reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 7 - CONTRACTUAL BENEFITS (§§ 83-30-31 — 83-30-39) › Section 83-30-39 - Nonforfeiture benefits, cash surrender values, certificate loans and other options

(1)
For certificates issued prior to one (1) year after July 1, 2001, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or other option granted shall comply with the provisions of law applicable immediately prior to July 1, 2001.
(2)
For certificates issued on or after one (1) year from July 1, 2001, for which reserves are computed on the commissioner's 1941 Standard Ordinary Mortality Table, the commissioner's 1941 Standard Industrial Table or the commissioner's 1958 Standard Ordinary Mortality Table, or the commissioner's 1980 Standard Mortality Table, or any more recent table made applicable to life insurers, every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or other option granted shall not be less than the corresponding amount ascertained in accordance with the laws of this state applicable to life insurers issuing policies containing like benefits based upon such tables.
Laws, 2001, ch. 362, § 20, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 9 - FINANCIAL (§§ 83-30-41 — 83-30-47) › Section 83-30-41 - Investments

A society shall invest its funds only in such investments as are authorized by the laws of this state for the investment of assets of life insurers, and such securities shall be valued accordingly to the methods used in valuing similar securities held by life insurers. Any foreign or alien society permitted or seeking to do business in this state which invests its funds in accordance with the laws of the state, district, territory, country or province in which it is incorporated, shall be held to meet the requirements of this chapter for the investment of funds.
Laws, 2001, ch. 362, § 21, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 9 - FINANCIAL (§§ 83-30-41 — 83-30-47) › Section 83-30-43 - Funds

(1)
All assets shall be held, invested and disbursed for the use and benefit of the society and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment on the surrender of any part thereof, except as provided in the benefit contract.
(2)
A society may create, maintain, invest, disburse and apply any special fund or funds necessary to carry out any purpose permitted by the laws of such society.
(3)
A society may, pursuant to resolution of its supreme governing body, establish and operate one or more separate accounts and issue contracts on a variable basis, subject to the provisions of law regulating life insurers establishing such accounts and issuing such contracts. To the extent the society deems it necessary in order to comply with any applicable federal or state laws, or any rules issued thereunder, the society may adopt special procedures for the conduct of the business and affairs of a separate account, may, for persons having beneficial interests therein, provide special voting and other rights, including without limitation special rights and procedures relating to investment policy, investment advisory services, selection of certified public accountants, and selection of a committee to manage the business and affairs of the account, and may issue contracts on a variable basis to which Section
83-30-37(2) and (4)
shall not apply.
Laws, 2001, ch. 362, § 22, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 9 - FINANCIAL (§§ 83-30-41 — 83-30-47) › Section 83-30-45 - Exemption from insurance laws

Except as herein provided, societies shall be governed by this chapter and shall be exempt from all other provisions of the insurance laws of this state, not only in governmental relations with the state but for every other purpose. No law hereafter enacted shall apply to them unless they be expressly designated therein.
Laws, 2001, ch. 362, § 23, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 9 - FINANCIAL (§§ 83-30-41 — 83-30-47) › Section 83-30-47 - Taxation

Every society organized or licensed under this chapter is hereby declared to be a charitable and benevolent institution, and all of its funds shall be exempt from every state, county, district, municipal and state tax other than license taxes as defined by Section
27-15-83
and ad valorem taxes on real estate, office equipment and motor vehicles.
Laws, 2001, ch. 362, § 24, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 11 - REGULATION (§§ 83-30-49 — 83-30-67) › Section 83-30-49 - Valuation

(1)
Standards of valuation for certificates issued prior to one (1) year after July 1, 2001, shall be those provided by the laws applicable immediately prior to July 1, 2001.
(2)
The minimum standards of valuation for certificates issued on or after one (1) year from July 1, 2001, shall be based on the following tables:
(a)
For certificates of life insurance - the commissioner's 1941 Standard Ordinary Mortality Table, the commissioner's 1941 Standard Industrial Mortality Table, the commissioner's 1958 Standard Ordinary Mortality Table, the commissioner's 1980 Standard Ordinary Mortality Table, or any more recent table made applicable to life insurers;
(b)
For annuity and pure endowment certificates, for total and permanent disability benefits, for accidental death benefits and for noncancelable accident and health benefits - such tables as are authorized for use by life insurers in this state.
All of the above shall be under valuation methods and standards (including interest assumptions) in accordance with the laws of this state applicable to life insurers issuing policies containing like benefits.
(3)
The commissioner may, in his or her discretion, accept other standards for valuation if the commissioner finds that the reserves produced thereby will not be less in the aggregate than reserves computed in accordance with the minimum valuation standard herein prescribed. The commissioner may, in his or her discretion, vary the standards of mortality applicable to all benefit contracts on substandard lives or other extra hazardous lives by any society authorized to do business in this state.
(4)
Any society, with the consent of the Commissioner of Insurance of the state of domicile of the society and under such conditions, if any, which the commissioner may impose, may establish and maintain reserves on its certificates in excess of the reserves required thereunder, but the contractual rights of any benefit member shall not be affected thereby.
Laws, 2001, ch. 362, § 25, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 11 - REGULATION (§§ 83-30-49 — 83-30-67) › Section 83-30-51 - Annual statement

(1)
Every society transacting business in this state shall annually, on or before March 1, unless for cause shown such time has been extended by the commissioner, file with the commissioner a true statement of its financial condition, transactions and affairs for the preceding calendar year. The statement shall be in general form and context as approved by the National Association of Insurance Commissioners for fraternal benefit societies and as supplemented by additional information required by the commissioner.
(2)
As part of the annual statement herein required, each society shall, on or before March 1, file with the commissioner a valuation of its certificates in force on December 31 last preceding, provided the commissioner may, in his or her discretion for cause shown, extend the time for filing such valuation for not more than two (2) calendar months. Such valuation shall be done in accordance with the standards specified in Section
83-30-49
. Such valuation and underlying data shall be certified by a qualified actuary or, at the expense of the society, verified by the actuary of the department of insurance of the state of domicile of the society. This valuation shall not be considered or regarded as a test of the financial solvency of the society, but as an indication of the ability of the society to pay the benefits promised under its certificates without change in benefits or in rates of contribution; and each society shall be held to be legally solvent as long as the funds belonging to the society are equal to or in excess of its matured liabilities.
(3)
A society neglecting to file the annual statement in the form and within the time provided by this section may be subject to a fine of One Hundred Dollars ($100.00) for each day during which such neglect continues, and its authority to do business in this state may be suspended by the commissioner while such default continues.
Laws, 2001, ch. 362, § 26; Laws, 2003, ch. 315, § 3, eff. 7/1/2003.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 11 - REGULATION (§§ 83-30-49 — 83-30-67) › Section 83-30-53 - Annual license

Societies which are now authorized to transact business in this state may continue such business until the first day of January next succeeding July 1, 2003, and the authority of such societies may hereafter be renewed annually, but in all cases to terminate on the first day of the succeeding January. However, a license so issued shall continue in full force and effect until the new license is issued or specifically refused. For each such license or renewal the society shall pay the commissioner the fees prescribed in Sections
27-15-83
and
83-5-75
.
Laws, 2001, ch. 362, § 27; Laws, 2003, ch. 315, § 4, eff. 7/1/2003.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 11 - REGULATION (§§ 83-30-49 — 83-30-67) › Section 83-30-55 - Examination of societies; no adverse publications

(1)
The commissioner, or any person he or she may appoint, may examine any domestic, foreign or alien society transacting or applying for admission to transact business in this state in the same manner as authorized for examination of domestic, foreign or alien insurers. Requirements of notice and an opportunity to respond before findings are made public as provided in the laws regulating insurers shall also be applicable to the examination of societies.
(2)
The expense of each examination and of each valuation, including compensation and actual expense of examiners, shall be paid by the society examined or whose certificates are valued, upon statements furnished by the Commissioner.
Laws, 2001, ch. 362, § 28, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 11 - REGULATION (§§ 83-30-49 — 83-30-67) › Section 83-30-57 - Foreign or alien society - admission

No foreign or alien society shall transact business in this state without a license issued by the commissioner. Any such society desiring admission to this state shall comply substantially with the requirements and limitations of this chapter applicable to domestic societies. Any such society may be licensed to transact business in this state upon filing with the commissioner:
(a)
A duly certified copy of its charter or articles of incorporation;
(b)
A copy of its bylaws, certified by its secretary or corresponding officer;
(c)
A power of attorney to the commissioner as prescribed in Section
83-29-31
;
(d)
A statement of its business under oath of its president and secretary or corresponding officers in a form prescribed by the commissioner, duly verified by an examination made by the supervising insurance official of its home state or other state, territory, province or country, satisfactory to the commissioner;
(e)
Certification from the proper official of its home state, territory, province or country that the society is legally incorporated and licensed to transact business therein;
(f)
Copies of its certificate forms; and
(g)
Such other information as the commissioner may deem necessary;
and upon a showing that its assets are invested in accordance with the provisions of this chapter.
Laws, 2001, ch. 362, § 29; Laws, 2003, ch. 315, § 1, eff. 7/1/2003.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 11 - REGULATION (§§ 83-30-49 — 83-30-67) › Section 83-30-59 - Injunction - liquidation - receivership of domestic society

(1)
When the commissioner upon investigation finds that a domestic society:
(a)
Has exceeded its powers;
(b)
Has failed to comply with any provision of this chapter;
(c)
Is not fulfilling its contracts in good faith;
(d)
Has a membership of less than four hundred (400) after an existence of one (1) year or more; or
(e)
Is conducting business fraudulently or in a manner hazardous to its members, creditors or the public;
the commissioner shall notify the society of such deficiency or deficiencies and state in writing the reasons for his or her dissatisfaction. The commissioner shall simultaneously issue a written notice to the society requiring that the deficiency or deficiencies which exist be corrected. After such notice the society shall have a thirty-day period in which to comply with the commissioner's request for correction, and if the society fails to comply, the commissioner shall take such action as is necessary and appropriate under Chapter 24 of Title 83.
(2)
The commissioner may take such action as is necessary and appropriate under this section as respects a domestic society which shall voluntarily determine to discontinue business.
Laws, 2001, ch. 362, § 30, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 11 - REGULATION (§§ 83-30-49 — 83-30-67) › Section 83-30-61 - Suspension, revocation or refusal of license of foreign or alien society

(1)
When the commissioner upon investigation finds that a foreign or alien society transacting or applying to transact business in this state:
(a)
Has exceeded its powers;
(b)
Has failed to comply with any of the provisions of this chapter;
(c)
Is not fulfilling its contracts in good faith; or
(d)
Is conducting its business fraudulently or in a manner hazardous to its members or creditors or the public;
the commissioner shall notify the society of such deficiency or deficiencies and state in writing the reasons for his or her dissatisfaction. The commissioner shall at once issue a written notice to the society requiring that the deficiency or deficiencies which exist are corrected. After such notice the society shall have a thirty-day period in which to comply with the commissioner's request for correction, and if the society fails to comply the commissioner shall notify the society of such findings of noncompliance and require the society to show cause on a date named why its license should not be suspended, revoked or refused. If on such date the society does not present good and sufficient reason why its authority to do business in this state should not be suspended, revoked or refused, the commissioner may suspend or refuse the license of the society to do business in this state until satisfactory evidence is furnished to the commissioner that such suspension or refusal should be withdrawn or the commissioner may revoke the authority of the society to do business in this state.
(2)
Nothing contained in this section shall be taken or construed as preventing any such society from continuing in good faith all contracts made in this state during the time such society was legally authorized to transact business herein.
Laws, 2001, ch. 362, § 31, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 11 - REGULATION (§§ 83-30-49 — 83-30-67) › Section 83-30-63 - Injunction

No application for injunction against or proceeding for the dissolution of or the appointment of a receiver for any domestic society, or lodge thereof, or against any foreign or alien society, shall be entertained in any court of this state unless made by the Attorney General or the commissioner.
Laws, 2001, ch. 362, § 32, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 11 - REGULATION (§§ 83-30-49 — 83-30-67) › Section 83-30-65 - Licensing of agents

(1)
Agents of societies shall be licensed in accordance with the provisions of Chapter 17 of Title 83.
(2)
No examination or license shall be required of any regular salaried officer, employee or member of a licensed society who devotes substantially all of his or her services to activities other than the solicitation of fraternal insurance contracts from the public, and who receives for the solicitation of such contracts no commission or other compensation directly dependent upon the amount of business obtained.
Laws, 2001, ch. 362, § 33, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 11 - REGULATION (§§ 83-30-49 — 83-30-67) › Section 83-30-67 - Unfair methods of competition and unfair and deceptive acts and practices

Every society authorized to do business in this state shall be subject to the provisions of Chapter 5 of Title 83 relating to unfair practices; provided, however, that nothing therein shall be construed as applying to or affecting the right of any society to determine its eligibility requirements for membership, or be construed as applying to or affecting the offering of benefits exclusively to members or persons eligible for membership in the society by a subsidiary corporation or affiliated organization of the society.
Laws, 2001, ch. 362, § 34, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 13 - MISCELLANEOUS PROVISIONS (§§ 83-30-69 — 83-30-77) › Section 83-30-69 - Service of process

(1)
Every society authorized to do business in this state shall appoint in writing the commissioner and each successor in office to be its true and lawful attorney upon whom all lawful process in any action or proceeding against it shall be served, and shall agree in such writing that any lawful process against it which is served on such attorney shall be of the same legal force and validity as if served upon the society, and that the authority shall continue in force so long as any liability remains outstanding in this state. Copies of such appointment, certified by the commissioner, shall be deemed sufficient evidence thereof and shall be admitted in evidence with the same force and effect as the original thereof might be admitted.
(2)
Service shall only be made upon the commissioner, or if absent, upon the person in charge of his or her office. It shall be made in duplicate and shall constitute sufficient service upon the society. When legal process against a society is served upon the commissioner, he shall forthwith forward the duplicate copy by certified mail, prepaid, directed to the secretary or corresponding officer. No such service shall require a society to file its answer, pleading or defense in less than thirty (30) days from the date of mailing the copy of the service to a society. Legal process shall not be served upon a society except in the manner herein provided.
(3)
At the time of serving any process upon the commissioner, the plaintiff or complainant in the action shall pay to the commissioner a fee of Twenty-five Dollars ($25.00).
Laws, 2001, ch. 362, § 35; Laws, 2003, ch. 315, § 2, eff. 7/1/2003.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 13 - MISCELLANEOUS PROVISIONS (§§ 83-30-69 — 83-30-77) › Section 83-30-71 - Penalties

(1)
A person who shall knowingly or willfully make any false or fraudulent statement or representation in or relating to any application for membership or for the purpose of obtaining money from or a benefit in any society, shall be guilty of a misdemeanor and upon conviction thereof be fined not less than One Hundred Dollars ($100.00) nor more than Five Hundred Dollars ($500.00), or imprisonment in the county jail not less than thirty (30) days nor more than one (1) year, or both, in the discretion of the court.
(2)
Any person who shall willfully make a false or fraudulent statement in any verified report or declaration under oath required or authorized by this chapter, or of any material fact or thing contained in a sworn statement concerning the death or disability of an insured for the purpose of procuring payment of a benefit named in the certificate, shall be guilty of perjury and shall be subject to the penalties therefor prescribed by law.
(3)
Any person who solicits membership for, or in any manner assists in procuring membership in, any society not licensed to do business in this state shall upon conviction thereof be fined not less than Fifty Dollars ($50.00) nor more than Two Hundred Dollars ($200.00).
(4)
Any person guilty of a willful violation of, or neglect or refusal to comply with, the provisions of this chapter for which a penalty is not otherwise prescribed shall upon conviction thereof be fined not exceeding Two Hundred Dollars ($200.00).
Laws, 2001, ch. 362, § 36, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 13 - MISCELLANEOUS PROVISIONS (§§ 83-30-69 — 83-30-77) › Section 83-30-73 - Exemption of certain societies

(1)
Nothing contained in this chapter shall be so construed as to affect or apply to grand or subordinate lodges of Masons, Odd Fellows, or Knights of Pythias exclusive of the insurance department of the supreme lodge Knights of Pythias, and the Junior Order of United American Mechanics exclusive of beneficiary degree or insurance branch of the National Council Junior Order United American Mechanics, or societies which admit to membership only persons engaged in one or more hazardous occupation in the same or similar lines of business. The Commissioner of Insurance may require from any society such information as will enable him to determine whether such society is exempt from the provisions of this chapter.
(2)
Any larger fraternal benefit society heretofore organized and incorporated and operating within the definition set forth in Section
83-30-1
providing benefits in case of death or disability resulting solely from accidents, but which does not obligate itself to pay death or sick benefits, may be licensed under the provisions of this chapter, and shall have all the privileges and shall be subject to all the provisions and regulations of this chapter, except that the provisions of this chapter as to valuations of benefit certificates shall not apply to such society.
(3)
The commissioner may require from any society or association, by examination or otherwise, such information as will enable the commissioner to determine whether such society or association is exempt from the provisions of this chapter.
(4)
Societies exempted under the provisions of this section shall also be exempt from all other provisions of the insurance laws of this state.
Laws, 2001, ch. 362, § 37, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 13 - MISCELLANEOUS PROVISIONS (§§ 83-30-69 — 83-30-77) › Section 83-30-75 - Review

All decisions and findings of the commissioner made under the provisions of this chapter shall be subject to review as set forth in Section
83-6-41
or otherwise in Title 83 as respects the particular subject matter involved.
Laws, 2001, ch. 362, § 38, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 30 - LARGER FRATERNAL BENEFIT SOCIETIES (§§ 83-30-1 — 83-30-77) › Article 13 - MISCELLANEOUS PROVISIONS (§§ 83-30-69 — 83-30-77) › Section 83-30-77 - Severability

If any provision of this chapter or the application of such provision to any circumstance is held invalid, the remainder of the chapter or the application of the provision to other circumstances, shall not be affected thereby.
Laws, 2001, ch. 362, § 39, eff. 7/1/2001.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-1 - Formation

Any number of persons not less than three (3), a majority of whom shall be bona fide residents of this state, by complying with the provisions of this chapter, may become, together with others who may hereafter be associated with them or their successors, a body corporate for the purpose of carrying on the business of mutual insurance as herein provided.
Codes, Hemingway's 1921 Supp. § 5209a; 1930, § 5269; 1942, § 5783; Laws, 1918, ch. 157; Laws, 1997, ch. 410, § 14, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-3 - Articles of association

Any persons proposing to form any such company shall subscribe and acknowledge articles of association specifying:
(a)
The name, the purpose for which formed, and the location of its principal or home office;
(b)
The names and addresses of those composing the board of directors in which the management shall be vested until the first meeting of the members;
(c)
The names and places of residence of the incorporators.
Codes, Hemingway's 1921 Supp. § 5209b; 1930, § 5270; 1942, § 5784; Laws, 1918, ch. 157.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-5 - Name must contain the word "mutual."

No name shall be adopted by such company which does not contain the word "mutual," or which is so similar to any name already in use by any such existing corporation, company, or association, organized or doing business in the United States, as to be confusing or misleading.
Codes, Hemingway's 1921 Supp. § 5209c; 1930, § 5271; 1942, § 5785; Laws, 1918, ch. 157.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-7 - Commissioner of Insurance to approve articles

Such articles of association shall be submitted to the commissioner of insurance, herein designated "commissioner," and if prepared in accordance with this chapter, he shall approve and file the same in his office.
Codes, Hemingway's 1921 Supp. § 5209d; 1930, § 5272; 1942, § 5786; Laws, 1918, ch. 157.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-9 - Corporate powers

The company shall have legal existence from the approval and filing of such articles in the office of the commissioner. The board of directors named in such articles may thereupon adopt bylaws and proceed to transact the business of such company, provided that no insurance shall be put into force until the company has been licensed to transact insurance as provided by this chapter. The company shall have succession for the time limited in its articles of association; may determine the manner of calling and conducting the meetings and the mode of voting by proxy; may elect all necessary officers and prescribe the duties and tenure of officers; may sue and be sued and prosecute and be prosecuted to judgment and satisfaction before any court; may have a corporate seal; may contract and be contracted with within the limits of its corporate powers; may buy, hold and sell real estate and personal property; may borrow money and secure the payment of same by mortgage or otherwise.
Codes, Hemingway's 1921 Supp. § 5209e; 1930, § 5273; 1942, § 5787; Laws, 1918, ch. 157; Laws, 1993, ch. 309, § 1, eff. 3/4/1993.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-10 - Existence in perpetuity; extension of time of life to perpetuity

(1)
Whenever the period of existence of a mutual insurance company created with a life of fifty (50) years expires before March 4, 1993, then every such mutual company that continues to do business for ninety (90) days after March 4, 1993, by the doing of such business shall be deemed to have accepted an extension of the time of life of such mutual company to that of perpetuity. Such mutual company shall continue in existence as a de jure mutual company as fully and completely as if the articles of association had been thus amended before the end of the original fifty-year period. Likewise, whenever the period of existence of a mutual company created for a period of fifty (50) years expires hereafter, if such mutual company continues to do business thereafter for a period of ninety (90) days, the same shall operate as an acceptance of an extension of time of the life of such mutual company to that of perpetuity. Such mutual company shall continue in existence as a de jure mutual company as fully and completely as if the articles of association had been thus amended before the end of the original fifty-year period.
(2)
When a mutual insurance company amends its articles of association in accordance with this section, it shall file within ninety (90) days thereafter in the Office of the Commissioner of Insurance a copy of the amended articles of association to show the extension of the time of life of such mutual company.
(3)
This section shall in no way nullify any suit or claim accrued or to accrue before March 4, 1993.
Laws, 1993, ch. 309, § 2, eff. 3/4/1993.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-11 - Kind of insurance authorized

Any company organized under the provisions of this chapter is empowered and authorized to make contracts of insurance or to reinsure or accept reinsurance, or any portion thereof, to the extent specified in its articles of association for the kinds of insurance following:
(a)
Fire insurance.
Against loss or damage to property and loss of use and occupancy by fire, lightning, hail, tempest, flood, earthquake, frost or snow, explosion, fire ensuing, and explosion, no fire ensuing, except explosion by steam boilers or flywheel; against loss or damage by water caused by the breakage or leakage of sprinklers, pumps, or other apparatus, water pipes, plumbing, or their fixtures, erected for extinguishing fires, and against accidental injury to such sprinklers, pumps, other apparatus, water pipes, plumbing, or fixtures; against the risks of inland transportation and navigation; upon automobiles, whether stationary or operated under their own power, against loss or damage by any of the causes or risks specified in this subsection, including also transportation, collision, liability, for damage to property resulting from owning, maintaining, or using automobiles, and including burglary and theft but not including loss or damage by risk of bodily injury to the person.
(b)
Liability insurance.
Against loss, expense, or liability by risk of bodily injury to death by accident, disability, sickness, or disease suffered by others for which the insured may be liable or have assumed liability, including workman's compensation.
(c)
Disability insurance.
Against bodily injury or death by accident and disability by sickness.
(d)
Automobile insurance.
Against any or all loss, expense, and liability resulting from the ownership, maintenance, or use of any automobile or other vehicle, provided no policies shall be issued under this subsection against the hazard of fire alone.
(e)
Steam boiler insurance.
Against loss or liability to persons or property resulting from explosions or accidents to boilers, containers, pipes, engines, flywheels, elevators, and machinery in connection therewith, and against loss of use and occupancy caused thereby, and to make inspection and issue certificates of inspection thereon.
(f)
Use and occupancy insurance.
Against loss from interruption of trade or business which may be the result of any accident or casualty.
(g)
Life insurance.
To carry on the business commonly known as life insurance on the mutual plan, or disability insurance; to contract for the payment of endowments or annuities, or make and enter into such other contracts conditioned upon the continuance or cessation of human life.
(h)
Miscellaneous insurance.
Against loss or damage by any hazard upon any risk not provided for in this section, which is not prohibited by statute or at common law from being the subject of insurance.
Codes, Hemingway's 1921 Supp. § 5209f; 1930, § 5274; 1942, § 5788; Laws, 1918, ch. 157; Laws, 1924, ch. 191.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-13 - May reinsure certain risks

(1)
A mutual company transacting fire, casualty, or multiple line insurance business under the laws of this state, with the approval of the commissioner of insurance, may reinsure all risks undertaken by it in any company authorized to transact a similar class of insurance business in this state, and may transfer to the company assuming such risks all or such of its assets, reserves, liabilities, and obligations of every character as the agreement approved by the commissioner shall provide.
(2)
This section shall not prevent such a company from reinsuring any risks or fractional parts thereof, not situated in this state, in any company licensed by the state in which such risks are located.
Codes, 1942, § 5788.5; Laws, 1960, ch. 373, §§ 1-3.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-15 - Fraternal societies may be converted

Any fraternal benefit society organized under the laws of this state may be converted into a mutual life or mutual life and disability insurance company, so as to come within the provisions of all laws governing mutual companies and operate under this chapter upon the terms and conditions as follows:
Whenever the supreme governing legislative body of any fraternal benefit society incorporated under the laws of this state shall, by two-thirds (2/3) vote, determine that a change or conversion from a fraternal benefit society to a regular mutual life or disability insurance company shall be to the best interests of the society and its members, or whenever a majority of the members in good standing of any such domestic fraternal benefit society shall, in writing, signify their desire for such conversion, then, in either event, said fraternal benefit society may adopt and file with the insurance commissioner of Mississippi an amendment to its articles of incorporation, authorizing it to be converted from a fraternal to a domestic mutual life or disability insurance company; and said amendment shall become operative upon its approval by and filing with the insurance commissioner, unless a later time be provided in said amendment. If the amendment is approved by the insurance commissioner, he shall issue his certificate of approval in writing. Thereafter the company shall have legal existence as a domestic mutual life or disability insurance company, may reorganize by the election of a board of directors and the adoption of bylaws, and proceed to transact the business of such company in accordance with and be subject to all of the terms and provisions of this chapter governing mutual companies.
Provided, however, that no such conversion from a fraternal benefit society to a regular mutual life or disability insurance company shall be had unless written notice of such proposed change be deposited in the United States mail, registered and postage prepaid, to each member of such fraternal benefit society at his last known post office address at least ninety (90) days before the proposed change or conversion is to be acted upon by said supreme governing body; but the notice provided herein shall not apply to or be required of any fraternal benefit society whose district councils, or state or division grand lodges composed of delegates from branch councils or subordinate lodges, have by a two-thirds (2/3) vote already authorized or instructed its national council or supreme legislative governing body to change or convert their society into said mutual life and disability company before April 10, 1924.
Codes, 1930, § 5275; 1942, § 5789; Laws, 1924, ch. 191.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-17 - Principal office

Any mutual life insurance company may acquire, own, or maintain a principal office, by and with the written consent of the insurance commissioner, in any state in which said company is admitted to do business, and may provide that the meetings of its board of directors or governing body may be held at said principal office. All business transacted at said principal office shall be as valid in all respects as if the meetings of the board of directors or governing body were held in this state.
Codes, 1930, § 5276; 1942, 5790; Laws, 1924, ch. 191.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-19 - Certain companies not affected

The provisions of this chapter shall not apply to foreign mutual reserve insurance companies doing business in this state upon the legal reserve plan.
Codes, 1930, § 5277; 1942, § 5791; Laws, 1924, ch. 191.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-21 - License

No such company shall issue policies or transact any business of insurance unless it shall hold a license from the commissioner authorizing the transaction of such business. Such license shall not be issued until and unless the company shall have in paid-up or contributed surplus the amount required in Section
83-19-73
.
Codes, Hemingway's 1921 Supp. § 5209g; 1930, § 5278; 1942, § 5792; Laws, 1918, ch. 157; Laws, 1956, ch. 336, § 2; Laws, 1997, ch. 410, § 16, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-23 - Corporations and associations may hold policies

Any public or private corporation, board, or association in this state or elsewhere may make application, enter into agreements for, and hold policies in any such mutual insurance company. Any officer, stockholder, trustee, or legal representative of any such corporation, board, association, or estate may be recognized as acting for or on its behalf for the purpose of such membership; but shall not be personally liable upon such contract of insurance by reason of acting in such representative capacity. The right of any corporation organized under the laws of this state to participate as a member of any such mutual insurance company is hereby declared to be incidental to the purpose for which such corporation is organized, and as much granted as the rights and powers expressly conferred.
Codes, Hemingway's 1921 Supp. § 5209h; 1930, § 5279; 1942, § 5793; Laws, 1918, ch. 157.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-25 - Voting of members

Every member of the company shall be entitled to one vote, or to a number of votes based upon the insurance in force, the number of policies held, or the amount of premiums paid, as may be provided in the bylaws.
Codes, Hemingway's 1921 Supp. § 5209i; 1930, § 5280; 1942, § 5794; Laws, 1918, ch. 157.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-27 - Premiums

The maximum premium payable by any member shall be expressed in the policy or in the application for the insurance. Such maximum premium may be a cash premium and an additional contingent premium not less than the cash premium, or may be solely a cash premium. No policy shall be issued for a cash premium without an additional contingent premium unless the company has a surplus which is not less in amount than the capital stock required of domestic stock insurance companies transacting the same kind of insurance.
Codes, Hemingway's 1921 Supp. § 5209j; 1930, § 5281; 1942, § 5795; Laws, 1918, ch. 157.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-29 - Investment of assets

No such company shall invest any of its assets except in accordance with the laws of this state relating to the investment of the assets of domestic stock companies transacting the same kind of insurance.
Codes, Hemingway's 1921 Supp. § 5209k; 1930, § 5282; 1942, § 5796; Laws, 1918, ch. 157.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-31 - Reserves and unearned premiums

Such company shall maintain unearned premium and other reserves separately for each kind of insurance, upon the same basis as that required of domestic stock insurance companies transacting the same kind of insurance; provided, that any reserve for losses or claims based upon the premium income shall be computed upon the net premium after deducting any so-called dividend or premium returned or credited to the member.
Codes, Hemingway's 1921 Supp. § 5209l; 1930, § 5283; 1942, § 5797; Laws, 1918, ch. 157.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-33 - Deficiency in assets

Such company not possessed of assets at least equal to the unearned premium reserve and other liabilities shall make an assessment upon its members liable to assessment to provide for such deficiency, such assessment to be against each such member in proportion to such liability as expressed in his policy. The commissioner may, by written order, relieve the company from an assessment or other proceedings to restore such assets during the time fixed in such order.
Codes, Hemingway's 1921 Supp. § 5209m; 1930, § 5284; 1942, § 5798; Laws, 1918, ch. 157.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-35 - Money advanced by officers or members

Any director, officer, or member of any such company, or any other person, may advance to such company any sum or sums of money necessary for the purpose of its business or to enable it to comply with any of the requirements of the law. Such moneys and such interest thereon as may have been agreed upon, not exceeding ten percent (10%) per annum, shall not be a liability or claim against the company or any of its assets, except as herein provided, and shall be repaid only out of the surplus earnings of such company. No commission nor promotion expenses shall be paid in connection with the advance of any such money to the company, and the amount of such advance shall be reported in each annual statement.
Codes, Hemingway's 1921 Supp. § 5209n; 1930, § 5285; 1942, § 5799; Laws, 1918, ch. 157.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 31 - MUTUAL COMPANIES (§§ 83-31-1 — 83-31-181) › IN GENERAL (§§ 83-31-1 — 83-31-47) › Section 83-31-37 - Delivery of policies through licensed agents

Such mutual company shall comply with the provisions of any law applicable to any stock insurance companies effecting the same kind of insurance requiring that policies be countersigned and delivered through a licensed agent. This requirement shall not apply to any policy of such mutual company on which no commission shall be paid to any local agent. Such mutual company may insert, in any form of policy prescribed by the law of this state, such provisions or conditions required by its plan of insurance which are not inconsistent or in conflict with any law of this state. Such policy, in lieu of conforming to the language and form prescribed by such law, may conform thereto in substance, if such policy includes a provision or endorsement reciting that the policy shall be construed as if in the language and form prescribed by such law, and a copy of such policy and endorsement, if any, shall have been first filed with and shall not have been disapproved by the commissioner.
Codes, Hemingway's 1921 Supp. § 5209o; 1930, § 5286; 1942, § 5800; Laws, 1918, ch. 157; Laws, 2001, ch. 510, § 33, eff. 1/1/2002.