reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 49 - LEGAL EXPENSE INSURANCE (§§ 83-49-1 — 83-49-49) › Section 83-49-47 - Agent or representative of sponsor; license required; fee; investigation; denial; grounds for issuance

(1)
No person shall act as a representative of a sponsor or agent of a sponsor as defined in Section
83-17-1
, Mississippi Code of 1972, without first having obtained a license from the commissioner to act as an agent or representative of a sponsor of prepaid legal services in this state.
(2)
The annual license fee shall be Ten Dollars ($10.00). The fee for said license shall be paid to the commissioner on or before March 1 of each year.
(3)
Before any licensee changes his address, he shall return his license to the commissioner, who shall endorse the license indicating the change.
(4)
Each person to whom the license or the renewal thereof may be issued shall file sworn answers, subject to the penalties of perjury, to such interrogatories as the commissioner may require. The commissioner shall have authority, at any time, to require the applicant to disclose fully the identity of all stockholders, partners, officers and employees, and he may, in his discretion, refuse to issue or renew a license in the name of any firm, partnership or corporation if he is not satisfied that any officer, employee, stockholder or partner thereof who may materially influence the applicant's conduct meets the standards of this chapter.
(5)
Upon the filing of an application and the payment of the license fee, the commissioner shall make an investigation of each applicant and shall issue a license if he finds the applicant is qualified in accordance with this chapter. If the commissioner does not so find, he shall, within ninety (90) days after he has received such application, so notify the applicant and, at the request of the applicant, give the applicant a full hearing.
(6)
The commissioner shall issue or renew a license applied for when he is satisfied that the person to be licensed:
(a)
Is competent and trustworthy and intends to act in good faith as an agent or representative of a sponsor of prepaid legal services plans in this state;
(b)
Has a good business reputation and has had experience, training or education so as to be qualified to act as an agent or representative of a sponsor of prepaid legal services plans.
Laws, 1983, ch. 474, § 24, eff. 7/1/1983.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 49 - LEGAL EXPENSE INSURANCE (§§ 83-49-1 — 83-49-49) › Section 83-49-49 - Reserve

Any insurer or sponsor operating or writing a prepaid legal services plan in this state shall be required to set aside as a legal reserve to protect the holders of its policy or subscription contracts in this state the pro rata unearned portion of the premium paid for such contract, to be held until termination of such contracts.
Laws, 1983, ch. 474, § 25, eff. 7/1/1983.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 51 - DENTAL CARE BENEFITS (§§ 83-51-1 — 83-51-31) › Section 83-51-1 - Definitions

As used in this chapter, the following words have the meanings ascribed herein unless the context clearly requires otherwise:
(a)
"Health insurance policy" means any individual, group, blanket or franchise insurance policy, insurance agreement or group hospital service contract which provides benefits for dental care expenses incurred as a result of an accident or sickness.
(b)
"Employee benefit plan" means any plan, fund or program heretofore or hereafter established or maintained by an employer or by an employee organization, or by both, to the extent that such plan, fund or program was established or is maintained for the purpose of providing for its participants or their beneficiaries, through the purchase of insurance or otherwise, dental care benefits in the event of accident or sickness.
(c)
"Dental care services" means those general and usual services furnished to any person for the purpose of preventing, alleviating, curing or healing human dental illness or injury as defined in Sections
73-9-1
through
73-9-65
, Mississippi Code of 1972.
(d)
"Dentist" means any person who furnishes dental care services and who is licensed as a dentist by the State of Mississippi.
(e)
"Dental service contractor" means any person who accepts a prepayment from or for the benefit of any other person or group of persons as consideration for providing to such person or group of persons the opportunity to receive dental services at such times in the future as such services may be appropriate or required, but shall not be construed to include a dentist or professional dental corporation that accepts prepayment on a fee-for-service basis for providing specific dental services to individual patients for whom such services have been prediagnosed. Nothing in this paragraph (e) shall apply to a funded or self-funded trust qualified with the United States Department of Labor in accordance with Public Law 93-406, or the Division of Medicaid or any contractor of the division when providing services to eligible Medicaid beneficiaries.
(f)
"Participant" means a dentist who has contracted with a dental service contractor to accept from and to look solely to such contractor for payment for any health care services rendered to a subscriber, subject to any co-payment obligations included in the contract of the subscriber with the dental service contractor.
(g)
"Person" means an individual, insurer, association, organization, partnership, business, trust, except Employee Retirement Income Security Act (E.R.I.S.A.) trusts qualified with the United States Department of Labor under Public Law 93-406, corporation, or other legal entity.
(h)
"Subscriber" means any person by or for whom a dental service contractor is paid a periodic premium as prepayment for dental services to be rendered to him by a participant.
(i)
"Commissioner" means the Commissioner of Insurance of the State of Mississippi.
Laws, 1985, ch. 369, § 1, eff. 7/1/1985.
Amended by Laws, 2019, ch. 342, HB 752,§ 1, eff. 7/1/2019.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 51 - DENTAL CARE BENEFITS (§§ 83-51-1 — 83-51-31) › Section 83-51-3 - Provisions prohibited in health insurance policies and employee benefit plans

No health insurance policy or employee benefit plan which is delivered, renewed, issued for delivery, or otherwise contracted for in this state shall:
(a)
Prevent any person who is a party to or beneficiary of any such health insurance policy or employee benefit plan from selecting the dentist of his choice to furnish the dental care services offered by such policy or plan, or interfere with such selection, provided the dentist selected is licensed to furnish such dental care services in this state;
(b)
Deny any dentist the right to participate as a contracting provider for such policy or plan, provided the dentist is licensed to furnish the dental care services offered by such policy or plan;
(c)
Authorize any person to regulate, interfere or intervene in any manner in the diagnosis or treatment rendered by a dentist to his patient for the purpose of preventing, alleviating, curing or healing dental illness or injury, provided such dentist practices within the scope of his license; or
(d)
Require that any dentist furnishing dental care services make or obtain dental x-rays or any other diagnostic aids for the purpose of preventing, alleviating, curing or healing dental illness or injury; provided, however, that nothing herein shall prohibit requests for existing dental x-rays or any other existing diagnostic aids for the purpose of determining benefits payable under a health insurance policy or employee benefit plan.
Nothing in this chapter shall prohibit the predetermination of benefits for dental care expenses prior to treatment by the attending dentist.
Laws, 1985, ch. 369, § 2, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 51 - DENTAL CARE BENEFITS (§§ 83-51-1 — 83-51-31) › Section 83-51-5 - Disclosure requirements; payments to non-contracting providers

Any health insurance policy or employee benefit plan which is delivered, renewed, issued for delivery, or otherwise contracted for in this state shall, to the extent that it provides benefits for dental care expenses:
(a)
Disclose, if applicable, that the benefit offered is limited to the least costly treatment;
(b)
Define and explain the standard upon which the payment of benefits or reimbursement for the cost of dental care services is based, such as "usual and customary," "reasonable and customary," "usual, customary and reasonable," or fees or words of similar import, or it shall specify in dollars and cents the amount of the payment or reimbursement for dental care services to be provided. Payment or reimbursement for a non-contracting provider dentist shall be the same as the payment or reimbursement for a contracting provider dentist; provided, however, that the health insurance policy or the employee benefit plan shall not be required to make payment or reimbursement in an amount which is greater than the amount specified or which is greater than the fee charged by the providing dentist for the dental care services rendered.
Laws, 1985, ch. 369, § 3, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 51 - DENTAL CARE BENEFITS (§§ 83-51-1 — 83-51-31) › Section 83-51-7 - Provisions contrary to this chapter to be void

Any provision in a health insurance policy or employee benefit plan which is delivered, renewed, issued for delivery, or otherwise contracted for in this state which is contrary to this chapter shall, to the extent of such conflict, be void.
Laws, 1985, ch. 369, § 4, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 51 - DENTAL CARE BENEFITS (§§ 83-51-1 — 83-51-31) › Section 83-51-9 - Benefits not mandated

The provisions of this chapter do not mandate that any type of benefits for dental care expenses be provided by a health insurance policy or an employee benefit plan.
Laws, 1985, ch. 369, § 5, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 51 - DENTAL CARE BENEFITS (§§ 83-51-1 — 83-51-31) › Section 83-51-11 - Contracts between dentist and patient; authority of provider of health insurance policy or employee benefit plan

Notwithstanding any other provision of this chapter:
(a)
A dentist may contract directly with a patient for the furnishing of dental care services to such patient as may be otherwise authorized by law;
(b)
Any person providing a health insurance policy or employee benefit plan, or an employer, or an employee organization may:
(i)
Make available to its insureds, beneficiaries, participants, employees or members information relating to dental care services by distributing factually accurate information regarding dental care services, rates, fees, location and hours of service, provided such distribution is made upon the request of any dentist licensed by the state; or
(ii)
Establish an administrative mechanism which facilitates payment for dental care services by insureds, beneficiaries, participants, employees or members to the dentist of their choice; or
(iii)
Pay or reimburse, on a non-discriminatory basis, its insureds, beneficiaries, participants, employees or members for the cost of dental care services rendered by the dentist of their choice.
Laws, 1985, ch. 369, § 6, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 51 - DENTAL CARE BENEFITS (§§ 83-51-1 — 83-51-31) › Section 83-51-13 - Limitation of applicability of chapter

The provisions of this chapter do not apply to Article 3, Chapter 41, Title 83, Mississippi Code of 1972, which provides for the organizing of nonprofit hospital, medical and surgical service corporations, and do not apply to the Nonprofit Dental Service Corporation Law or to employee benefit plans paid for completely by the employer covering the employee and his or her dependents.
Laws, 1985, ch. 369, § 7, eff. 7/1/1985.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 51 - DENTAL CARE BENEFITS (§§ 83-51-1 — 83-51-31) › PROHIBITIONS AGAINST CERTAIN PROVISIONS IN CONTRACTS BETWEEN CERTAIN HEALTH CARE ENTITIES AND DENTISTS (§ 83-51-31) › Section 83-51-31 - Prohibition against contract between certain health care entities and dentists from requiring that dentist provide services to subscribers at fee established by health care entity unless services are covered services under subscriber agreement

No contract between a health care entity that offers a dental plan or plans and a dentist for the provision of services to subscribers may require that a dentist provide services to his subscribers at a fee set by the health care entity unless the services are covered services under the applicable subscriber agreement. For the purposes of this section, "covered services" means services that are reimbursable under the applicable subscriber agreement, notwithstanding any deductibles, waiting periods or frequency limitations that may apply. For the purposes of this section, "dental plan" means any policy of insurance that is issued by a health care entity that provides for coverage of dental services not in connection with a medical plan.
Laws, 2010, ch. 497, § 1; Laws, 2012, ch. 318, § 1, eff. 7/1/2012.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 52 - GUARANTEED ASSET PROTECTION WAIVERS (§§ 83-52-1 — 83-52-15) › Section 83-52-1 - Chapter purpose; applicability; waivers are not insurance and are exempt from insurance laws

(1)
The purpose of this chapter is to provide a framework within which guaranteed asset protection waivers are defined and may be offered within this state.
(2)
This chapter does not apply to:
(a)
An insurance policy offered by an insurer under the insurance laws of this state; or
(b)
A debt cancellation or debt suspension contract being offered by any national or state-chartered bank or federal or state-chartered credit union in compliance with 12 CFR Part 37, or 12 CFR Part 721, or any other federal law.
(3)
Guaranteed asset protection waivers governed under this chapter are not insurance and are exempt from the insurance laws of this state. Persons marketing, selling or offering to sell guaranteed asset protection waivers to borrowers who comply with this chapter are exempt from insurance licensing and insurance regulation requirements of this state.
Added by Laws, 2018, ch. 417, SB 2929,§ 1, eff. 7/1/2018.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 52 - GUARANTEED ASSET PROTECTION WAIVERS (§§ 83-52-1 — 83-52-15) › Section 83-52-3 - Definitions

The following are terms defined for purposes of this chapter and are not intended to provide actual terms required in guaranteed asset protection waivers:
(a)
"Administrator" means a person, other than an insurer or creditor, who issues, makes or provides a GAP waiver, or who performs administrative or operational functions pursuant to guaranteed asset protection waiver programs.
(b)
"Borrower" means a debtor, retail buyer or lessee, under a finance agreement.
(c)
"Commissioner" means the Commissioner of Insurance for the State of Mississippi.
(d)
"Creditor" means:
(i)
The lender in a loan or credit transaction;
(ii)
The lessor in a lease transaction;
(iii)
Any "retail seller" of motor vehicles that provides credit to "retail buyers" of such motor vehicles provided that such entities comply with the provisions of this chapter;
(iv)
The seller in commercial retail installment transactions; or
(v)
The assignees of any of the creditors listed in subparagraphs (i) through (iv) of this paragraph to whom the credit obligation is payable.
(e)
"Finance agreement" means a loan, lease or retail installment sales contract for the purchase or lease of a motor vehicle or any other credit extension secured by a motor vehicle.
(f)
"Free look period" means the period of time from the effective date of the GAP waiver until the date the borrower may cancel the contract without penalty, fees or costs to the borrower. This period of time shall not be shorter than thirty (30) days.
(g)
"Guaranteed asset protection waiver" or "GAP waiver" means a contractual agreement wherein a creditor agrees for a separate charge to cancel or waive, or an administrator agrees for a separate charge to pay, all or part of amounts due on a borrower's finance agreement in the event of a total physical damage loss or unrecovered theft of the motor vehicle. A GAP waiver in which the creditor cancels or waives amount due shall be part of, or a separate addendum to, the finance agreement.
(h)
"Insurer" means an insurance company licensed, registered, or otherwise authorized to do business under the insurance laws of this state.
(i)
"Motor vehicle" means self-propelled or towed vehicles designed for personal or commercial use, including, but not limited to, automobiles, trucks, motorcycles, recreational vehicles, all-terrain vehicles, snowmobiles, campers, boats, personal watercraft, and motorcycle, boat, camper and personal watercraft trailers.
(j)
"Person" includes an individual, company, association, organization, partnership, business trust, corporation, and every form of legal entity.
Added by Laws, 2018, ch. 417, SB 2929,§ 2, eff. 7/1/2018.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 52 - GUARANTEED ASSET PROTECTION WAIVERS (§§ 83-52-1 — 83-52-15) › Section 83-52-5 - Offering, selling or providing GAP waivers to Mississippi borrowers authorized

(1)
GAP waivers may be offered, sold or provided to borrowers in this state under this chapter.
(2)
GAP waivers may, at the option of the creditor or administrator, be sold for a single payment or may be offered with a monthly or periodic payment option.
(3)
Notwithstanding any other provision of law to the contrary, any cost to the borrower for a guaranteed asset protection waiver entered into in compliance with the Truth in Lending Act (
15 USC 1601
et seq.) and its implementing regulations, as they may be amended from time to time, shall be separately stated and is not to be considered a finance charge or interest.
(4)
A retail seller or administrator shall insure its GAP waiver obligations under a contractual liability or other insurance policy issued by an insurer. A creditor, other than a retail seller, may insure its GAP waiver obligations under a contractual liability policy or other such policy issued by an insurer. Any such insurance policy may be directly obtained by a creditor, retail seller, or may be procured by an administrator to cover a creditor's or retail seller's obligations. However, retail sellers that are lessors on motor vehicles are not required to insure obligations related to GAP waivers on such leased vehicles.
(5)
The GAP waiver shall remain a part of the finance agreement upon the assignment, sale or transfer of such finance agreement by the creditor.
(6)
Neither the extension of credit, the term of credit, nor the term of the related motor vehicle sale or lease may be conditioned upon the purchase of a GAP waiver.
(7)
Any creditor or administrator that offers a GAP waiver shall report the sale of, and forward funds received on all such waivers to the designated party, if any, as prescribed in any applicable administrative services agreement, contractual liability policy, other insurance policy or other specified program documents.
(8)
Funds received or held by a creditor or administrator and belonging to an insurer, creditor or administrator, pursuant to the terms of a written agreement, shall be held by such creditor or administrator in a fiduciary capacity.
Added by Laws, 2018, ch. 417, SB 2929,§ 3, eff. 7/1/2018.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 52 - GUARANTEED ASSET PROTECTION WAIVERS (§§ 83-52-1 — 83-52-15) › Section 83-52-7 - Insurance policies insuring GAP waivers; coverage to cover subsequent assignees; coverage to remain in effect unless cancelled or terminated

(1)
Contractual liability or other insurance policies insuring GAP waivers shall state the obligation of the insurer to reimburse or pay to the creditor or administrator any sums the creditor is legally obligated to waive, or administrator is legally obligated to pay, under the GAP waivers issued by the creditor or administrator and purchased or held by the borrower.
(2)
Coverage under a contractual liability or other insurance policy insuring a GAP waiver shall also cover any subsequent assignee upon the assignment, sale or transfer of the finance agreement.
(3)
Coverage under a contractual liability or other insurance policy insuring a GAP waiver shall remain in effect unless cancelled or terminated in compliance with applicable insurance laws of this state.
(4)
The cancellation or termination of a contractual liability or other insurance policy shall not reduce the insurer's responsibility for GAP waivers issued by the creditor or administrator prior to the date of cancellation or termination and for which the premium has been received by the insurer.
Added by Laws, 2018, ch. 417, SB 2929,§ 4, eff. 7/1/2018.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 52 - GUARANTEED ASSET PROTECTION WAIVERS (§§ 83-52-1 — 83-52-15) › Section 83-52-9 - Guaranteed asset protection waiver disclosures

Guaranteed asset protection waivers shall disclose, as applicable, in writing and in clear, understandable language that is easy to read, the following:
(a)
The name and address of the initial creditor and the borrower at the time of sale, and the identity of any administrator if different from the creditor.
(b)
The purchase price and the terms of the GAP waiver, including, without limitation, the requirements for protection, conditions, or exclusions associated with the GAP waiver.
(c)
That the borrower may cancel the GAP waiver within a free look period as specified in the waiver, and will be entitled to a full refund of the purchase price, so long as no benefits have been provided.
(d)
The procedure the borrower shall follow, if any, to obtain GAP waiver benefits under the terms and conditions of the waiver, including a telephone number and address where the borrower may apply for waiver benefits.
(e)
Whether or not the GAP waiver is cancellable after the free look period and the conditions under which it may be cancelled or terminated, including the procedures for requesting any refund due.
(f)
That in order to receive any refund due in the event of a borrower's cancellation of the GAP waiver agreement or early termination of the finance agreement after the free look period of the GAP waiver, the borrower, in accordance with terms of the waiver, shall provide a written request to cancel to the creditor, administrator or such other party. If the GAP waiver is cancelled due to the early termination of the finance agreement, the borrower must provide the request within ninety (90) days of the occurrence of the event terminating the finance agreement.
(g)
The methodology for calculating any refund of the unearned purchase price of the GAP waiver due, in the event of cancellation of the GAP waiver or early termination of the finance agreement.
(h)
That neither the extension of credit, the terms of the credit, nor the terms of the related motor vehicle sale or lease, may be conditioned upon the purchase of the GAP waiver.
Added by Laws, 2018, ch. 417, SB 2929,§ 5, eff. 7/1/2018.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 52 - GUARANTEED ASSET PROTECTION WAIVERS (§§ 83-52-1 — 83-52-15) › Section 83-52-11 - Guaranteed asset protection waiver agreement cancellation

(1)
Guaranteed asset protection waiver agreements may be cancellable or noncancellable after the free look period. GAP waivers shall provide that if a borrower cancels a waiver within the free look period, the borrower will be entitled to a full refund of the purchase price, so long as no benefits have been provided; or in the event benefits have been provided, the borrower may receive a full or partial refund pursuant to the terms of the waiver.
(2)
In the event of a borrower's cancellation of the GAP waiver or early termination of the finance agreement, after the agreement has been in effect beyond the free look period, the borrower may be entitled to a refund of any unearned portion of the purchase price of the waiver unless the waiver provides otherwise. In order to receive a refund, the borrower, in accordance with any applicable terms of the waiver, shall provide a written request to the creditor, administrator or other party. If the GAP waiver is cancelled due to the early termination of the finance agreement, the borrower must provide the request within ninety (90) days of the event terminating the finance agreement.
(3)
If the cancellation of a GAP waiver occurs as a result of a default under the finance agreement or the repossession of the motor vehicle associated with the finance agreement, or any other termination of the finance agreement, any refund due may be paid directly to the creditor or administrator and applied as set forth in subsection (4) of this section.
(4)
Any cancellation refund under subsection (1), (2) or (3) of this section may be applied by the creditor as a reduction of the amount owed under the finance agreement, unless the borrower can show that the finance agreement has been paid in full.
Added by Laws, 2018, ch. 417, SB 2929,§ 6, eff. 7/1/2018.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 52 - GUARANTEED ASSET PROTECTION WAIVERS (§§ 83-52-1 — 83-52-15) › Section 83-52-13 - Inapplicability of Sections 83-52-5 (3)

Sections
83-52-5(3)
,
83-52-9
and
83-52-15
of this chapter are not applicable to a guaranteed asset protection waiver offered in connection with a lease or retail installment sale associated with a commercial transaction.
Added by Laws, 2018, ch. 417, SB 2929,§ 7, eff. 7/1/2018.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 52 - GUARANTEED ASSET PROTECTION WAIVERS (§§ 83-52-1 — 83-52-15) › Section 83-52-15 - Enforcement of this chapter and protection of Mississippi GAP waiver holders

The commissioner may take action which is necessary or appropriate to enforce the provisions of this chapter and to protect guaranteed asset protection waiver holders in this state. After proper notice and opportunity for hearing, the commissioner may:
(a)
Order the creditor, administrator or any other person not in compliance with this chapter to cease and desist from further guaranteed asset protection waiver-related operations which are in violation of this chapter.
(b)
Impose a penalty of not more than Five Hundred Dollars ($500.00) per violation and not more than Ten Thousand Dollars ($10,000.00) in the aggregate for all violations of similar nature. For purposes of this paragraph (b), violations shall be of a similar nature if the violation consists of the same or similar course of conduct, action, or practice, irrespective of the number of times the conduct, action, or practice which is determined to be a violation of this chapter occurred.
Added by Laws, 2018, ch. 417, SB 2929,§ 8, eff. 7/1/2018.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 53 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE (§§ 83-53-1 — 83-53-47) › Section 83-53-1 - Legislative purpose; construction

The purpose of this chapter is to promote the public welfare by regulating credit life insurance and credit disability insurance. Nothing in this chapter is intended to prohibit or discourage competition which is in the public interest. The provisions of this chapter shall be liberally construed.
Laws, 1986, ch. 440, § 1, eff. 5/1/1986.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 53 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE (§§ 83-53-1 — 83-53-47) › Section 83-53-3 - Scope of chapter; definitions

(1)
All credit life insurance and all credit disability insurance sold in connection with loans or other credit transactions, including lease payments and residuals, shall be subject to the provisions of this chapter, except:
(a)
Such insurance sold in connection with a loan or other credit transaction of more than ten (10) years' duration;
(b)
Such credit life insurance sold in connection with a loan or other credit transaction of an agricultural cooperative financial institution authorized to do business in this state by any act of the Congress of the United States or by the laws of the State of Mississippi; and
(c)
Such insurance where its issuance is an isolated transaction on the part of the insurer not related to an agreement or a plan or regular course of conduct for insuring debtors of the creditor.
(2)
For the purposes of this chapter:
(a)
"Commissioner" means the Commissioner of Insurance of the State of Mississippi;
(b)
"Credit life insurance" means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transactions, including lease payments and residual, exclusive of any such insurance procured at no expense to the debtor, and credit life insurance on agricultural credit transactions. Insurance shall be deemed procured at no expense to the debtor unless the cost of the credit transaction to the debtor varies depending on whether or not the insurance is procured;
(c)
"Credit disability insurance" means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy;
(d)
"Creditor" means the lender of money or vendor or lessor of goods, services, property, rights or privileges, for which payment is arranged through a credit transaction or any successor to the right, title or interest of any such lender, vendor or lessor, which lender, vendor or lessor is the beneficiary of any credit life insurance or credit disability insurance sold in connection with such credit transaction.
(e)
"Debtor" means a borrower of money or a purchaser or lessee of goods, services, property, rights or privileges, for which payment is arranged through a credit transaction; and
(f)
"Indebtedness" means the total amount payable by the debtor to a creditor in connection with a loan or other credit transaction.
(g)
"Insurer" means an insurance company licensed in the State of Mississippi to write credit life insurance and credit disability insurance.
(h)
"Insurance premium" shall include that portion collected or payable which is compensation as set forth in Section
83-53-25
.
Laws, 1986, ch. 440, § 2, eff. 5/1/1986.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 53 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE (§§ 83-53-1 — 83-53-47) › Section 83-53-5 - Permissible forms of insurance

Credit life insurance and credit disability insurance shall be issued only in the following forms:
(a)
Individual policies of life insurance issued to debtors on the term plan;
(b)
Individual policies of disability insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance;
(c)
Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; and
(d)
Group policies of disability insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage.
Laws, 1986, ch. 440, § 3, eff. 5/1/1986.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 53 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE (§§ 83-53-1 — 83-53-47) › Section 83-53-7 - Limitations on amount of insurance

(1)
The initial amount of credit life insurance shall not exceed the total amount repayable under the contract of indebtedness. In the case of revolving loan or revolving charge accounts, the insurance shall not at any time exceed the unpaid indebtedness.
Notwithstanding the provisions of the above paragraph, the amount of insurance on agricultural loan commitments may be equal to the amount of the loan commitment.
(2)
The total amount of periodic indemnity payable by credit disability insurance, in the event of disability as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of indebtedness, and the amount of each periodic indemnity shall not exceed the total amount repayable divided by the number of periodic installments.
Laws, 1986, ch. 440, § 4, eff. 5/1/1986.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 53 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE (§§ 83-53-1 — 83-53-47) › Section 83-53-9 - Term of insurance

The term of any credit life insurance or credit disability insurance shall commence on the date when the debtor becomes obligated to the creditor, or the date the debtor applies for such insurance, whichever is later, except that where a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to such indebtedness shall commence on the effective date of the policy. Where evidence of insurability is required and such evidence is furnished more than ninety (90) days after the date when the debtor becomes obligated to the creditor, the term of the insurance may commence on the date on which the insurance company determines the debtor to be insurable, and in such event there shall be an approximate refund or adjustment on any charge to the debtor for insurance. The term of such insurance shall not extend more than thirty (30) days beyond the scheduled maturity date of the indebtedness, except when extended without additional cost to the debtor.
Laws, 1986, ch. 440, § 5, eff. 5/1/1986.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 53 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE (§§ 83-53-1 — 83-53-47) › Section 83-53-11 - Reinsurance and retrocession agreements

An insurer licensed in the State of Mississippi may not enter into any reinsurance agreement or retrocession agreement, with another insurance company after May 1, 1986, whereby credit life or credit accident and health insurance on risks located within this state, would be ceded to an insurer which is not licensed to engage in the writing of such lines of insurance within the State of Mississippi, or which does not meet the statutory financial and other requirements for admission and licensing in this state. An insurer shall not enter into any such reinsurance or retrocession agreement with another insurance company which would by the terms and provisions thereof serve to, either directly or indirectly, circumvent this chapter or any other law of the State of Mississippi, or any regulation issued thereunder. The commissioner shall have the right to inspect, review and approve any reinsurance or retrocession agreement between insurance companies affecting any risks or insureds located in the State of Mississippi pertaining to credit life or credit disability insurance. Provided, however, any reinsurance or retrocession agreements between insurance companies in effect prior to May 1, 1986, shall be allowed to continue, but this chapter shall apply to any renewal, extension, endorsement or similar amendment of any such reinsurance or retrocession agreement.
Laws, 1986, ch. 440, § 6, eff. 5/1/1986.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 53 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE (§§ 83-53-1 — 83-53-47) › Section 83-53-13 - Requirement of individual policy or certificate of insurance; contents

(1)
All credit life insurance and credit disability insurance subject to this chapter shall be evidenced by an individual policy or, in the case of group insurance, by a certificate of insurance, which individual policy or group certificate of insurance shall be delivered to the debtor.
(2)
Each individual policy or group certificate of credit life insurance or credit disability insurance or any combination thereof or both shall, in addition to other requirements of law, set forth the name of the insurer, the name or names of the debtor, the premium or amount of payment by the debtor separately for credit life insurance and credit disability insurance, a description of the coverage, including the amount and term thereof, and any exceptions, limitations and restrictions, and shall state that the benefits shall be paid to the creditor to reduce or extinguish the unpaid indebtedness and, whenever the amount of insurance may exceed the unpaid indebtedness, that any excess shall be payable to a beneficiary, other than the creditor, named by the debtor, or his estate.
(3)
Notwithstanding the provisions of subsection (2) of this section, a certificate issued where the indebtedness is a revolving loan or revolving charge account, may set forth the rate of premium or amount of payment.
Laws, 1986, ch. 440, § 7, eff. 5/1/1986.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 53 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE (§§ 83-53-1 — 83-53-47) › Section 83-53-15 - Requirement of commissioner's approval with respect to insurance matters; judicial review

All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements and riders delivered or issued for delivery in this state, and the schedules of premium rates pertaining thereto, shall be filed with the commissioner for his approval prior to use.
If after filing, the commissioner notifies the insurer that the form is disapproved, it is unlawful for the insurer to issue or use the form. In the notice the commissioner shall specify the reason for his disapproval and state that a hearing will be granted within thirty (30) days after receipt of request in writing by the insurer. No such policy, certificate of insurance, notice of proposed insurance, nor any application, endorsement or rider shall be issued or used unless and until the commissioner shall give his prior written approval thereto.
Any insurer or other party affected by any order or final determination of the commissioner under the provisions of this section may obtain judicial review thereof by filing in the Circuit Court of Hinds County within thirty (30) days from the date thereof a written petition or complaint praying that said order or final determination be modified or reversed. A copy of such petition or complaint shall be forthwith served upon the commissioner, and the commissioner shall file a transcript of the entire record of the proceedings with said court, which shall then have jurisdiction of the proceedings and questions determined therein. Said court shall have the power to make or enter a judgment modifying, affirming or reversing the order or final determination of the commissioner in whole or in part.
A premium rate or schedule of premium rates shall be deemed reasonable for all purposes under this chapter and shall be deemed approved by the commissioner upon filing with the commissioner as required by this section if the premium rate or schedule of premium rates meets the requirements for being considered reasonable under Section
83-53-23
. However, a different premium rate or schedule of premium rates shall be deemed reasonable upon the filing thereof with the commissioner as required by this section if it produces, or reasonably may be expected to result in claims incurred in excess of fifty percent (50%) of earned premiums.
Laws, 1986, ch. 440, § 8, eff. 5/1/1986.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 53 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE (§§ 83-53-1 — 83-53-47) › Section 83-53-17 - Premium rates; refunds; remission of premiums by agent; rules relative to insurer's certification of compliance with chapter

(1)
Any insurer with the prior approval of the commissioner may revise its schedules of premium rates from time to time and shall file the revised schedules with the commissioner. No insurer shall issue any credit life insurance policy or credit disability insurance policy for which the premium rate exceeds that determined by the schedules of the insurer as previously approved by the commissioner.
(2)
Each individual policy or group certificate shall provide that in the event of termination of the insurance prior to the scheduled maturity date of the indebtedness, any refund of an amount paid by the debtor for insurance shall be paid or credited promptly by the insurer to the person entitled thereto; provided, however, that no refund of less than Two Dollars ($2.00) need be made. The formula to be used in computing the premium refund shall be the "sum of the digits" formula with respect to decreasing term credit life insurance and credit disability insurance, and the "pro rata" formula with respect to level term credit life insurance. Upon the payment of a death benefit under the credit life insurance coverage, the entire premium shall be considered earned and no refund shall be due. The insurer shall pay or cause to be paid to the debtor any refund due pursuant to this subsection within thirty (30) days of the accrual of such refund.
(3)
The amount required of a debtor for any credit life or credit disability insurance shall not exceed the premium rate allowed to the insurer computed at the time the cost to the debtor is determined. All premiums payable to the insurer less any compensation to the agent or supervising general agent shall be remitted by the agent or supervising general agent to the insurer within sixty (60) days of collection.
(4)
The commissioner may promulgate rules whereby an insurer may certify that the policy forms and other documents required to be approved by the commissioner prior to use are in compliance with this chapter.
Laws, 1986, ch. 440, § 9, eff. 5/1/1986.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 53 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE (§§ 83-53-1 — 83-53-47) › Section 83-53-19 - Reporting and settlement of claims; maintenance of claim files

All claims shall be promptly reported by the debtor, his agent or estate to the insurer or its designated claims representative, who shall maintain adequate claim files. All claims shall be settled in accordance with the terms of the insurance contract by the insurer who shall be the sole party liable to the debtor for the payment of claims or refunds.
Laws, 1986, ch. 440, § 10, eff. 5/1/1986.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 53 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE (§§ 83-53-1 — 83-53-47) › Section 83-53-21 - Freedom of debtor to procure insurance from any authorized company

When credit life insurance or credit disability insurance is required as additional security for any indebtedness, the debtor shall be free to procure the required insurance from any insurance company authorized to transact credit life insurance or credit disability insurance business in this state.
Laws, 1986, ch. 440, § 11, eff. 5/6/1986.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 53 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE (§§ 83-53-1 — 83-53-47) › Section 83-53-27 - Additional compensation payable to credit life/credit disability supervising general agent; functions and duties of supervising general agents

(1)
Notwithstanding any provision in Section
83-53-25
to the contrary, an insurer may pay, in addition to the compensation authorized by Section
83-53-25
, an overriding commission to a credit life/credit disability supervising general agent. A supervising general agent shall be responsible for and supervise soliciting agents and no soliciting agent under the supervision of the supervising general agent may be either directly or indirectly an employee of a supervising general agent. Furthermore, no supervising general agent shall have any monetary interest in the creditor with whom the soliciting agent is affiliated for the writing of such insurance in any way or exercise any control over such business operation either directly or indirectly. A supervising general agent is defined as an individual or entity which performs the following documented functions:
(a)
Provides administrative services for insurance companies in the hiring, training and supervision of all agents under the supervising general agent's authority;
(b)
Provides underwriting services on behalf of the insurance company;
(c)
Audits reports submitted by the soliciting agent;
(d)
Requires compliance of all statutory responsibilities of soliciting agents under the supervising general agent's authority. Any supervising general agent who has knowledge of statutory violations by soliciting agents under such agent's supervision or responsibility may be subject to disciplinary action by the Insurance Department for the activities of that soliciting agent or agency.
(2)
Documentation of the above responsibilities will include the following and must be retained by the supervising general agent for three (3) years:
(a)
Written records certifying compliance of all hiring, training and monthly reports verifying continuous supervision of the soliciting agents' activities;
(b)
Complete records certifying underwriting review of policies and group contracts.
(3)
Supervising general agents may not receive directly or indirectly any soliciting agents' commissions nor pay any portion of such overriding commission to any creditor or other agent.
Laws, 1986, ch. 440, § 14; Laws, 1989, ch. 492, § 2, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 53 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE (§§ 83-53-1 — 83-53-47) › Section 83-53-29 - Promulgation of rules and regulations; requirement of information

The commissioner may, after notice and hearing, issue any rules and regulations that he deems necessary to effectuate the purposes of this chapter or to eliminate devices or plans designed to avoid or render ineffective the provisions of this chapter. The commissioner may require such information as is reasonably necessary for the enforcement of this chapter. All rules and regulations adopted and promulgated pursuant to this chapter shall be subject to the Mississippi Administrative Procedures Law.
Laws, 1986, ch. 440, § 15, eff. 5/6/1986.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 53 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE (§§ 83-53-1 — 83-53-47) › Section 83-53-31 - Issuance of cease and desist order; penalties

Whenever there has been a violation of this chapter or any rule or regulation issued pursuant thereto, the commissioner shall issue and serve upon the insurer, agent or other person charged with such violation an order requiring such person to cease and desist from violating this chapter or any rule or regulation issued pursuant thereto.
In addition, the commissioner, in the cease and desist order, may impose upon such person a fine not to exceed One Thousand Dollars ($1,000.00) for each violation and may revoke, suspend or decline to renew any license of such person to sell or issue insurance.
Laws, 1986, ch. 440, § 16, eff. 5/1/1986.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 53 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE (§§ 83-53-1 — 83-53-47) › Section 83-53-35 - Order, after hearing, as to findings, conclusions, and decision

After such hearing the commissioner shall issue and cause to be served upon the person charged with the violation and any petitioner or intervenor an order setting forth the commissioner's findings, conclusions and decision.
Laws, 1986, ch. 440, § 18, eff. 5/6/1986.