reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-7 - Registration statement; immaterial information need not be disclosed; items deemed to be immaterial

No information need be disclosed on the registration statement filed pursuant to Section
83-6-5
if such information is not material for the purposes of Sections
83-6-3
through
83-6-19
. Unless the commissioner by rule, regulation or order provides otherwise, sales, purchases, exchanges, loans or extensions of credit or investments involving one-half of one percent (1/2 of 1%) or less of an insurer's admitted assets as of the thirty-first day of December next preceding are not to be deemed material for purposes of Sections
83-6-3
through
83-6-19
.
Laws, 1974, ch. 366, § 2(3), eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-9 - Registration statement; report of material changes or additions on amendment forms

Each registered insurer is required to keep current the information required to be disclosed in its registration statement by reporting all material changes or additions on amendment forms provided by the commissioner within fifteen (15) days after the end of the month in which it learns of each such change or addition.
Laws, 1974, ch. 366, § 2(4), eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-11 - Termination of registration of insurer no longer member of insurance holding company system; consolidated registration statement or amendment by affiliated insurers

(1)
The commissioner is required to terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system.
(2)
The commissioner may require or allow two (2) or more affiliated insurers subject to registration hereunder to file a consolidated registration statement or consolidated reports amending their consolidated registration statement on their individual registration statements.
Laws, 1974, ch. 366, § 2(5, 6), eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-13 - Insurer may register on behalf of affiliated insurer, when

The commissioner may allow an insurer which is authorized to do business in this state and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under Section
83-6-3
and to file all information and material required to be filed under Sections
83-6-3
through
83-6-19
.
Laws, 1974, ch. 366, § 2(7), eff. 7/7/1974.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-15 - Exemption of insurer, information or transaction from application of sections 83-6-3 through 83-6-19

The provisions of Sections
83-6-3
through
83-6-19
do not apply to any insurer, information or transaction if and to the extent that the commissioner, by rule, regulation or order, exempts the same from the provisions of Sections
83-6-3
through
83-6-19
.
Laws, 1974, ch. 366, § 2(8), eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-17 - Disclaimer of affiliation; effect of filing; disallowance

Any person may file with the commissioner a disclaimer of affiliation with any authorized insurer or such a disclaimer may be filed by such insurer or any member of an insurance holding company system. The disclaimer shall fully disclose all material relationships and bases for affiliation between such person and such insurer as well as the basis for disclaiming such affiliation. A disclaimer of affiliation shall be deemed to have been granted unless the commissioner, within thirty (30) days following receipt of a complete disclaimer, notifies the filing party that the disclaimer is disallowed. In the event of disallowance, the disclaiming party may request an administrative hearing, which shall be granted. The disclaiming party is relieved of any duty to register or report under this chapter which may arise out of the insurer's relationship with such person if approval of the disclaimer has been granted by the commissioner, until the commissioner disallows such a disclaimer.
Laws, 1974, ch. 366, § 2(9), eff. 7/1/1974.
Amended by Laws, 2013, ch. 416, HB 534, 10, eff. 7/1/2013.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-19 - Failure to file registration statement or amendment as violation

The failure to file a registration statement or any amendment thereto required by Sections
83-6-3
through
83-6-19
within the time specified for such filing is a violation of Sections
83-6-3
through
83-6-19
.
Laws, 1974, ch. 366, § 2(10), eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-23 - Factors to be considered in determining reasonableness of insurer's surplus

For purposes of this chapter, in determining whether an insurer's surplus as regards policyholders is reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs, the following factors, among others, are to be considered:
(a)
The size of the insurer as measured by its assets, capital and surplus, reserves, premium writings, insurance in force and other appropriate criteria;
(b)
The extent to which the insurer's business is diversified among the several lines of insurance;
(c)
The number and size of risks insured in each line of business;
(d)
The extent of the geographical dispersion of the insurer's insured risks;
(e)
The nature and extent of the insurer's reinsurance program;
(f)
The quality, diversification and liquidity of the insurer's investment portfolio;
(g)
The recent past and projected future trend in the size of the insurer's surplus as regards policyholders;
(h)
The surplus as regards policyholders maintained by other comparable insurers;
(i)
The adequacy of the insurer's reserves; and
(j)
The quality and liquidity of investments in affiliates. The commissioner may treat any such investment as a disallowed asset for purposes of determining the adequacy of surplus as regards policyholders whenever in his judgment such investment so warrants.
Laws, 1974, ch. 366, § 3(2), eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-25 - Restriction on payment of extraordinary dividends or making extraordinary distributions; notice to commissioner

(1)
No domestic insurer shall pay any extraordinary dividend or make any other extraordinary distributions to its shareholders without first making a written request and receiving written approval for such payment from the commissioner or unless, within the forty-five (45) days after the commissioner has received such written request, the commissioner has not disapproved such payment.
(2)
For purposes of this section, an extraordinary dividend or distribution includes any dividend or distribution of cash or other property whose fair market value together with that of other dividends or distributions made within the preceding twelve (12) months exceeds the lesser of:
(a)
ten percent (10%) of such insurer's surplus as regards policyholders as of the thirty-first day of December next preceding; or
(b)
the net gain from operations of such insurer, if such insurer is a life insurer, or the net income, if such insurer is not a life insurer, not including realized capital gains, for the twelve-month period ending the thirty-first day of December next preceding, but shall not include pro rata distributions of any class of the insurer's own securities. In determining whether a dividend or distribution is extraordinary, an insurer may carry forward net gain from operations, if such insurer is a life insurer, or net income, if such insurer is not a life insurer, from the previous two (2) calendar years that has not already been paid out as dividends. This carry-forward shall be computed by taking the net gain from operations or the net income, as the case may be, from the second and third preceding calendar years, not including realized capital gains, less dividends paid in the second and immediate preceding calendar years.
(3)
Notwithstanding any other provision of law, an insurer may declare an extraordinary dividend or distribution which is conditional upon the commissioner's approval thereof, and such a declaration shall confer no rights upon shareholders until the commissioner has approved the payment of such a dividend or distribution or the commissioner has not disapproved such payment within forty-five (45) days after he has received notice of the declaration.
Laws, 1974, ch. 366, § 3(3); Laws, 1992, ch. 573, § 3; Laws, 2001, ch. 377, § 1, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-31 - Rules, regulations and orders

The commissioner may, upon notice and opportunity for all interested persons to be heard, promulgate and publish rules, regulations and orders which are necessary to the accomplishment of the provisions of this chapter.
Laws, 1974, ch. 366, § 6, eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-35 - Willful violations; criminal proceedings; punishment

Whenever it appears to the commissioner that any insurer or any director, officer, employee or agent thereof has committed a willful violation of this chapter, the commissioner may cause criminal proceedings to be instituted in the court having criminal jurisdiction for the county in which the principal office of the insurer is located, or if such insurer has no such office in the state, then in the Circuit Court for the First Judicial District of Hinds County against such insurer or the responsible director, officer, employee or agent thereof. Any insurer which willfully violates this chapter may be fined not more than Five Hundred Dollars ($500.00). Any individual who willfully violates this chapter upon conviction may be fined not more than Five Hundred Dollars ($500.00), or if such willful violation involves the deliberate perpetration of a fraud, may be imprisoned in the state penitentiary for not more than two (2) years, or both.
Laws, 1974, ch. 366, § 8, eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-37 - When commissioner may take possession and conduct business of domestic insurer

Whenever it appears to the commissioner that any person has committed a violation of this chapter which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders or the public, the commissioner may proceed as provided in Sections
83-23-1
,
83-23-3
,
83-23-5
and
83-23-7
to take possession of the property of such domestic insurer and to conduct the business thereof.
Laws, 1974, ch. 366, § 9, eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-38 - Amounts recoverable by receiver upon liquidation or rehabilitation of insurer; limitations; deficiencies due to insolvent debtors

(1)
If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under such order shall have a right to recover on behalf of the insurer, (i) from any parent corporation or holding company or person or affiliate of the insurer, the amount of distributions (other than distributions of shares of the same class of stock) paid by the insurer on its capital stock, or (ii) any payment in the form of a bonus, termination settlement or extraordinary lump sum salary adjustment made by the insurer or its subsidiary(s) to a director, officer or employee, where the distribution or payment pursuant to (i) or (ii) is made at any time during the one (1) year preceding the petition for liquidation, conservation or rehabilitation, as the case may be, subject to the limitations of subsections (2), (3) and (4) of this section.
(2)
No such distribution shall be recoverable if the parent or affiliate shows that when paid such distribution was lawful and reasonable, and that the insurer did not know and could not reasonably have known that such distribution might adversely affect the ability of the insurer to fulfill its contractual obligations.
(3)
Any person who was a parent corporation or holding company or a person who otherwise controlled the insurer or affiliate at the time such distributions were paid shall be liable up to the amount of distributions or payments which the person received under subsection (1). Any person who otherwise controlled the insurer at the time such distributions were declared shall be liable up to the amount of distributions he would have received if they had been paid immediately. If two (2) or more persons are liable with respect to the same distributions, they shall be jointly and severally liable.
(4)
The maximum amount recoverable under this subsection shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.
(5)
To the extent that any person liable under subsection (3) of this section is insolvent or otherwise fails to pay claims due from it pursuant to such paragraph, its parent corporation or holding company or person who otherwise controlled it at the time the distribution was paid, shall be jointly and severally liable for any resulting deficiency in the amount recovered from such parent corporation or holding company or person who otherwise controlled it.
Laws, 1992, ch. 573, § 6, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-39 - Suspension, revocation or refusal to renew license or certificate of authority

Whenever it appears to the commissioner that any person has committed a violation of this chapter which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the commissioner may, after giving notice and an opportunity to be heard, determine to suspend, revoke or refuse to renew such insurer's license or certificates of authority to do business in this state or both for such period as he finds is required for the protection of policyholders or the public. Any such determination shall be accompanied by specific findings of fact and conclusions of law.
Laws, 1974, ch. 366, § 10, eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-41 - Appeals to chancery court; petition for writ in nature of mandamus or peremptory mandamus

(1)
Any person aggrieved by any act, determination, rule, regulation or order or any other action of the commissioner pursuant to this chapter may appeal to the Chancery Court of the First Judicial District of Hinds County.
(2)
The filing of an appeal pursuant to this section shall stay the application of any such rule, regulation, order or other action of the commissioner to the appealing party unless the court, after giving such party notice and an opportunity to be heard, determines that such a stay would be detrimental to the interests of policyholders, shareholders, creditors or the public.
(3)
Any person aggrieved by any failure of the commissioner to act or make a determination required by this chapter may petition the Chancery Court of the First Judicial District of Hinds County for a writ in the nature of a mandamus or a peremptory mandamus directing the commissioner to act or make such determination forthwith.
Laws, 1974, ch. 366, § 11, eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-43 - Certain laws superseded; remedies to be construed as supplemental

All laws and parts of laws of this state inconsistent with this chapter are hereby superseded with respect to matter covered by this chapter, but all remedies provided herein for protection of policyholders and the public shall be construed as cumulative and supplemental to any remedies now existing under the law.
Laws, 1974, ch. 366, § 12, eff. 7/1/1974.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 6 - REGISTRATION AND EXAMINATION OF INSURERS (§§ 83-6-1 — 83-6-47) › Section 83-6-45 - Supervisory colleges

(1)
Power of commissioner.
With respect to any insurer registered under Section
83-6-3
, and in accordance with subsection (3) of this section, the commissioner shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this chapter. The powers of the commissioner with respect to supervisory colleges include, but are not limited to, the following:
(a)
Initiating the establishment of a supervisory college;
(b)
Clarifying the membership and participation of other supervisors in the supervisory college;
(c)
Clarifying the functions of the supervisory college and the role of other regulators, including the establishment of a group-wide supervisor;
(d)
Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and
(e)
Establishing a crisis management plan.
(2)
Expenses.
Each registered insurer subject to this section shall be liable for and shall pay the reasonable expenses of the commissioner's participation in a supervisory college in accordance with subsection (3) of this section, including reasonable travel expenses. For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the commissioner may establish a regular assessment to the insurer for the payment of these expenses.
(3)
Supervisory college.
In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management and governance processes, and as part of the examination of individual insurers in accordance with Section
83-6-27
, the commissioner may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates, including other state, federal and international regulatory agencies. The commissioner may enter into agreements in accordance with the confidentiality provisions of this chapter providing the basis for cooperation between the commissioner and the other regulatory agencies, and the activities of the supervisory college. Nothing in this section shall delegate to the supervisory college the authority of the commissioner to regulate or supervise the insurer or its affiliates within its jurisdiction.
Added by Laws, 2017, ch. 306, SB 2298, 6, eff. 3/6/2017.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-1 - Life insurance companies defined

All corporations, associations, partnerships, or individuals doing business in this state under any charter, contract, agreement, or statute of this or any other state involving the payment of money or other things of value to families or representatives of policy and certificate holders or members, conditioned upon the continuance or cessation of human life, or involving an insurance, guaranty, contract, or pledge for the payment of endowments for annuities, or who shall employ agents to solicit such business, shall be deemed to be life insurance companies, shall in all respects be subject to the laws herein made and provided for the government of life insurance companies, and shall not make any such insurance, guaranty, contract, or pledge in this state with any citizen or resident thereof which does not distinctly state the amount of benefits payable, the manner of payment, and the consideration therefor. Any insurance company or agent who shall make, issue, or deliver a policy of life insurance in wilful violation of this section shall pay to the state for each offense Fifty Dollars ($50.00); but such policy shall, nevertheless, be binding upon the companies issuing the same.
Codes, 1892, § 2339; 1906, § 2598; Hemingway's 1917, § 5062; 1930, § 5170; 1942, § 5680.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-3 - Distinction in same class and rebates prohibited

No life insurance company doing business in Mississippi shall make any distinction or discrimination in favor of individuals of the same class and equal expectation of life in the amount of payments of premiums or rates charged for policies of life or endowment insurance, or in the dividends or other benefits payable thereon, or in any of the terms and conditions of the contract it makes. Nor shall any such company or any agent thereof make any contract of insurance or agreement as to such contracts other than are plainly expressed in the application and policy issued thereon; nor shall any such company or agent pay or allow as inducements to insurance any rebate of premium payable on the policy, or any special favor or advantage in the dividends or other benefits to accrue thereon, or any valuable consideration or inducement whatever not specified in the policy contract of insurance. Whenever it shall appear to the satisfaction of the commissioner, after a hearing before him upon notice, that any company, officer, agent, subagent, broker, or solicitor has violated any provision of this section, he shall revoke the license of any such company or person to transact business in this state; and no other license shall be issued to any such company or person within one (1) year after such revocation. However, nothing in this section shall prevent a company which transacts industrial life insurance on a weekly payment plan from returning to policyholders who have made a premium payment for a period of at least one (1) year the percentage of premium which the company would otherwise have paid for the weekly collection of such premium; nor shall this section be construed to prevent the taking of a bona fide obligation, with legal interest, in payment of any premium.
Codes, 1906, § 2600; Hemingway's 1917, § 5064; 1930, § 5171; 1942, § 5681.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-4 - Proceeds of policy; effect of payment when made by insurer or contract issuer in accordance with terms of policy or contract

Whenever the proceeds of, or payments under, a life insurance policy or annuity contract issued by a life insurance company become payable and the insurer makes payment thereof in accordance with the terms of the policy or contract, or in accordance with any written assignment thereto, the payee or beneficiary shall be entitled to receive the proceeds or payments and to give full acquittance therefor, and the payment shall fully discharge the insurer from all claims under the policy or contract unless, before payment is made, the insurer has received at its home office written notice by or on behalf of some other person that the other person claims to be entitled to the payment or some interest in the policy or contract. Nothing contained in this section shall affect any claim or right to any policy or contract or the proceeds thereof or payment thereunder as between persons other than the insurer.
Added by Laws, 2017, ch. 307, SB 2888, 1, eff. 7/1/2017.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-5 - Proceeds of policy not subject to judicial process or assignment while in hands of company

If, under the terms of any annuity contract, or policy of life insurance, or under any written agreement supplemental thereto issued by any life insurance company, the proceeds are retained by such company at maturity or otherwise, no person entitled to any part of such proceeds, or any installments of interest due or to become due thereon, shall be permitted to commute, anticipate, encumber, alienate, or assign the same, or any part thereof, if such permission is expressly withheld by the terms of such contract, policy, or supplemental agreement. If such contract, policy, or supplemental agreement so provides, no payment of interest or of principal shall be in any way subject to such person's debts, contracts, or engagements, nor to any judicial processes to levy upon or attach the same for payment thereof. No such company shall be required to segregate such funds, but may hold them as a part of its general corporate funds.
Codes, 1930, § 5172; 1942, § 5682; Laws, 1924, ch. 190.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-6 - Proceeds of policy become due as of date of death of insured; insurers admitted to transact life insurance in Mississippi required to pay interest on proceeds of certain policies; computation of interest; applicability

(1)
Proceeds of a life insurance policy shall become due as of the date of the death of the insured. Each insurer admitted to transact life insurance in this state shall pay interest on proceeds or payments under any policy of life insurance payable to a beneficiary residing in this state or to a beneficiary under a policy issued in this state or to a beneficiary under a policy insuring a person resident in this state at the time of death.
(2)
Interest payable under subsection (1) of this section shall be computed from the insured's death until the date of payment and shall be computed at the rate of interest guaranteed by the policy or at the current rate of interest applicable to death proceeds left on deposit with the insurer under an interest settlement option or at the current rate of interest payable on dividends left on deposit with the insurer, whichever is greater.
(3)
This section shall be applicable to any such policy where proceeds have not been paid and accepted before May 14, 2004.
(4)
This section shall not apply:
(a)
When the total death proceeds payable by an insurer on account of the death of an insured person is less than Five Thousand Dollars ($5,000.00); or
(b)
When death proceeds result from insurance written under Section
83-53-1
et seq.
Laws, 2004, ch. 564, § 1, eff. 5/14/2004.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-7 - Policy beneficiary designations of trustees

(1)
Life insurance may be made payable to a trustee to be named as beneficiary in the policy and the proceeds of such insurance shall be paid to such trustee and shall be held and disposed of by the trustee as provided in a trust agreement made by the insured during his lifetime. It shall not be necessary to the validity of any such trust agreement or declaration of trust that it have a trust corpus other than the right of the trustee to receive such insurance proceeds as beneficiary.
(2)
A policy of life insurance may designate as beneficiary a trustee or trustees named by will. The proceeds of such insurance shall be payable to the trustee or trustees to be held and disposed of under the terms of the will as they exist as of the time of the death of the testator. If no such trustee makes claim to the proceeds from the insurance company within eighteen (18) months after the death of the insured, or if satisfactory evidence is furnished to the insurance company within such eighteen-month period showing that there is or will be no trustee to receive the proceeds, payment shall be made by the insurance company to the executors, administrators, or assigns of the insured, unless otherwise provided by agreement with the insurance company during the lifetime of the insured.
(3)
The proceeds of the insurance as received by the trustee or trustees shall not be subject to debts of the insured nor to transfer or estate tax to any greater extent than if such proceeds were payable to the beneficiary or beneficiaries named in the trust and not to the estate of the insured.
(4)
Such insurance proceeds so held in trust may be commingled with any other assets which may properly come into such trust.
(5)
Nothing in this section shall affect the validity of any life insurance policy beneficiary designation heretofore made naming trustees of trusts established by living trust or by will.
Codes, 1942, § 5682.5; Laws, 1966, ch. 526, §§ 1-4, eff. 5/6/1966.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-8 - Removal of minority of certain beneficiaries of policies where insured is member or veteran of the United States Armed Forces

Any citizen of this State, who is:
(a)
A named beneficiary of a life insurance policy where the insured is a member or veteran of the United States Armed Forces, including National Guard or Reserves; and
(b)
Married, unmarried and at least eighteen (18) years old, or legally emancipated, shall be entitled to the benefits provided in the policy, and for so doing the minority of such person is hereby removed to authorize the same. The removal of minority shall extend to the right to file suit under the policy and receive any settlements under the policy.
Added by Laws, 2023, ch. 323, SB 2649,§ 1, eff. 7/1/2023.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-9 - Assignment of group life insurance policy

Subject to the terms of the policy or pursuant to an agreement between the insured, the group policyholder, and the insurer, any person insured under a group life insurance policy may make to any other person, other than the policyholder, an assignment of all or any part of the incidents of ownership conferred on him by the policy or by law, including specifically, but not by way of limitation, the right to exercise the conversion privilege and the right to name a beneficiary.
Codes, 1942, § 5682.9; Laws, 1971, ch. 393, § 1, eff. 3/22/1971.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-11 - Penalty for false statement as to publication

Any solicitor, agent, examining physician, or other person who shall knowingly or wilfully make any false or fraudulent statement or representation in or with reference to any publication for insurance, or who shall make any such statement for the purpose of obtaining fee, commission, money, or benefit in any corporation transacting business under this chapter, shall be guilty of a misdemeanor and, upon conviction, shall be punished by a fine of not less than One Hundred Dollars ($100.00) nor more than Five Hundred Dollars ($500.00), or imprisonment in the county jail for not less than thirty (30) days.
Codes, 1906, § 2604; Hemingway's 1917, § 5067; 1930, § 5173; 1942, § 5683.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-13 - Application of insured to be filed with policy of insurance

All life insurance companies doing business in the State of Mississippi shall deliver to the insured with the policy, certificate, or contract of insurance in any form a copy of the insured's application; and in default thereof, said life insurance company shall not be permitted in any court of this state to deny that any of the statements in said application are true.
Codes, 1906, § 2675; Hemingway's 1917, § 5141; 1930, § 5174; 1942, § 5684.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-15 - Misstatement of age not to invalidate policy

Any misstatement of age in any policy, certificate, or contract of life insurance in any form shall not invalidate said policy, certificate, or contract of life insurance; but in such a case when a loss occurs, the beneficiaries shall recover on said policy, certificate, or contract of insurance such an amount of insurance as the premiums paid would have purchased for the insured at his actual age, reckoning according to the rate tables of said insurance company.
Codes, 1906, § 2676; Hemingway's 1917, § 5142; 1930, § 5175; 1942, § 5685.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-19 - Minors may make insurance contract

Any minor of the age of fifteen (15) years nearest birthday or more may, notwithstanding such minority, contract for life, health, and accident insurance on his own life for the benefit of his father, mother, husband, wife, child, brother, sister, or any person having an insurable interest in the life of such minor and may, with the approval of the chancery court, contract for life insurance for his benefit on the life of any person owning an estate of any kind in which the minor is to participate or to receive benefits upon the death of such person, either by inheritance or by will. Such minor may exercise all such contractual rights with respect to any such contract of insurance as might be exercised by a person of full legal age and may at any time surrender his or her interest in any such insurance or give a valid discharge for any benefit accruing or money due thereunder.
The guardian of any minor under the age of fifteen (15) years may, with the approval of the chancery court, contract for life insurance for the benefit of his ward on the life of any person under the conditions hereinabove set forth.
Codes, 1930, § 5177; 1942, § 5687; Laws, 1950, ch. 416.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-27 - Separate accounts to fund pension or profit sharing plans or to provide for life insurance or annuities

Any domestic life insurance company may establish one (1) or more separate accounts, and may allocate thereto amounts (including without limitation proceeds applied under optional modes of settlement or under dividend options) to fund pension or profit sharing plans or to provide for life insurance or annuities (and benefits incidental thereto), payable in fixed or variable amounts or both.
Codes, 1942, § 5649-31; Laws, 1968, ch. 475, § 1; Laws, 1978, ch. 457, § 1, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-29 - Investment of amounts allocated to separate accounts

(1)
Except as may be provided with respect to reserves for guaranteed benefits and funds referred to in subsection (2) of this section:
(a)
amounts allocated to any separate account and accumulations thereon may be invested and reinvested without regard to any requirements or limitations prescribed by the laws of this state governing the investments of life insurance companies; and
(b)
the investments in such separate account or accounts shall not be taken into account in applying the investment limitations otherwise applicable to the investments of the company.
(2)
Except with the approval of the commissioner of insurance and under such conditions as to investments and other matters as he may prescribe, which shall recognize the guaranteed nature of the benefits provided, reserves for:
(a)
benefits guaranteed, as to dollar amount and duration; and
(b)
funds guaranteed as to principal amount or stated rate of interest shall not be maintained in a separate account.
(3)
No sale, exchange or other transfer of assets may be made by a company between any of its separate accounts or between any other investment account and one (1) or more of its separate accounts unless, in case of a transfer into a separate account, such transfer is made solely to establish the account or to support the operation of the contracts with respect to the separate account to which the transfer is made, and unless such transfer, whether into or from a separate account is made:
(a)
by a transfer of cash; or
(b)
by a transfer of securities having a readily determinable market value, provided that such transfer of securities is approved by the commissioner of insurance. The commissioner of insurance may approve other transfers among such accounts if, in his opinion, such transfers would not be inequitable.
Codes, 1942, § 5649-32; Laws, 1968, ch. 475, § 2; 178, ch. 457, § 2, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-31 - Crediting of income or charging of losses on separate accounts

The income, gains and losses, realized or unrealized, from assets allocated to a separate account shall be credited to or charged against the account without regard to other income, gains or losses of the company.
Codes, 1942, § 5649-33; Laws, 1968, ch. 475, § 3; Laws, 1978, ch. 457, § 3, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-33 - Valuation of assets allocated to separate accounts

Unless otherwise approved by the commissioner of insurance, assets allocated to a separate account shall be valued at their market value on the date of valuation, or if there is not readily available market, then in accordance with the terms of the contract or the rules or other written agreement applicable to such separate account; provided, that unless otherwise approved by the commissioner of insurance, that portion if any of the assets of such separate account equal to the company's reserve liability with regard to the guaranteed benefits and funds referred to in Section
83-7-29
, if any, shall be valued in accordance with the rules otherwise applicable to the company's assets.
Codes, 1942, § 5649-34; Laws, 1968, ch. 475, § 4; Laws, 1978, ch. 457, § 4, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-35 - Ownership of amounts allocated to separate accounts

The amounts allocated to a separate account in the exercise of the power granted by Sections
83-7-27
through
83-7-49
shall be owned by the company, and the company shall not be, or hold itself out to be, a trustee with respect to such amounts. To the extent so provided under the applicable contracts, that portion of the assets of any such separate account equal to the reserves and other contract liabilities with respect to such account shall not be chargeable with liabilities arising out of any other business the company may conduct.
Codes, 1942, § 5649-35; Laws, 1968, ch. 475, § 5; Laws, 1978, ch. 457, § 5, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-37 - Powers of domestic companies establishing separate accounts

To the extent any domestic life company deems it necessary to comply with any applicable federal or state law, such company, with respect to any separate account, including without limitation any separate account which is a management investment company or a unit investment trust, may provide for persons having an interest therein appropriate voting and other rights and special procedures for the conduct of the business of such account, including without limitation special rights and procedures relating to investment policy, investment advisory services, selection of independent public accountants, and the selection of a committee, the members of which need not be otherwise affiliated with such company, to manage the business of such account.
Codes, 1942, § 5649-36; Laws, 1968, ch. 475, § 6, 1978, ch. 457, § 6, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-39 - Reserve liability for variable contracts

The reserve liability for variable contracts shall be established in accordance with actuarial procedures which recognize the variable nature of the benefits to be provided and any mortality guarantees.
Codes, 1942 § 5649-37; Laws, 1968, ch. 475 § 7; Laws, 1978, ch. 457, § 7, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-41 - Contents of contract delivered or issued for delivery in state providing for benefits in variable amounts

If any contract delivered or issued for delivery in this state provides for payment of benefits in variable amounts, it shall contain a statement of the essential features of the procedure to be followed by the insurance company in determining the dollar amounts of such variable benefits. Any such contract under which the benefits vary to reflect investment experience, including a group contract and any certificate in evidence of variable benefits issued thereunder, shall state that such dollar amount will so vary and shall contain on its first page a statement that the benefits thereunder are on a variable basis.
Codes, 1942, § 5649-38; Laws, 1968, ch. 475, § 8; Laws, 1978, ch. 457, § 8, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-43 - Authority to deliver or issue for delivery within state contracts providing for benefits in variable amounts

No domestic life insurance company and no other life insurance company shall deliver or issue for delivery within this state, variable contracts unless it is licensed or organized to do a life insurance or annuity business in this state, and has satisfied the commissioner of insurance that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state. In this connection, the commissioner of insurance shall consider among other things:
(a)
the history and financial condition of the company;
(b)
the character, responsibility and general fitness of the officers and directors of the company; and
(c)
the law and regulation under which the company is authorized in the state of domicile to issue variable contracts. The state of entry of an alien company shall be deemed its place of domicile for this purpose.
If the company is a subsidiary of an admitted life insurance company, or affiliated with such company through common management or ownership, it may be deemed by the commissioner of insurance to have met the provisions of this section if either it or the parent or the affiliated company meets the requirements hereof.
Codes, 1942, § 5649-39; Laws, 1968, ch. 475, § 9; Laws, 1978, ch. 457, § 9, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-45 - Authority of commissioner to regulate issuance and sale of contracts for separate accounts and those who issue and sell them

Notwithstanding any other provision of law, the commissioner of insurance shall have sole and exclusive authority to regulate the issuance and sale of contracts for which separate accounts may be established, the insurers which issue them and the agents or other persons who sell them. The commissioner of insurance also shall have the sole authority to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of Sections
83-7-27
through
83-7-49
, including rules and regulations applicable to the licensing and qualification of agents or other persons who sell such contracts.
Codes, 1942, § 5649-40; Laws, 1968, ch. 475, § 10; Laws, 1978, ch. 457, § 10, eff. 7/1/1978.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-47 - [Repealed]

Repealed by Laws, 1978, ch. 457, § 12, eff. 7/1/1978.
Codes, 1942, § 5649-41; Laws, 1968, ch. 475, § 11.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 7 - LIFE INSURANCE (§§ 83-7-1 — 83-7-313) › GENERAL PROVISIONS (§§ 83-7-1 — 83-7-51) › Section 83-7-49 - Application of insurance laws to separate accounts; contents of individual variable life insurance contracts

Except for Section
83-7-25
of the insurance law in the case of a variable life insurance policy and except as otherwise provided in Sections
83-7-27
through
83-7-49
, all pertinent provisions of the insurance laws of this state shall apply to separate accounts and contracts issued in connection therewith. Any individual variable life insurance contract, delivered or issued for delivery in this state shall contain nonforfeiture provisions appropriate to such a contract.
Codes, 1942, § 5649-42; Laws, 1968, ch. 475, § 12; Laws, 1978, ch. 457, § 11, eff. 7/1/1978.