reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-7 - Expiration of charters under general insurance laws

Domestic insurance companies incorporated under the general insurance laws whose charters are subject to limitation of time and who shall, after such limitation expires, continue to do business for ninety (90) days after March 6, 1956, shall be deemed to have accepted an extension of the time of life of such insurance corporation to a full period of ninety-nine (99) years from the date of the original charter thereof.
Such insurance corporation shall continue in existence as a de jure corporation as fully and completely as if the charter thereof had been thus amended prior to the end of the original period of fifty (50) years.
Likewise, whenever the period of existence of a domestic insurance company heretofore created for a period of fifty (50) years shall expire hereafter, if such corporation shall continue to do business thereafter for a period of ninety (90) days, the same shall operate as an acceptance of an extension of time of the life of such insurance corporation to a full period of ninety-nine (99) years from the date of the original charter thereof, and such insurance corporation shall continue in existence as a de jure corporation as fully and completely as if the charter thereof had been thus amended prior to the end of the original period of fifty (50) years.
Provided, however, that the provisions of this section shall in no way, shape, form, or fashion abate or nullify any suit or claim of whatsoever kind or nature accrued prior to March 6, 1956.
Codes, 1942, § 5651.5; Laws, 1956, ch. 342, § 1.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-9 - Powers

Corporations created under the provisions of this chapter shall have all the powers and privileges enjoyed by corporations created under the general corporation laws of this state, and may issue shares of stock of different classes, within the limits fixed by law, and may fix the relative rights and liability of the holders of each class of stock.
Codes, 1906, § 2591; Hemingway's 1917, § 5055; 1930, § 5157; 1942, § 5667.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-11 - Organization of insurance companies

The procedure for organizing such a corporation shall be as follows: The proposed incorporators, a majority of whom must be residents of the state and not less than three (3), shall subscribe articles of association setting forth their intention to form a corporation; its proposed name, which must be approved by the commissioner and must not so closely resemble the name of an existing corporation doing business under the laws of this state as to be likely to mislead the public; the class or classes of insurance it proposes to transact and on what business plan or principle; the place within the state of its location; and, if on the stock plan, the amount of its capital stock. The words "insurance company" must be a part of the title of any such corporation.
Codes, 1892, § 2333; 1906, § 2578; Hemingway's 1917, § 5042; 1930, § 5146; 1942, § 5656; Laws, 1997, ch. 410, § 12, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-13 - Bylaws

Any such company may adopt bylaws for the conduct of its business not repugnant to law or to its charter, and shall therein provide for the election of a minimum of three (3) directors. The bylaws may provide for the division of its board of directors into two (2), three (3) or four (4) classes and the election thereof at its annual meetings in such manner as that the members of one (1) class only shall retire and their successors be chosen each year. Vacancies in any such class may be filled by election by the board for the unexpired term.
Codes, 1906, § 2573; Hemingway's 1917, § 5038; 1930, § 5142; 1942, § 5652; Laws, 1997, ch. 410, § 13, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-15 - Organizational meeting

The first meeting for the purpose of organization shall be called by a notice signed by one or more of the subscribers to the articles of association, stating the time, place, and purposes of the meeting, a copy whereof shall, seven (7) days at least before the appointed time, be given to each subscriber, or left at his usual place of business or residence, or duly mailed to his post office address. Whoever gives such notice shall make affidavit thereof, which shall include a copy of the notice and be entered upon the records of the corporation. At such first meeting, including any adjournment thereof, an organization shall be effected by the choice of a temporary clerk, who shall be sworn to correctly keep and record the proceedings of the meeting, by the adoption of bylaws, and by the election of directors and such other officers as the bylaws may require; but at such first meeting no person shall be elected director who has not signed the articles of association. The temporary clerk shall record the proceedings until and including the choice and qualification of the secretary. The directors so chosen shall elect a president, secretary, and other officers who, under the bylaws, they are authorized to choose. The offices of president and treasurer shall not be held by the same individual.
Codes, 1906, § 2579; Hemingway's 1917, § 5043; 1930, § 5147; 1942, § 5657; Laws, 1958, ch. 436, § 1; Laws, 1998, ch. 323, § 3, eff. 7/1/1998.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-16 - Commissioner of Insurance to be notified of changes in officers or directors

Every domestic insurer shall notify the Commissioner of Insurance in writing of any change in the officers or directors of the insurer either before or immediately after such change becomes effective. The notice shall include biographical affidavits on the new officers or directors in the format developed by the commissioner.
Laws, 1999, ch. 313, § 1, eff. 7/1/1999.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-17 - [Repealed]

Repealed by Laws, 1991, ch. 335, § 1, eff. 7/1/1991.
Codes, 1942, § 5657.1; Laws, 1958, ch. 436, § 2.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-19 - Certificate of organization

The president, secretary, and majority of the directors shall forthwith make, sign, and swear to a certificate setting forth a copy of the articles of association, with the names of the subscribers thereto, the date of the first meeting, and of any adjournment thereof, and shall submit such certificate and the records of the corporation to the insurance commissioner, who shall examine the same and may require such other evidence as he may deem necessary.
Codes, 1906, § 2579; Hemingway's 1917, § 5043; 1930, § 5147; 1942, § 5657; Laws, 1958, ch. 436, § 1.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-21 - License fees; deposit into Insurance Department Fund; funding of agency expenses; deposit of monies into State General Fund

If it appears that the requirements of the law herein have been complied with, the commissioner shall collect a fee of Two Hundred Dollars ($200.00), to be paid into the special fund in the State Treasury designated as the "Insurance Department Fund" and shall certify the fact and his approval of the articles of association, by endorsement thereon. The commissioner shall also collect a fee of Fifty Dollars ($50.00) for any amendment filed thereon and such fee shall be deposited into the "Insurance Department Fund."
From and after July 1, 2016, the expenses of this agency shall be defrayed by appropriation from the State General Fund and all user charges and fees authorized under this section shall be deposited into the State General Fund as authorized by law.
From and after July 1, 2016, no state agency shall charge another state agency a fee, assessment, rent or other charge for services or resources received by authority of this section.
Codes, 1906, § 2580; Hemingway's 1917, § 5044; 1930, § 5148; 1942, § 5658; Laws, 1977, ch. 325; Laws, 1988, ch. 526, § 6; Laws, 1991, ch. 352 § 1, eff. 3/15/1991.
Amended by Laws, 2016, ch. 459, SB 2362, 31, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-23 - [Repealed]

Repealed by Laws, 1997, ch. 410, § 24, eff. 7/1/1997.
Codes, 1906, § 2581; Hemingway's 1917, § 5045; 1930, § 5149; 1942, § 5659.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-25 - [Repealed]

Repealed by Laws, 1999, ch. 316, § 1, eff. 7/1/1999.
Codes, 1942, § 5657.2; Laws, 1958, ch. 436, § 3.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-27 - Examination of financial ability, condition, and affairs

It shall be the duty of the commissioner of insurance of this state to make an examination of the financial ability, condition, and affairs of each domestic insurance company of this state, within twelve (12) months from the date upon which such domestic insurance company commences to do business in this state, and thereafter regular examinations of the financial ability, condition, and affairs of such domestic insurance companies shall be made as herein provided, and is now provided.
Codes, 1942, § 5659.5; Laws, 1956, ch. 331; Laws, 1958, ch. 437, § 1.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-29 - New companies to file financial statement each quarter for two years

It shall be the further duty of the Commissioner of Insurance of this state to require each domestic insurance company to file with the Department of Insurance a sworn financial statement of the company each quarter after it commences to do business, for a period of two (2) years. The statement shall be filed on and in accordance with the NAIC Quarterly Statement Blank and Instructions as well as the NAIC Accounting Practices and Procedures Manual. After the expiration of the two-year period, the annual statement otherwise required by statute will be sufficient unless the Commissioner of Insurance deems it advisable to require a more frequent filing of a financial statement.
Codes, 1942, § 5659.7; Laws, 1958, ch. 437, § 2; Laws, 2003, ch. 384, § 1, eff. 7/1/2003.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-33 - Capital stock payment

The capital stock shall be paid in cash within twelve (12) months from the date of charter or certificate of organization, unless the commissioner of insurance on proper showing shall grant additional time for the completion of the sale and payment of said stock; and no certificate of full shares shall be issued until paid for in full. No policies shall be issued until an amount equal to the minimum required by law shall have been paid into the company and a license to engage in business has been issued by the commissioner of insurance.
Codes, 1906, § 2583; Hemingway's 1917, § 5047; 1930, § 5151; 1942, § 5661; Laws, 1924, ch. 192; Laws, 1958, ch. 438, § 1.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-35 - Commissioner to approve the price per share of stock

The commissioner of insurance shall approve the price per share of stock to be issued by a domestic insurance company upon the filing of a prospectus or brochure by the company. Said prospectus or brochure shall show the total number of shares authorized, and the number of shares to be issued at a specified price, and shall contain in large print the wording "This stock is purely speculative." The above provisions shall also apply to any stock subscribed to under escrow agreement at any organizational meeting.
Codes, 1942, § 5661-01; Laws, 1958, ch. 438, § 2, eff. 5/6/1958.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-37 - Stock sale

No stock sale shall be approved at a par value of less than One Dollar ($1.00) per share, and no stock sale shall be approved in which commissions paid to salesmen, agents, or brokers exceed ten percent (10%) of the asking price of the stock.
Codes, 1942, § 5661-02; Laws, 1958, ch. 438, § 3, eff. 5/6/1958.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-39 - Escrow deposits

The par value of each share and fifty percent (50%) of the amount allocated to surplus shall be deposited in escrow in a bank in the State of Mississippi, jointly payable to the commissioner of insurance and the company, which deposit shall remain in escrow until sufficient funds are raised to permit the licensing of the company, or returned to the stockholders in lieu of such licensing.
Codes, 1942, § 5661-03; Laws, 1958, ch. 438, § 4, eff. 5/6/1958.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-41 - No stock to be placed on option

The commissioner of insurance shall examine the charter and bylaws of each company applying for license to do business under the domestic insurance company laws to determine that no stock is placed on option. It shall be unlawful for any domestic insurance company to declare a stock dividend within five (5) years from date of incorporation.
Codes, 1942, § 5661-04; Laws, 1958, ch. 438, § 5, eff. 5/6/1958.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-43 - Qualification of certain stock sales with securities exchange commission

Any insurance company formed under the laws of the State of Mississippi, whose organizers or incorporators consist of one or more nonresidents of the State of Mississippi, shall, in addition to having the approval of the commissioner of insurance of all stock sales, likewise qualify the sale of stock in such company with the securities exchange commission.
Codes, 1942, § 5661-05; Laws, 1958, ch. 438, § 6, eff. 5/6/1958.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-45 - Organization through sale of stock in holding company prohibited

No insurance company shall be organized through the sale of stock in a holding or investment company.
Codes, 1942, § 5661-06; Laws, 1958, ch. 438, § 7, eff. 5/6/1958.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-47 - Violation to invalidate organization of company

Any violation of the provisions in Sections
83-19-33
through
83-19-45
shall invalidate the organization of any proposed domestic insurance company, either prior to or following its licensing by the insurance department.
Codes, 1942, § 5661-07; Laws, 1958, ch. 438, § 8, eff. 5/6/1958.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-49 - License fees

The licensing fees applicable to domestic insurance companies and stock salesmen shall be as provided in Section
83-5-19
, Mississippi Code of 1972.
Codes, 1942, § 5661-08; Laws, 1958, ch. 438, § 9, eff. 5/6/1958.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-53 - Investment to finance buildings for General Services Administration

A domestic insurance company may invest its funds in financing the construction of public buildings and improvements for the use of the United States of America through the General Services Administration pursuant to the provisions of Title I, Public Law 519, 83rd Congress, known as the Public Buildings Purchase Contract Act of 1954 (68 Stat. 518), as amended by Public Law 150, 84th Congress (69 Stat. 297), and Public Law 667, 84th Congress (70 Stat. 510), which amends the Public Buildings Act of 1949, Public Law 105, 81st Congress, approved June 16, 1949 (63 Stat. 176), and all laws amendatory thereof or supplemental thereto; and to that end may acquire, hold and convey real estate and other property and make and enter into any and all contracts and agreements deemed necessary or advisable by it to carry out the purposes of this section and protect the interests of such company; provided, however, that repayment of the loans and advances for such construction, with interest thereon, shall be obligations of or guaranteed by the United States of America.
This section is cumulative to and shall not repeal any other statutes of this state dealing with the investment of funds or the acquisition, holding, and conveyance of property by a domestic insurance company.
Codes, 1942, § 5662.5; Laws, 1958, ch. 451, §§ 1, 2.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-55 - Real estate holdings

A domestic company may acquire, hold, and convey real estate for the purposes and in the manner only following:
(a)
The buildings in which it has its principal office and the land on which it stands.
(b)
Such as shall be requisite for its convenient accommodation in the transaction, enlargement, and advancement of its business.
(c)
Such as shall have been acquired for the accommodation of its business.
(d)
Such real estate as it may purchase or hold for the production of income. It may improve or otherwise develop in any manner such real estate and the improvements thereon, and may own, maintain, manage, collect and receive income from, and sell or convey the same. Said real estate described in paragraphs (a), (b), (c) and (d) shall not exceed in value, as evidenced by its original purchase price including any encumbrances thereon, fifteen percent (15%) of the assets of such company, unless the company file with the commissioner application for permission to exceed said proportion, stating its reasons therefor, and obtain his certificate approving the same.
(e)
Such as shall have been mortgaged to it in good faith, by way of security for loans previously contracted for money due.
(f)
Such as shall have been conveyed to it in satisfaction of debts previously contracted in the course of its dealings.
(g)
Such as it shall have purchased at sales on judgments, decrees or mortgages obtained or made for debts.
All real estate specified in paragraphs (c), (e), (f) and (g) of this section shall be sold by the company and disposed of within five (5) years after it shall have acquired the title to the same, unless the company obtain the certificate of the commissioner that its interests will suffer materially from a forced sale thereof, in which event the time for the sale may be extended to such time as the commissioner shall direct in such certificate. The company may, however, elect to consider property acquired as specified in paragraphs (c), (e), (f) and (g) as real estate for the production of income, as defined in paragraph (d). Such election shall be evidenced by a written notice thereof to the commissioner, and, where such election is made, property so acquired shall be subject to the limitation of fifteen percent (15%) of the company's assets, as defined in paragraph (d), and shall not be required to be sold within said five-year period.
Codes, 1892, § 2331; 1906, § 2574; Hemingway's 1917, § 5039; 1930, § 5143; 1942, § 5653; Laws, 1946, ch. 362, § 1.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-57 - Capital impairment

When the net assets of a company do not amount to more than three-fourths (3/4) of its original paid-up capital, it may make good its capital to the original amount by assessment of its stock, and shall not write any new business until same is made good or reduced to minimum amount required by this chapter. If such company shall not, within three (3) months after notice from the commissioner to that effect, make good its capital as aforesaid or reduce the same, its authority to transact new business of insurance will be revoked by said commissioner.
Codes, 1906, § 2584; Hemingway's 1917, § 5048; 1930, § 5153; 1942, § 5663.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-59 - Application to increase or reduce capital stock

The commissioner shall, upon application, examine the proceedings of domestic companies to increase or reduce their capital stock and, when found conformable to law shall indorse certificates thereof and shall issue certificates of authority to such company to transact business upon such increased or reduced capital. He shall not allow stockholders' obligations of any description as part of the assets or capital of any insurance company unless the same are secured by competent collateral.
Codes, 1880, § 1087; 1892, § 2338; 1906, § 2568; Hemingway's 1917, § 5033; 1930, § 5140; 1942, § 5650.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-61 - Increase of capital stock

Any such company having a paid-up capital, as required by law, may increase its capital stock by a vote of its stockholders, and issue certificates for the additional shares, which may be paid for in cash or in such installments as the company may determine. Such certificates shall show on their face the amount actually paid (unless paid in full), and no capital shall be advertised except the amount actually paid. The company shall, within thirty (30) days after authorizing such increase of capital, report the fact to the commissioner, setting forth the amount of such increase and the amount of same to be paid in cash. If the commissioner finds that the facts conform to the law, he shall indorse his approval thereon; and upon filing such certificate so indorsed with the secretary of state and paying a fee of Five Dollars ($5.00) for filing and recording the same, the company may continue to dispose of such authorized increase as has not been disposed of, and to transact business upon the capital as thus increased. As soon as the whole of such authorized increase has been placed or disposed of, the company shall report the fact to the commissioner; and if not disposed of in six (6) months from the date of the first report herein required, a report shall then be made of the transactions to that date.
Codes, 1906, § 2585; Hemingway's 1917, § 5049; 1930, § 5154; 1942, § 5664.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-63 - Reduction of capital stock

When the capital stock of a company is impaired, such company may, upon a vote of the majority of the stock represented at a meeting called for that purpose, reduce its capital stock and the number of shares thereof to an amount not less than the minimum sum required by law. No part of its assets and property shall be distributed to its stockholders, but shall remain as surplus fund. Within ten (10) days after such meeting, the company shall submit to the commissioner a certificate setting forth the proceedings thereof, the amount of such reduction, and the assets and liabilities of the company, signed and sworn to by its president, secretary, and a majority of its directors. The commissioner shall examine the facts in the case and, if the same conform to law and in his judgment the proposed reduction may be made without prejudice to the public, he shall indorse his approval upon the certificate. Upon filing the certificate so indorsed in the office of the secretary of state and paying a fee of Five Dollars ($5.00) for the filing and recording thereof, the company may transact business upon the basis of such reduced capital as though the same were its original capital. Its charter shall be deemed to be amended to conform thereto, and the secretary of state shall issue his certificate to that effect. Such company may, by a majority vote of its directors after such reduction, require the return of the original certificates of stock held by each stockholder in exchange for new certificates it may issue in lieu thereof for such number of shares as each stockholder is entitled to in the proportion that the reduced capital bears to the original.
Codes, 1906, § 2586; Hemingway's 1917, § 5050; 1930, § 5155; 1942, § 5665.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-65 - Dividends

No stock company shall make a dividend, either in cash or stock certificates, except from its actual net surplus computed as required by law in its annual statements. Nor shall any company which has ceased to do new business of insurance divide any portion of its assets, except surplus, to its stockholders until it shall have performed or cancelled its policy obligations.
Codes, 1892, § 2335; 1906, § 2587; Hemingway's 1917, § 5051; 1930, § 5156; 1942, § 5666.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-67 - Regulation of management contracts

Any management contract between a domestic insurer and another person, as defined in Section
83-6-1(f)
, shall be filed and subject to review and final approval of the State Insurance Department.
Codes, 1942, § 5657.3; Laws, 1958, ch. 436, § 4; Laws, 1999, ch. 314, § 1, eff. 7/1/1999.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-69 - Certain contracts prohibited in another state

Subject to the exceptions set forth herein, no domestic insurer shall enter into a contract of insurance upon the life or person of a resident of any other state, or covering property or risks located in any other state, unless such insurer is authorized pursuant to the laws of such other state to do business therein.
The following constitute the exceptions to the foregoing provisions of this section:
(a)
Life insurance contracts entered into where the prospective insurant is personally present in a state in which the insurer is authorized to do business when he signs the application.
(b)
Issuance of certificates under any lawfully transacted group life, group accident, group health, or other group disability policy, where the master policy is entered into in a state in which the insurer is authorized to do business.
(c)
Contracts made pursuant to a pension or retirement plan of an employer, when such contracts are applied for in a state where the employer is personally present or doing business and the insurer is authorized to do business.
(d)
The renewal, reinstatement, conversion, or continuance in force with or without modification of contracts otherwise lawfully entered into and which were not originally executed in violation of this section, where the terms of such policy as originally executed leave no option as to renewal, reinstatement, or continuance in force to the insurer, but vest such rights in the insured alone.
(e)
Reinsurance contracts entered into upon request from companies in other states covering risks in other states, provided such companies requesting reinsurance are licensed in the states in which the risks are located.
Any company wilfully violating this section shall be subject to suspension of its license to do business in this state for a period of not more than one (1) year, after ten (10) days' notice in writing and hearing by the commissioner of insurance.
Codes, 1942, § 5670.5; Laws, 1964, ch. 475, §§ 1, 2, eff. 6/11/1964.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-71 - [Repealed]

Repealed by Laws, 1991, ch. 501, § 6, eff. 7/1/1991.
Codes, 1930, § 5158; 1942, § 5668; Laws, 1926, ch. 262; Laws, 1930, ch. 211; Laws, 1940, ch. 205; Laws, 1952, ch. 298; Laws, 1958, ch. 440; Laws, 1962, ch. 459.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-73 - [Repealed]

Repealed by Laws, 1998, ch. 323, § 9, eff. 7/1/1998.
Codes, 1942, § 5670.1; Laws, 1958, ch. 452, § 1; Laws, 1962, ch. 461, §§ 1-3; Laws, 1976, ch. 402, § 2; Laws, 1987, ch. 365; Laws, 1997, ch. 410, § 15, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-75 - Penalty for failure to report impairment of surplus

If the surplus of any domestic insurance company or association shall be impaired, as provided in Sections
83-19-75
and
83-19-77
, and such impairment shall not be reported to the Commissioner of Insurance of this state within ten (10) days after such impairment occurs or results, the executive officers, secretary, treasurer, and directors of such company shall each be guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine of not more than Five Hundred Dollars ($500.00) or by imprisonment in the county jail for not more than six (6) months, or by both such fine and imprisonment, in the discretion of the court.
Codes, 1942, § 5670.2; Laws, 1958, ch. 452, § 2; Laws, 2001, ch. 379, § 2, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-77 - Exceptions to surplus requirements

Sections
83-19-75
and
83-19-77
shall not be construed as applicable to fraternal, benevolent, or burial associations, or any other organization not specifically named in the foregoing schedule.
Codes, 1942, § 5670.4; Laws, 1958, ch. 452, § 4; Laws, 2001, ch. 379, § 3, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-79 - "Equity security" defined

The term "equity security" when used in Sections
83-19-79
through
83-19-97
means any stock or similar security; or any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any such warrant or right; or any other security which the commissioner of insurance shall deem to be of similar nature and consider necessary or appropriate, by such rules and regulations as he may prescribe in the public interest or for the protection of investors, to treat as an equity security.
Codes, 1942, § 5670.7-08; Laws, 1966, ch. 528, § 8, eff. 3/17/1966.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-81 - Statements of ownership of equity securities

Every person who is directly or indirectly the beneficial owner of more than ten percent (10%) of any class of any equity security of a domestic stock insurance company, or who is a director or an officer of such company, shall file in the office of the commissioner of insurance within ten (10) days after he becomes such beneficial owner, director, or officer, a statement in such form as the commissioner of insurance may prescribe of the amount of all equity securities of such company of which he is the beneficial owner; and within ten (10) days after the close of each calendar month thereafter, if there has been a change in such ownership during such month, shall file in the office of the commissioner of insurance a statement in such form as the commissioner of insurance may prescribe, indicating his ownership at the close of the calendar month and such changes in his ownership as have occurred during such calendar month.
Codes, 1942, § 5670.7-01; Laws, 1966, ch. 528, § 1, eff. 3/17/1966.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-83 - Recovery of profit realized from certain purchase or sale of equity security

For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director, or officer by reason of his relationship to such company, any profit realized by him from any purchase and sale, or any sale and purchase, of any equity security of such company within any period of less than six (6) months, unless such security was acquired in good faith in connection with a debt previously contracted, shall inure to and be recoverable by the company, irrespective of any intention on the part of such beneficial owner, director, or officer in entering into such transaction of holding the security purchased or of not repurchasing the security sold for a period exceeding six (6) months. Suit to recover such profit may be instituted at law or in equity in any court of competent jurisdiction by the company, or by the owner of any security of the company in the name and in behalf of the company, if the company shall fail or refuse to bring such suit within sixty (60) days after request or shall fail diligently to prosecute the same thereafter; but no such suit shall be brought more than two (2) years after the date such profit was realized. This section shall not be construed to cover any transaction where such beneficial owner was not beneficial owner both at the time of the purchase and sale, or the sale and purchase, of the security involved, or any transaction or transactions which the commissioner of insurance by rules and regulations may exempt as not comprehended within the purpose of this section.
Codes, 1942, § 5670.7-02; Laws, 1966, ch. 528, § 2, eff. 3/17/1966.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-85 - Prohibition of certain sales of equity security

It shall be unlawful for any such beneficial owner, director, or officer, directly or indirectly, to sell any equity security of such company if the person selling the security or his principal (i) does not own the security sold, or (ii) if owning the security, does not deliver it against such sale within twenty (20) days thereafter, or does not within five (5) days after such sale deposit it in the mails or other usual channels of transportation. No person shall be deemed to have violated this section if he proves that, notwithstanding the exercise of good faith, he was unable to make such delivery or deposit within such time, or that to do so would cause undue inconvenience or expense.
Codes, 1942, § 5670.7-03; Laws, 1966, ch. 528, § 3, eff. 3/17/1966.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-87 - Certain purchases or sales of equity securities excepted

The provisions of Section
83-19-83
shall not apply to any purchase and sale, or sale and purchase, and the provisions of Section
83-19-85
shall not apply to any sale, of an equity security of a domestic stock insurance company not then or theretofore held by him in an investment account, by a dealer in the ordinary course of his business and incident to the establishment or maintenance by him of a primary or secondary market (otherwise than on an exchange as defined in the Securities Exchange Act of 1934) for such security. The commissioner of insurance may, by such rules and regulations as he deems necessary or appropriate in the public interest, define and prescribe terms and conditions with respect to securities held in an investment account and transactions made in the ordinary course of business and incident to the establishment or maintenance of a primary or secondary market.
Codes, 1942, § 5670.7-04; Laws, 1966, ch. 528, § 4, eff. 3/17/1966.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-89 - Certain arbitrage transactions excluded

The provisions of Sections
83-19-81
through
83-19-85
shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the commissioner of insurance may adopt in order to carry out the purposes of Sections
83-19-79
through
83-19-97
.
Codes, 1942, § 5670.7-05; Laws, 1966, ch. 528, § 5, eff. 3/17/1966.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-91 - Solicitation of proxies, consents, or authorizations

It shall be unlawful for any person, in contravention of such rules and regulations as the commissioner of insurance may prescribe as necessary or appropriate in the public interest or for the protection of investors, to solicit or to permit the use of his name to solicit any proxy or consent or authorization in respect of any equity security of a domestic stock insurance company.
Codes, 1942, § 5670.7-06; Laws, 1966, ch. 528, § 6, eff. 3/17/1966.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-93 - Transmission of security information

Unless proxies, consents, or authorizations in respect of an equity security of a domestic stock insurance company are solicited by or on behalf of the management of such company from the holders of record of such security in accordance with the rules and regulations prescribed under Section
83-19-91
prior to any annual or other meeting of the holders of such security, such company shall, in accordance with such rules and regulations as the commissioner of insurance may prescribe as necessary or appropriate in the public interest or for the protection of investors, if required thereby, file with the commissioner of insurance and transmit to all holders of record of such security information substantially equivalent to the information which would be required to be transmitted if a solicitation were made.
Codes, 1942, § 5670.7-07; Laws, 1966, ch. 528, § 7, eff. 3/17/1966.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-95 - Provisions inapplicable to certain equity securities

The provisions of Sections
83-19-81
,
83-19-83
,
83-19-85
,
83-19-91
, and
83-19-93
shall not apply to equity securities of a domestic stock insurance company if (a) such securities shall be registered, or shall be required to be registered, pursuant to Section 12 of the Securities Exchange Act of 1934, as amended, or if (b) such domestic stock insurance company shall not have any class of its equity securities held of record by one hundred (100) or more persons on the last business day of the year next preceding the year in which equity securities of the company would be subject to the provisions of the cited sections except for the provisions of this subsection (b).
Codes, 1942, § 5670.7-09; Laws, 1966, ch. 528, § 9, eff. 3/17/1966.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › GENERAL PROVISIONS (§§ 83-19-1 — 83-19-97) › Section 83-19-97 - Commissioner to make rules and regulations

The commissioner of insurance shall have the power to make such rules and regulations as may be necessary for the execution of the functions vested in him by Sections
83-19-81
through
83-19-93
, and may for such purpose classify domestic stock insurance companies, securities, and other persons or matters within his jurisdiction. No provision of Sections
83-19-81
,
83-19-83
,
83-19-85
,
83-19-91
, and
83-19-93
imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule or regulation of the commissioner of insurance, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or determined by judicial or other authority to be invalid for any reason.
Codes, 1942, § 5670.7-10; Laws, 1966, ch. 528, § 10, eff. 3/17/1966.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › MERGER OR CONSOLIDATION, OR EXCHANGE OF OUTSTANDING STOCK, OF DOMESTIC STOCK COMPANIES (§§ 83-19-99 — 83-19-123) › Section 83-19-99 - Authorization

A domestic stock insurance company (referred to in Sections
83-19-99
through
83-19-123
as the "domestic company") may effect:
(a)
A merger or consolidation with one or more domestic stock insurance companies, or with one or more foreign stock insurance companies, if such merger or consolidation is authorized by the laws of the state under which each such foreign company is organized; or
(b)
An exchange of all the outstanding stock of its shareholders with a domestic stock corporation, or with a foreign stock corporation authorized to do business in this state, if such exchange is authorized by the laws of the state under which such foreign corporation is organized (such domestic or foreign corporation being referred to in Sections
83-19-99
through
83-19-123
as the "acquiring corporation"), which acquiring corporation pays or provides the following consideration:
(1)
shares of stock or other securities issued by such acquiring corporation;
(2)
cash;
(3)
other consideration;
(4)
any combination of such stock or other securities, cash or other consideration, by complying with the provisions of said sections.
Sections
83-19-99
through
83-19-123
shall be supplemental to the general laws of this state governing corporations but in the event there exists any conflict between the provisions of said sections and the provisions of the general laws governing corporations, the provisions of Sections
83-19-99
through
83-19-123
shall be controlling.
Codes, 1942, § 5670.7-21; Laws, 1972, ch. 419, § 1, eff. 4/27/1972.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › MERGER OR CONSOLIDATION, OR EXCHANGE OF OUTSTANDING STOCK, OF DOMESTIC STOCK COMPANIES (§§ 83-19-99 — 83-19-123) › Section 83-19-101 - Directors' resolution and plan

The constituent insurance companies may adopt a plan of merger or consolidation, or the domestic insurance company and the acquiring corporation may adopt a plan of exchange of stock in the manner hereinafter set out.
The board of directors of each such corporation shall adopt a resolution approved by a majority of the whole board setting forth the proposed plan of merger, consolidation or exchange and directing that it be submitted to a vote at a meeting of shareholders, which may be either an annual or a special meeting. The plan shall set forth:
(a)
The name of each corporation which is a party to the plan and, if the name of any of them has been changed, the name under which it was formed; and the name of the surviving corporation or the name, or the method of determining it, of the consolidated corporation;
(b)
The terms and conditions of the proposed merger, consolidation, or exchange of stock;
(c)
The manner and basis of carrying such merger, consolidation, or exchange into effect; or
(d)
In the case of a merger, a statement of any amendments or changes in the charter of the surviving corporation to be effected by such merger; in the case of a consolidation, all statements required to be included in the charter for a new corporation formed pursuant to the general laws of this state governing corporations.
No director, officer, agent or employee of any such corporation, shall receive any fee, commission, compensation or other valuable consideration whatsoever for in any manner aiding, promoting or assisting in the adoption or approval of such plan except as specifically set forth therein.
Codes, 1942, § 5670.7-22; Laws, 1972, ch. 419, § 2, eff. 4/27/1972.