuals, partnerships, corporations, limited liability companies, public hospitals, including community hospitals, and all other types of entities authorized to exist under the laws of this state, designated as subscribers, may exchange reciprocal or inter insurance contracts with each other or with individuals and all types of entities authorized to exist under the laws of other states, territories, districts and countries, providing insurance or indemnity among themselves from any loss which may be insured against under other provisions of the law except life insurance.
Codes, Hemingway's 1921 Supp. § 5209t; 1930, § 5291; 1942, § 5805; Laws, 1918, ch. 190; Laws, 1995, ch. 313, § 1, eff. 7/1/1995.
Amended by Laws, 2013, ch. 459, HB 748, 1, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-3 - Execution of contracts

Such contracts may be executed by an attorney, agent, or other representative, herein designated attorney, duly authorized and acting for said subscribers, and such attorney may be a corporation or limited liability company. The office or offices of such attorney may be maintained at such place or places as may be designated by the subscribers in the power of attorney.
Codes, Hemingway's 1921 Supp. § 5209u; 1930, § 5292; 1942, § 5806; Laws, 1918, ch. 190.
Amended by Laws, 2013, ch. 459, HB 748, 2, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-5 - Declaration under oath

Such subscribers so contracting among themselves shall, through their attorney, file with the Commissioner of Insurance a declaration verified by the oath of such attorney or, where such attorney is a corporation, by the oath of the proper officer thereof, setting forth:
(a)
The name of the reciprocal, which name shall not be so similar to any name adopted by any insurance organization authorized to write the same class of insurance in this state as to confuse or deceive.
(b)
The address of the reciprocal's principal office.
(c)
The name of the attorney and address of its principal office.
(d)
The kind or kinds of insurance to be effected or exchanged.
(e)
A copy of the form of policy contract or agreement under or by which such insurance is to be effected or exchanged.
(f)
A copy of the form of power of attorney or other authority of such attorney under which such insurance is to be effected or exchanged.
(g)
The location of office or offices from which such contracts or agreements are to be issued.
(h)
That there is in the possession of such attorney and available for the payment of losses, assets conforming to Section
83-33-11
.
(i)
A financial statement in form prescribed for the annual statement.
Codes, Hemingway's 1921 Supp. § 5209v; 1930, § 5293; 1942, § 5807; Laws, 1918, ch. 190.
Amended by Laws, 2023, ch. 310, HB 1162,§ 1, eff. 7/1/2023.
Amended by Laws, 2013, ch. 459, HB 748, 3, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-7 - Commissioner as agent for service of process; reciprocal may sue or be sued in its own name; prohibition against suing subscribers

Any reciprocal doing business in this state may sue or be sued in its name as set forth in its certificate of authority or license. Concurrently with the filing of the declaration provided by the terms of Section
83-33-5
, the attorney shall file with the Commissioner of Insurance an instrument in writing, executed by him for said subscribers, conditioned that upon the issuance of certificates of authority provided in Section
83-33-17
action may be brought in the county in which the property or person insured thereunder is located, and service of process may be had upon the Commissioner of Insurance in all suits in this state arising out of such policies, contracts, or agreements, which service shall be valid and binding upon the reciprocal. Three (3) copies of each process shall be served, and the Insurance Department shall file one (1) copy, forward one (1) copy to said attorney, and return one (1) copy with his admission of service. All suits of every kind and description brought against such reciprocal must be brought against the reciprocal as such, and shall not and may not be brought against any of the subscribers thereto individually on account of their connection with or membership in such reciprocal, and must be brought in the manner and method above provided. A judgment rendered in any such case where service of process has been so had upon the Commissioner of Insurance shall be valid and binding against the reciprocal, and such judgment may only be satisfied solely out of the funds of the reciprocal.
Codes, Hemingway's 1921 Supp. § 5209w; 1930, § 5294; 1942, § 5808; Laws, 1918, ch. 190.
Amended by Laws, 2013, ch. 459, HB 748, 4, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-9 - Maximum risk

There shall be filed with the insurance commissioner by such attorney, whenever the insurance commissioner shall so require, a statement under the oath of such attorney showing in the case of fire insurance the maximum amount of indemnity upon a single risk; and no subscriber shall assume on any single fire insurance risk an amount greater than ten percent (10%) of the net worth of such subscriber.
Codes, Hemingway's 1921 Supp. § 5209x; 1930, § 5295; 1942, § 5809; Laws, 1918, ch. 190.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-11 - Assets maintained

(1)
There shall be maintained at all times assets in cash or securities authorized by the laws of this state for the investment of funds of insurance companies doing the same kind of business, an amount equal to one hundred percent (100%) of the unearned premiums or deposits collected and credited to the accounts of subscribers, or fifty percent (50%) of the advance premiums or deposits collected and credited to the accounts of subscribers on policies having one (1) year or less to run, pro rata on those for longer periods. In addition to the foregoing sum in the case of liability insurance, there shall be maintained as a reserve assets sufficient to discharge all liabilities on all outstanding claims, both reported and incurred but not reported, arising under all policies issued, the same to be calculated on the basis of premiums or deposits as in this section defined and in accordance with the laws of the state relating to similar reserves for companies insuring similar risks. Premiums or deposits as used in this section shall be construed to mean the advance payments made by subscribers. If at any time the assets on hand are less than the foregoing requirements or less than One Hundred Thousand Dollars ($100,000.00), whichever is the greater, where the attorney is exchanging contracts covering employers' liability or similar classes of insurance, the reciprocal shall make up the deficiency. Whenever such assets are less than the amount above required or less than Fifty Thousand Dollars ($50,000.00), whichever is the greater, if the attorney is exchanging contracts other than those covering employers' liability or similar classes of insurance, the reciprocal shall make up the deficiency.
(2)
Notwithstanding subsection (1) of this section, a reciprocal authorized to transact business under this chapter shall comply with the minimum capital, surplus and reserve requirements of a stock company writing similar lines of insurance.
Codes, Hemingway's 1921 Supp. § 5209y; 1930, § 5296; 1942, § 5810; Laws, 1918, ch. 190; Laws, 1995, ch. 313, § 2, eff. 7/1/1995.
Amended by Laws, 2013, ch. 459, HB 748, 5, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-13 - Financial reports

Such reciprocal shall, within the time limited for filing the annual report by insurance companies transacting the same kind of business, make a report to the Commissioner of Insurance for each calendar year showing the financial condition of affairs at the office where such contracts are issued, and shall furnish such additional information and reports as may be required to show the total premiums or deposits collected, the total losses paid, the total amounts returned to subscribers, and the amounts retained for expenses, provided, however, that such reciprocal shall not be required to furnish the names and addresses of any subscribers. The business affairs and assets of such organization shall be subject to examination by the Commissioner of Insurance at the expense of the office examined.
Codes, Hemingway's 1921 Supp. § 5209z; 1930, § 5297; 1942, § 5811; Laws, 1918, ch. 190.
Amended by Laws, 2013, ch. 459, HB 748, 6, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-15 - Penalty

Any attorney who shall exchange any contracts of insurance of the kind and character specified in this chapter or any attorney or representative of such attorney who shall solicit or negotiate any application for same without the attorney first complying with the foregoing provisions shall be deemed guilty of a misdemeanor and, on conviction thereof, shall be subjected to a fine of not less than One Hundred Dollars ($100.00) nor more than One Thousand Dollars ($1,000.00). For the purpose of organization and upon issuance of permit by the Commissioner of Insurance, powers of attorney may be solicited without license; but no attorney, agent, or other persons shall effect any such contracts of insurance until all the provisions of this chapter shall have been complied with.
Codes, Hemingway's 1921 Supp. § 5209a1; 1930, § 5298; 1942, § 5812; Laws, 1918, ch. 190.
Amended by Laws, 2013, ch. 459, HB 748, 7, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-17 - Certificate of authority

Upon compliance with the foregoing requirements and the payment of the fees and taxes provided in this chapter, the Commissioner of Insurance shall issue a certificate of authority to the reciprocal. The Commissioner of Insurance may revoke or suspend any certificate of authority issued hereunder in case of breach of any of the conditions imposed by this chapter after reasonable notice has been given to the reciprocal in writing, so that the reciprocal may appear and show cause why such action should not be taken. Any reciprocal who may have procured a certificate of authority hereunder may have the same renewed annually thereafter, provided that any certificate of authority issued shall continue in force and effect until a new certificate of authority is issued or specifically refused.
Codes, Hemingway's 1921 Supp. § 5209b1; 1930, § 5299; 1942, § 5813; Laws, 1918, ch. 190.
Amended by Laws, 2013, ch. 459, HB 748, 8, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-19 - Taxation of premium receipts

Such reciprocal shall upon the issuance of the certificate of authority herein provided pay to the state the sum of Two Hundred Dollars ($200.00), as provided in Section
27-15-83
, and with the filing of the annual report herein provided shall pay an annual tax upon the gross premiums or deposits collected from subscribers in this state during the preceding calendar year, after deducting therefrom returns for cancellations, considerations for reinsurance, and all amounts returned to subscribers or credited to their account as savings, as provided in Section
27-15-103
et seq.
Codes, Hemingway's 1921 Supp. § 5209c1; 1930, § 5300; 1942, § 5814; Laws, 1918, ch. 190; Laws, 1978, ch. 441, § 6, eff. 7/1/1978.
Amended by Laws, 2013, ch. 459, HB 748, 9, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-21 - Subscriber's agreement and power of attorney

(1)
Every subscriber of a domestic reciprocal may execute a subscriber's agreement and power of attorney setting forth the rights, privileges and obligations of the subscriber as an underwriter and as a policyholder, and the powers and duties of the attorney and reciprocal.
(2)
If a domestic reciprocal requires execution of a subscriber's agreement and power of attorney by a subscriber, then the subscriber, by its execution, shall be bound by the terms and conditions of the subscriber's agreement and power of attorney.
(3)
If a domestic reciprocal does not require execution of a subscriber's agreement and power of attorney, the reciprocal shall include on its policies a statement that the subscriber shall be bound by the terms and conditions of the then current subscriber's agreement and power of attorney on file with and as approved by the Commissioner of Insurance, and each subscriber shall by operation of law be bound by such subscriber's agreement and power of attorney as if individually executed by such subscriber. Without additional execution, notice or acceptance, every subscriber of a reciprocal agrees to be bound by any modification of the terms of the subscriber's agreement and power of attorney which is jointly made by the attorney and the board of directors and amendments thereto, which shall be on file with the attorney and Commissioner of Insurance, which shall become effective upon its approval by the Commissioner of Insurance, and which shall by operation of law bind all subscribers the same as if each subscriber adopted and executed the modified subscriber's agreement and power of attorney. No such modification shall be effective retroactively, nor shall it affect any insurance contract issued prior to the modification. The Commissioner of Insurance's approval shall be deemed given if the subscriber's agreement and power of attorney or any amendment is not disapproved within thirty (30) days of its filing.
Added by Laws, 2013, ch. 459, HB 748, 10, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-23 - Board of directors to control and manage reciprocal

The board of directors for the reciprocal shall have and exercise the ultimate power over the control and management of the affairs of the reciprocal, subject to the subscriber's agreement. The board of directors shall be selected under rules adopted by the subscribers. The board of directors may also be referred to as a subscribers advisory committee, board of trustees or by such other name as the board chooses.
Amended by Laws, 2023, ch. 310, HB 1162,§ 2, eff. 7/1/2023.
Added by Laws, 2013, ch. 459, HB 748, 11, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-25 - Return of savings or credits accruing to subscribers

A reciprocal may return to its subscribers any savings or credits accruing to their accounts.
Added by Laws, 2013, ch. 459, HB 748, 12, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-27 - Certificate to issue nonassessable policies of insurance

(1)
A domestic reciprocal insurer may apply for a certificate to issue nonassessable policies of insurance. A nonassessable policy is a policy in which a subscriber may not be assessed pursuant to Sections
83-33-29
and
83-33-31
. If a domestic reciprocal insurer has a surplus of assets over all liabilities at least equal to the minimum capital and surplus required to be maintained by a domestic stock insurer authorized to transact like kinds of insurance, upon application by the domestic reciprocal insurer the Commissioner of Insurance shall issue a certificate of nonassessability authorizing the insurer to omit provisions imposing contingent assessment liability in all policies delivered or issued or renewed.
(2)
If a domestic reciprocal insurer's surplus of assets over all liabilities falls below the minimum capital and surplus required to be maintained by a domestic stock insurer authorized to transact like kinds of insurance, the Commissioner of Insurance may forthwith revoke the certificate of nonassessability. The revocation shall not render subject to contingent assessment liability any policy then in force.
Added by Laws, 2013, ch. 459, HB 748, 13, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-29 - Issuing nonassessable policies without obtaining certificate of nonassessability prohibited; contingent assessment liability

(1)
Any domestic reciprocal insurer that has not been issued a certificate allowing it to issue nonassessable policies as provided in Section
83-33-27
shall issue assessable policies. An assessable policy is a policy in which the insurer charges an initial premium but may later charge an additional premium in accordance with the provisions of this section and Section
83-33-31
.
(2)
The contingent assessment liability on any one (1) policy in any one (1) calendar year shall equal the premiums earned on the policy for that year multiplied by not less than one (1) nor more than ten (10) as set forth in the policy.
(3)
The contingent assessment liability shall not be joint, but shall be individual and several.
(4)
Each assessable policy issued by the insurer shall plainly set forth a statement of the contingent assessment liability on the front of the policy in capital letters in not less than ten point type.
Added by Laws, 2013, ch. 459, HB 748, 14, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-31 - Computation and timing of assessments levied against subscribers

(1)
Assessments may be levied against the subscribers of a domestic assessable reciprocal in accordance with Section
83-33-29
.
(2)
Any assessment levied against the subscribers of a domestic assessable reciprocal shall treat all subscribers equally in that each subscriber's assessment shall be at the same multiple of the subscriber's policies' individual earned premium for the period covered by the assessment. However, no assessment shall exceed the aggregate contingent assessment liability computed in accordance with Section
83-33-29
. For the purposes of this section, the premiums earned on the subscriber's policies are the gross premiums charged by the reciprocal for the policies, minus any charges not recurring upon the renewal or extension of the policies. No subscriber shall have an offset against any assessment for which the subscriber is liable on account of any claim for unearned premium or losses payable.
(3)
Every subscriber of a domestic reciprocal having contingent assessment liability shall be liable for and shall pay the subscriber's share of any assessment computed in accordance with this section if, while such policy is in force, or within three (3) years after its termination, the subscriber is notified:
(a)
By the reciprocal or the attorney of the reciprocal's intention to levy an assessment; or
(b)
That delinquency proceedings have been instituted against the reciprocal under this title and the department or receiver intends to levy an assessment.
Added by Laws, 2013, ch. 459, HB 748, 15, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-33 - Liability of subscribers for reciprocal's debts or obligations

No subscriber of a reciprocal shall be personally liable for the payment of the reciprocal's debts or obligations. Any judgment obtained against a reciprocal shall be binding and enforceable only upon and against the reciprocal and shall not be binding or enforceable upon or against any of the reciprocal's subscribers. No legal action shall be allowed to be brought or maintained against the subscribers or insureds of a reciprocal for the payment of the reciprocal's debts or obligations; provided, however, nothing in this section shall diminish or eliminate a subscriber's contingent assessment liability under an assessable policy as provided in Sections
83-33-29
and
83-33-31
.
Added by Laws, 2013, ch. 459, HB 748, 16, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-35 - Applicability of licensing requirements and regulations to employees and agents of reciprocal and its attorney

The provisions of this code regarding the appointment, licensing, qualification and regulation of insurance agents, brokers and solicitors, do not apply to the reciprocal or its attorney, nor to the salaried representatives of such reciprocal or attorney who receive no commissions, but do apply in the case of any agent, broker or solicitor of any reciprocal who receives any commission.
Added by Laws, 2013, ch. 459, HB 748, 17, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 33 - RECIPROCAL INSURANCE (§§ 83-33-1 — 83-33-37) › Section 83-33-37 - Two or more reciprocals authorized to combine assets and liabilities into one reciprocal

Two (2) or more reciprocals may combine their assets and liabilities into one (1) reciprocal, subject to the approval of the Commissioner of Insurance.
Added by Laws, 2013, ch. 459, HB 748, 18, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-5 - Powers and duties

The association shall, pursuant to the provisions of this chapter and the plan of operation, and with respect to essential property insurance on insurable property, have the power:
(a)
To issue policies of essential property insurance on insurable property to applicants;
(b)
At its option, and with consent of the commissioner, to issue policies of related essential property insurance on insurable property to applicants;
(c)
To purchase reinsurance for all or part of the risks of the association;
(d)
To levy and collect recoupable and nonrecoupable assessments from assessable insurers;
(e)
To issue bonds or incur other forms of indebtedness, including, but not limited to, loans, lines of credit or letters of credit;
(f)
To establish underwriting criteria consistent with the provisions of this chapter and as approved by the commissioner;
(g)
To invest and reinvest income and assets subject to the oversight of the commissioner;
(h)
To enter into contractual agreements with third parties, including the Mississippi Windstorm Mitigation Coordinating Council, for the purposes of developing and implementing windstorm mitigation programs; and
(i)
All other powers necessary to carry out the provisions and intent of this chapter.
Laws, 1987, ch. 459, § 4; Laws, 2007, ch. 425, § 8; Laws, 2011, ch. 460, § 2, eff. 7/1/2011.
Amended by Laws, 2019, ch. 450, HB 444,§ 4, eff. 7/1/2019.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-9 - Participation by assessable insurers in recoupable and nonrecoupable assessments levied by association; financial incentives and/or penalties to ensure assessable insurers write insurance in the coast area

(1)
All assessable insurers of the association shall participate in recoupable and nonrecoupable assessments levied by the association based upon their percentage of participation. The association may allow affiliated insurers to combine their annual net direct premiums and other data, including data that supports any incentives that may be allowed by the association, to the extent that such grouping promotes the voluntary writing of essential property insurance in the coast area. Any provisions for credits and grouping of data shall be prescribed in the plan of operation.
(2)
All profits of the association shall remain as assets of the association.
(3)
The plan of operation shall provide financial incentives or financial penalties, or both, to ensure that assessable insurers write essential property insurance in the coast area. The incentives and penalties may include, but are not limited to, a reduction in recoupable and nonrecoupable assessments, adjustments in the percentage of participation, and other incentives and penalties as provided in the plan of operation. The commissioner shall approve the plan of operation as provided in Section
83-34-13
.
Laws, 1987, ch. 459, § 6; Laws, 2007, ch. 425, § 10, eff. 3/22/2007.
Amended by Laws, 2019, ch. 450, HB 444,§ 5, eff. 7/1/2019.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-10 - Power to levy recoupable and nonrecoupable assessments upon occurrence of certain events; maximum nonrecoupable assessments

(1)
In the event of a covered event that may produce losses in excess of funds that may be immediately available to the association, or in the event that the association determines that it will otherwise have a claim deficit or any other deficit, then the association, with consent of the commissioner, shall have the power to levy recoupable and nonrecoupable assessments against assessable insurers based upon their percentage of participation.
The minimum reserve, as set forth in the plan of operation, shall not be considered as funds available to the association in determining whether to levy a recoupable or nonrecoupable assessment.
(2)
A nonrecoupable assessment levied under this section shall not exceed six percent (6%) of the association's year-end total limits in force for the preceding calendar year, or Two Hundred Fifty Million Dollars ($250,000,000.00), whichever is less. Further, in any calendar year, the annual total of all nonrecoupable assessment funds collected shall not exceed, in the aggregate, Two Hundred Fifty Million Dollars ($250,000,000.00).
Laws, 2007, ch. 425, § 11, eff. 3/22/2007.
Amended by Laws, 2019, ch. 450, HB 444,§ 6, eff. 7/1/2019.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-11 - [Repealed]

Laws, 1987, ch. 459, § 7; Laws, 2007, ch. 425, § 12, eff. 3/22/2007.
Repealed by Laws, 2019, ch. 450, HB 444,§ 13, eff. 7/1/2019.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-12 - Deferment of assessable insurer's recoupable or nonrecoupable assessment; amount deferred to be assessed against other assessable insurers

The recoupable or nonrecoupable assessment of an assessable insurer may, after hearing, be ordered deferred, in whole or in part, upon application by the insurer if, in the opinion of the commissioner, payment of the recoupable or nonrecoupable assessment would render the insurer insolvent or in danger of insolvency, or would otherwise leave the insurer in such a condition that further transaction of the insurer's business would be hazardous to its policyholders, creditors, assessable insurers, subscribers, stockholders or the public. If that payment of a recoupable or nonrecoupable assessment against an assessable insurer is deferred by order of the commissioner, in whole or in part, the amount by which the recoupable or nonrecoupable assessment is deferred shall be assessed against other assessable insurers in the same manner as provided in Section
83-34-9
.
Laws, 2007, ch. 425, § 13, eff. 3/22/2007.
Amended by Laws, 2019, ch. 450, HB 444,§ 7, eff. 7/1/2019.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-15 - Application for coverage; inspection of property; issuance of insurance; appeal of denial of application

(1)
(a)
Any person having an insurable interest in insurable property is entitled to apply to the association for such coverage. Applications shall be made on behalf of the owner of the insurable interest by a licensed resident broker or agent authorized by him. Applications shall be submitted on forms prescribed by the association.
(b)
The association may require an inspection of any properties after application or request for renewal and may charge a fee for such inspection.
(c)
The term "insurable interest" as used in this subsection shall be deemed to include any lawful and substantial economic interest in the safety or preservation of property from loss, destruction or pecuniary damage.
(2)
If the association determines that the property is insurable and that there is no unpaid premium due from the applicant for prior insurance on the property, the association, upon receipt of the premium or such portion thereof as is prescribed in the plan of operation, shall cause to be issued, or issue, a policy of essential property insurance. Such coverage shall be dependent upon the timely payment and actual receipt by the association of premiums or premium installments as provided for at the time of application. Coverage limits shall be determined by the value of the insurable property at the time the policy is issued subject to maximum limits which shall be set forth under the plan of operation.
(3)
If the association for any reason denies an application and refuses to issue or cause to be issued an insurance policy to any applicant, or takes no action on an application within the time prescribed in the plan of operation, such applicant may appeal to the commissioner. The commissioner or a designated member of his staff, after reviewing the facts, may direct the association to issue or cause to be issued an insurance policy to the applicant; however, no coverage shall be in effect until such time as the premium is paid and the policy issued. In carrying out his duties pursuant to this section, the commissioner may request, and the association shall provide, any information the commissioner deems necessary to a determination concerning the reasons for the denial or delay of the application.
Laws, 1987, ch. 459, § 9; Laws, 2007, ch. 425, § 15, eff. 3/22/2007.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-16 - Premium discount for building "fortified home."

The Mississippi Windstorm Underwriting Association shall provide a premium discount for any individual who builds a "fortified home" pursuant to the Institute for Business and Home Safety (IBHS). Licensed architects, engineers or inspectors certified by the Department of Insurance shall determine whether a dwelling meets the criteria for a "fortified home" pursuant to the Institute for Business and Home Safety. The Mississippi Windstorm Underwriting Association shall provide a premium discount for any individual who improves his residence with demonstrated mitigation measures that provide protection against damages caused by a windstorm or hurricane.
Laws, 2009, ch. 537, § 2, eff. 7/1/2009.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-17 - Rates

The rates, rating plans, rating rules, forms and endorsements applicable to the insurance written by the association shall be those approved for use of the association by the commissioner. Rates shall be nondiscriminatory as to the same class of risk.
Laws, 1987, ch. 459, § 10; Laws, 2007, ch. 425, § 16, eff. 3/22/2007.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-19 - Appeals

(1)
Any assessable insurer or other licensed insurer, or agent placing insurance through a nonadmitted insurer, who may be aggrieved by an act, order, ruling or decision of the association may, within thirty (30) days after such ruling, appeal to the commissioner. Any hearings held by the commissioner pursuant to such an appeal shall be in accordance with the procedure set forth in the insurance laws of Mississippi. The commissioner is authorized to appoint a member of his staff for the purpose of hearing such appeals, and a ruling based upon such hearing shall have the same effect as if heard by the commissioner. All assessable insurers or other licensed insurers, or agents placing insurance through a nonadmitted insurer, aggrieved by any order or decision of the commissioner may appeal to the Chancery Court of the First Judicial District of Hinds County, Mississippi, consistent with the insurance laws of the State of Mississippi.
(2)
The association and any assessable insurer, other licensed insurer or agent placing insurance through a nonadmitted insurer that may be aggrieved by an act, order, ruling or decision of the commissioner may, within thirty (30) days after such act, order, ruling or decision, appeal to the Chancery Court of the First Judicial District of Hinds County, Mississippi, consistent with the insurance laws of the State of Mississippi.
Laws, 1987, ch. 459, § 11; Laws, 2007, ch. 425, § 17, eff. 3/22/2007.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-21 - Reports of inspection made available

All reports of inspection performed by or on behalf of the association shall be made available to the assessable insurers of the association, applicants, agents, brokers and the commissioner.
Laws, 1987, ch. 459, § 12; Laws, 2007, ch. 425, § 18, eff. 3/22/2007.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-23 - Immunity from liability

There shall be no liability on the part of the insurance commissioner or any of his staff and representatives for any action taken under and pursuant to the provisions of this chapter. There shall be no liability on the part of the association, its agents, representatives or employees, the members of the board, or any assessable insurer of the association, except for the specific obligations stated in any contract of insurance and the duty to pay assessments as provided in this chapter.
Laws, 1987, ch. 459, § 13; Laws, 2007, ch. 425, § 19, eff. 3/22/2007.
Amended by Laws, 2019, ch. 450, HB 444,§ 9, eff. 7/1/2019.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-25 - Annual report

The association shall file in the office of the commissioner on or before March 1 of each year a statement which shall summarize the transactions, conditions, operations and affairs of the association during the preceding fiscal year ending December 31. Such statement shall contain such matters and information as are prescribed by the commissioner and shall be in such form as required by him. The commissioner may at any time require the association to furnish to him any additional information with respect to its transactions or any other matter which the commissioner deems to be material to assist him in evaluating the operation and experience of the association.
Laws, 1987, ch. 459, § 14, eff. 4/14/1987.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-27 - Commissioner may examine affairs of association; commissioner and association may examine data and payments of assessable insurer or insurers placing insurance through nonadmitted insurers

The commissioner may from time to time make an examination into the affairs of the association when he deems prudent and, in undertaking such examination, may hold a public hearing. The expenses of such examination shall be borne and paid by the association. The association and the commissioner may from time to time make an examination of the data and payments of assessable insurers or other licensed insurers or agents placing insurance through nonadmitted insurers as it deems prudent. The expenses of such examination shall be borne and paid by the examined party or entity. Any person noticed for such examination may appeal the examination or the cost thereof, or both, to the commissioner.
Laws, 1987, ch. 459, § 15; Laws, 2007, ch. 425, § 20, eff. 3/22/2007.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-29 - Rules and regulations

The association is authorized to promulgate rules for the implementation of this chapter, subject to the approval of the commissioner.
Laws, 1987, ch. 459, § 16, eff. 4/14/1987.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-31 - Powers and authority of board of directors to issue bonds and enter into loans or other forms of indebtedness; rights and remedies of bondholders not to be impaired

(1)
The board of directors, subject to the approval of the commissioner, shall have the power and authority to issue bonds, and the power and authority to enter into loans, letters of credit, lines of credit, and other forms of indebtedness, as needed for operations, the purchase of reinsurance, claim losses, and incurred but not reported claims.
(2)
The bonds must be in a form approved by the commissioner. With approval of the commissioner, the association may issue bonds or incur other indebtedness to retire or consolidate bonds as appropriate. Bonds and other debt obligations issued by or on behalf of the association are not to be considered "state bonds" and shall not be an obligation of the state.
(3)
The state hereby covenants with holders of bonds issued pursuant to this chapter that the state will not limit, alter or deny the duties and obligations of this chapter, and of the association and the commissioner as established by this chapter, necessary to fulfill the terms of any agreements with bondholders, or in any way impair the rights and remedies of such bondholders as long as any such bonds remain outstanding unless adequate provision has been made for the payment of such bonds pursuant to the documents authorizing the issuance of such bonds.
Laws, 2007, ch. 425, § 21, eff. 3/22/2007.
Amended by Laws, 2019, ch. 450, HB 444,§ 10, eff. 7/1/2019.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 34 - WINDSTORM UNDERWRITING ASSOCIATION (§§ 83-34-1 — 83-34-39) › Section 83-34-35 - Commissioner to approve association rates at least adequate to fund annual reinsurance above a certain reserve

In order to avoid or lessen the possibility and amount of excess deficit surcharges authorized by this chapter, the commissioner shall approve rates for policies issued by the association at least adequate to fund annual reinsurance above a self-insured retention of One Hundred Million Dollars ($100,000,000.00) that, combined with any readily available reserves of the association, is sufficient to cover at least the probable maximum losses from a storm expected to occur once every one hundred (100) years as predicted by a model or method approved by the commissioner for the properties insured by the association at the time the reinsurance was negotiated. The amount of reinsurance in the foregoing rate adequacy requirement shall increase every two (2) years by increasing the probable maximum loss by five (5) years, until such time as the probable maximum loss insured is for a storm expected to occur every one hundred fifty (150) years. The commissioner may approve rates in excess of the minimums required by this section as consistent with his duties and the insurance laws of the State of Mississippi. Any self-insured retention related to the purchase of reinsurance shall be subject to the prior approval of the commissioner.
Laws, 2007, ch. 425, § 23, eff. 3/22/2007.
Amended by Laws, 2019, ch. 450, HB 444,§ 12, eff. 7/1/2019.