reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › MERGER OR CONSOLIDATION, OR EXCHANGE OF OUTSTANDING STOCK, OF DOMESTIC STOCK COMPANIES (§§ 83-19-99 — 83-19-123) › Section 83-19-103 - Submission of plan to commissioner of insurance

The constituent corporations in the case of a merger or consolidation, or the domestic company and the acquiring corporation in the case of an exchange of stock, shall then submit to the commissioner of insurance three (3) copies of the proposed plan certified by the president or a vice president of each as having been adopted by its board of directors in accordance with section
83-19-101
, together with (a) financial statements of the constituent corporations, or of the domestic company and the acquiring corporation for its last preceding fiscal year; (b) pro forma financial statements of each such corporation based on the assumption that the plan was effective as proposed at the end of the last preceding fiscal year of the domestic company; (c) an estimate of expenses already incurred and of expenses expected to be incurred in connection with the proposed plan; (d) a written statement which sets forth for each such corporation the proposed changes, if any, in management policies and in the identity of its officers and directors, which are initially contemplated should the plan be effected as proposed; and (e) any other information which the commissioner may require with respect to such plan.
Codes, 1942, § 5670.7-22; Laws, 1972, ch. 419, § 2, eff. 4/27/1972.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › MERGER OR CONSOLIDATION, OR EXCHANGE OF OUTSTANDING STOCK, OF DOMESTIC STOCK COMPANIES (§§ 83-19-99 — 83-19-123) › Section 83-19-105 - Public hearing on plan

The commissioner of insurance shall hold a public hearing upon the terms, conditions and provisions of the proposed plan of merger, consolidation or exchange to determine if it is reasonable, fair and in the public interest. At such hearing the shareholders and the policyholders of each such corporation, and any other interested parties, shall have the right to appear and to become parties to the proceeding.
Such hearing shall be commenced not less than thirty (30) days after the date on which such plan is submitted to the commissioner. The hearing shall be held at such place, date and time as the commissioner shall specify. Notice of the hearing shall be published in a newspaper having general circulation in the city or cities wherein are located the principal office of each corporation which is a party to the plan once a week for two (2) successive weeks, the last publication of such notice to be not more than two (2) weeks prior to the hearing date. Written notice of the hearing shall be mailed at least ten (10) days prior to the hearing by each such corporation to each of their respective shareholders. All expenses of publication shall be borne as specified in the plan.
Codes, 1942, § 5670.7-22; Laws, 1972, ch. 419, § 2, eff. 4/27/1972.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › MERGER OR CONSOLIDATION, OR EXCHANGE OF OUTSTANDING STOCK, OF DOMESTIC STOCK COMPANIES (§§ 83-19-99 — 83-19-123) › Section 83-19-107 - Commissioner's order

The commissioner of insurance shall issue a written order approving the plan as submitted to him, including such modifications therein as a majority of the whole board of directors of each corporation which is a party to the plan shall approve, if he finds (a) that the plan, including all such modifications, if effected, will not tend to affect adversely the financial stability, management, general capacity, or intention to continue the safe and prudent transaction of insurance business of any domestic insurance company which is a party to the plan; (b) that the fulfillment of the plan will not affect either the contractual obligations of any domestic insurance company which is a party to the plan to its policyholders, or the ability and tendency of such company to render service to its policyholders in the future; and (c) that the terms and conditions of the plan are consistent with law and are fair and reasonable.
The order of the commissioner approving or disapproving the plan shall be filed within sixty (60) days after the date the plan is submitted to him. The commissioner shall give notice of such order to all parties to the proceeding and shall deliver copies thereof to each corporation which is a party to the plan.
Codes, 1942, § 5670.7-22; Laws, 1972, ch. 419, § 2, eff. 4/27/1972.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › MERGER OR CONSOLIDATION, OR EXCHANGE OF OUTSTANDING STOCK, OF DOMESTIC STOCK COMPANIES (§§ 83-19-99 — 83-19-123) › Section 83-19-109 - Appeals from commissioner's decision

Any person becoming a party as hereinbefore provided and feeling aggrieved by the decision of the commissioner of insurance under the provisions of Sections
83-19-99
through
83-19-123
may appeal therefrom within thirty (30) days after the receipt of notice thereof to the Chancery Court of the First Judicial District of Hinds County by writ of certiorari upon giving bond with surety or sureties in such penalty as shall be approved by the chancery court of said county, conditioned that such appellant will pay all costs of the appeal in the event such appeal is unsuccessful. The said chancery court shall have the authority and jurisdiction to hear said appeal and to render its decision in regard thereto either in term time or vacation.
Codes, 1942, § 5670.7-22; Laws, 1972, ch. 419, § 2, eff. 4/27/1972.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › MERGER OR CONSOLIDATION, OR EXCHANGE OF OUTSTANDING STOCK, OF DOMESTIC STOCK COMPANIES (§§ 83-19-99 — 83-19-123) › Section 83-19-111 - Stockholder approval of plan

The plan as approved by the commissioner of insurance shall then be submitted to a vote of the shareholders of each corporation which is a party to such plan at an annual or special meeting of such shareholders. Written notice of such meeting shall be given for the time and in the manner required by the general laws of this state governing corporate mergers. The written notice shall state the right of a shareholder to dissent and receive fair value for his shares, and shall contain a copy or summary of the plan of merger, consolidation, or exchange. The plan shall be approved upon receiving the affirmative votes of the holders of at least two-thirds (2/3) of the outstanding shares of capital stock of each such corporation, or of such larger proportion of shares as may be specified in the plan. Notwithstanding such approval and at any time prior to the effective date of the plan as provided in Section
83-19-119
, it may be abandoned pursuant to provisions therefor, if any, set forth in the plan.
Codes, 1942, § 5670.7-22; Laws, 1972, ch. 419, § 2, eff. 4/27/1972.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › MERGER OR CONSOLIDATION, OR EXCHANGE OF OUTSTANDING STOCK, OF DOMESTIC STOCK COMPANIES (§§ 83-19-99 — 83-19-123) › Section 83-19-113 - Procedure where foreign corporation is involved

If one (1) of the constituent corporations to a merger or consolidation is a foreign corporation, such merger or consolidation shall be carried out in the following manner:
(a)
each domestic corporation shall comply with the provisions of Sections
83-19-99
through
83-19-123
with respect to the merger or consolidation of domestic companies, and each foreign corporation shall comply with the applicable provisions of the laws of the state under which it is organized;
(b)
if the surviving or new corporation is to be governed by the laws of any state other than this state, it shall comply with the general laws of this state governing foreign corporations if it is to transact business or to conduct affairs in this state, and in every case it shall file with the secretary of state of this state an agreement that it may be served with process in this state in any proceeding for the enforcement of any obligation of any domestic corporation which is a party to such merger or consolidation and in any proceeding for the enforcement of the rights of a dissenting shareholder of any such domestic corporation against the surviving or consolidated corporation, and an irrevocable appointment of the secretary of state of this state as its agent to accept service of process in any such proceeding and an agreement that it will promptly pay to the dissenting shareholders of any such domestic corporation the amount, if any, to which they shall be entitled under Section
83-19-123
.
The effect of such merger or consolidation shall be the same as in the case of the merger or consolidation of domestic corporations except insofar as the laws of the state governing such surviving or consolidated company provide otherwise.
In the case of an exchange of securities, if the acquiring corporation is a foreign corporation, then such corporation shall comply with the applicable provisions of the laws of the state under which it is organized. Such foreign acquiring corporation shall also procure a certificate of authority to transact business and conduct affairs in Mississippi and shall comply with all the provisions of the law of this state relating to foreign corporations. The effect of such exchange of securities shall be as provided by Sections
83-19-99
through
83-19-123
except insofar as the laws of the state under which such foreign acquiring corporation is organized provide otherwise.
Codes, 1942, § 5670.7-22; Laws, 1972, ch. 419, § 2, eff. 4/27/1972.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › MERGER OR CONSOLIDATION, OR EXCHANGE OF OUTSTANDING STOCK, OF DOMESTIC STOCK COMPANIES (§§ 83-19-99 — 83-19-123) › Section 83-19-115 - Execution and filing of articles or agreement of exchange

(1)
After the plan of merger or consolidation shall have been approved by the shareholders of each constituent corporation, appropriate articles of merger or consolidation shall be executed by the president or any vice president and the secretary or any assistant secretary of each such corporation and filed in triplicate with the commissioner of insurance. If such articles of merger or consolidation show that the plan of merger or consolidation has been duly approved by the shareholders of each constituent corporation as required in Section
83-19-111
and otherwise conforms to the law, the commissioner shall endorse his approval on each copy of said articles, shall record one (1) copy in his office, and shall return the other two (2) copies to the domestic company for delivery to the secretary of state who will approve said merger or consolidation as provided by the general laws of this state governing corporations. Following that the certificate of merger or certificate of consolidation will be recorded in the office of the chancery clerk and published as required by the general laws of this state governing corporation.
(2)
After the plan of exchange of stock shall have been approved by the shareholders of the domestic company and the acquiring corporation, an appropriate agreement of exchange shall be executed by the president or any vice president and the secretary or any assistant secretary of each such corporation and filed in triplicate with the commissioner of insurance. If such agreement shows that the plan of exchange has been duly approved by the shareholders of the domestic company and the acquiring corporation as required by Section
83-19-111
and otherwise conforms to the law, the commissioner shall endorse his approval on each copy thereof, shall record one (1) copy in his office, and shall return one (1) copy each to the domestic company and to the acquiring corporation.
Codes, 1942, § 5670.7-23; Laws, 1972, ch. 419, § 3, eff. 4/27/1972.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › MERGER OR CONSOLIDATION, OR EXCHANGE OF OUTSTANDING STOCK, OF DOMESTIC STOCK COMPANIES (§§ 83-19-99 — 83-19-123) › Section 83-19-117 - When stockholders' vote unnecessary

If the domestic company owns at least ninety-five percent (95%) of the outstanding shares of another domestic or foreign stock insurance company, it may merge such other company into itself without approval by a vote of the shareholders of either company in accordance with the general laws of this state governing merger of subsidiary corporations. In such event, the approval of the commissioner of insurance shall be obtained in the manner specified in Sections
83-19-103
through
83-19-107
.
Codes, 1942, § 5670.7-24; Laws, 1972, ch. 419, § 4, eff. 4/27/1972.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › MERGER OR CONSOLIDATION, OR EXCHANGE OF OUTSTANDING STOCK, OF DOMESTIC STOCK COMPANIES (§§ 83-19-99 — 83-19-123) › Section 83-19-119 - Effect of merger or consolidation; when plan of exchange becomes effective; stock certificates

(1)
The effect of the merger or consolidation shall be as provided in Section
79-4-11.07
.
(2)
The plan of exchange and the issuance and exchange of securities provided for therein shall become effective when the agreement of exchange has been recorded by the commissioner, or upon such later date as may be specified in such agreement, which may not be later than thirty (30) days after such recording. Upon the plan of exchange becoming effective, the issuance and exchange of securities provided for therein shall be deemed to have been consummated, each shareholder of the domestic company shall cease to be a shareholder of such company and the ownership of all shares of the issued and outstanding stock of the domestic company shall vest in the acquiring corporation automatically without any physical transfer or deposit of certificates representing such shares.
Certificates representing shares of stock of the domestic company prior to the plan of exchange becoming effective shall, after the plan of exchange becomes effective, represent (a) shares of the issued and outstanding capital stock or other securities issued by the acquiring corporation; and (b) the right, if any, to receive such cash or other consideration upon such terms as shall be specified in the plan of exchange. Such certificates representing shares of stock of the domestic company may, after the plan of exchange becomes effective, be exchanged for shares of stock or other securities issued by the acquiring corporation or cash or other consideration or any combination thereof upon such terms as shall be specified in the plan of exchange.
Codes, 1942, § 5670.7-25; Laws, 1972, ch. 419, § 5; Laws, 1997, ch. 410, § 17, eff. 7/1/1997.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › MERGER OR CONSOLIDATION, OR EXCHANGE OF OUTSTANDING STOCK, OF DOMESTIC STOCK COMPANIES (§§ 83-19-99 — 83-19-123) › Section 83-19-121 - Rights of dissenters

Any shareholder of any domestic stock insurance company which is a party to a merger, consolidation or exchange of securities as described in Sections
83-19-99
through
83-19-123
shall have the right to dissent and receive fair value for his shares by complying with the procedure set forth in Section
79-3-161
, Mississippi Code of 1972.
Codes, 1942, § 5670.7-27; Laws, 1972, ch. 419, § 7, eff. 4/27/1972.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › MERGER OR CONSOLIDATION, OR EXCHANGE OF OUTSTANDING STOCK, OF DOMESTIC STOCK COMPANIES (§§ 83-19-99 — 83-19-123) › Section 83-19-123 - Construction and effect of Sections 83-19-99 through 83-19-123

Nothing contained in Sections
83-19-99
through
83-19-123
shall affect the power of the commissioner of insurance to regulate, supervise and control insurance companies to the extent of and as provided by Title 83, Mississippi Code of 1972. Nothing contained in Sections
83-19-99
through
83-19-123
shall be construed to authorize any insurance company to engage in any kinds of insurance business not authorized by its charter or to authorize any acquiring corporation which is not an insurance company to engage directly in the business of insurance. Subsequent to the effective date of any plan of exchange, the commissioner of insurance, having regard to the findings stated in Section
83-19-107
, shall have authority to require that the affairs of the domestic company be conducted in such manner as to assure the continued safe conduct and transaction of the business of insurance of the domestic company.
Codes, 1942, § 5670.7-26; Laws, 1972, ch. 419, § 6, eff. 4/27/1972.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › REGULATION OF REINSURANCE (§§ 83-19-151 — 83-19-157) › Section 83-19-153 - Reduction from liability for reinsurance ceded by domestic insurer to assuming insurer not meeting requirements

An asset or reduction from liability for the reinsurance ceded by a domestic insurer to an assuming insurer not meeting the requirements of Section
83-19-151
shall be allowed in an amount not exceeding the liabilities carried by the ceding insurer, provided that the commissioner may adopt by regulation pursuant to Section
83-19-157(2)
specific additional requirements relating to or setting forth:
(i)
the valuation of assets or reserves credits;
(ii)
the amount and forms of security supporting reinsurance arrangements described in Section
83-19-157(2)
; and/or
(iii)
the circumstances pursuant to which the credit will be reduced or eliminated. The reduction shall be in the amount of funds held by or on behalf of the ceding insurer, including funds held in trust for the ceding insurer, under a reinsurance contract with such assuming insurer as security for the payment of obligations thereunder, if such security is held in the United States subject to withdrawal solely by, and under the exclusive control of, the ceding insurer; or, in the case of a trust, held in a qualified United States financial institution, as defined in paragraph (b) of Section
83-19-155
. This security may be in the form of:
(a)
Cash;
(b)
Securities listed by the Securities Valuation Office of the National Association of Insurance Commissioners, including those deemed exempt from filing as defined by the Purposes and Procedures Manual of the Securities Valuation Office, and qualifying as admitted assets;
(c)
(i)
Clean, irrevocable, unconditional letters of credit, issued or confirmed by a qualified United States financial institution, as defined in paragraph (a) of Section
83-19-155
, effective no later than December 31 in respect of the year for which filing is being made, and in the possession of, or in trust for, the ceding insurer on or before the filing date of its annual statement.
(ii)
Letters of credit meeting applicable standards of issuer acceptability as of the dates of their issuance or confirmation shall, notwithstanding the issuing or confirming institution's subsequent failure to meet applicable standards of issuer acceptability, continue to be acceptable as security until their expiration, extension, renewal, modification or amendment, whichever first occurs; or
(d)
Any other form of security acceptable to the commissioner.
Laws, 1991, ch. 501, § 2, eff. 7/1/1991.
Amended by Laws, 2017, ch. 306, SB 2298, 9, eff. 3/6/2017.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › REGULATION OF REINSURANCE (§§ 83-19-151 — 83-19-157) › Section 83-19-155 - Definitions

(a)
For purposes of paragraph (c) of Section
83-19-153
, a "qualified United States financial institution" means an institution that:
(i)
Is organized or (in the case of a United States office of a foreign banking organization) licensed, under the laws of the United States or any state thereof;
(ii)
Is regulated, supervised and examined by United States federal or state authorities having regulatory authority over banks and trust companies; and
(iii)
Has been determined by either the commissioner, or the Securities Valuation Office of the National Association of Insurance Commissioners, to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of financial institutions whose letters of credit will be acceptable to the commissioner.
(b)
A "qualified United States financial institution" means, for purposes of those provisions of this law specifying those institutions that are eligible to act as a fiduciary of a trust, an institution that:
(i)
Is organized, or (in the case of a United States branch or agency office of a foreign banking organization) licensed, under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers; and
(ii)
Is regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies.
Laws, 1991, ch. 501, § 3, eff. 7/1/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › REINSURANCE INTERMEDIARY ACT (§§ 83-19-201 — 83-19-221) › Section 83-19-201 - Short title

Sections
83-19-201
through
83-19-221
may be cited as the Reinsurance Intermediary Act.
Laws, 1992, ch. 330, § 1, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › REINSURANCE INTERMEDIARY ACT (§§ 83-19-201 — 83-19-221) › Section 83-19-207 - Written authorization required for transactions between reinsurance intermediary broker and insurer; minimum contents of authorization

Transactions between a reinsurance intermediary broker and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, contain provisions that:
(a)
The insurer may terminate the reinsurance intermediary broker's authority at any time.
(b)
The reinsurance intermediary broker shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by, or owing to, the reinsurance intermediary broker, and remit all funds due to the insurer within thirty (30) days of receipt.
(c)
All funds collected for the insurer's account shall be held by the reinsurance intermediary broker in a fiduciary capacity in a bank which is a qualified U.S. financial institution as defined herein.
(d)
The reinsurance intermediary broker shall comply with Section
83-19-209
.
(e)
The reinsurance intermediary broker shall comply with the written standards established by the insurer for the cession or retrocession of all risks.
(f)
The reinsurance intermediary broker shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
Laws, 1992, ch. 330, § 4, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › REINSURANCE INTERMEDIARY ACT (§§ 83-19-201 — 83-19-221) › Section 83-19-209 - Records required to be kept by reinsurance intermediary broker; right of insurer to access, copy and audit records

(1)
For at least ten (10) years after expiration of each contract of reinsurance, the reinsurance intermediary broker shall keep a complete record for each transaction showing:
(a)
The type of contract, limits, underwriting restrictions, classes or risks and territory;
(b)
Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;
(c)
Reporting and settlement requirements of balances;
(d)
Rate used to compute the reinsurance premium;
(e)
Names and addresses of assuming reinsurers;
(f)
Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary broker;
(g)
Related correspondence and memoranda;
(h)
Proof of placement;
(i)
Details regarding retrocessions handled by the reinsurance intermediary broker, including the identity of retrocessionaires and percentage of each contract assumed or ceded;
(j)
Financial records, including but not limited to, premium and loss accounts; and
(k)
When the reinsurance intermediary broker procures a reinsurance contract on behalf of a licensed ceding insurer:
(i)
Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(ii)
If placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative.
(2)
The insurer shall have access and the right to copy and audit all accounts and records maintained by the reinsurance intermediary broker related to its business in a form usable by the insurer.
Laws, 1992, ch. 330, § 5, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › REINSURANCE INTERMEDIARY ACT (§§ 83-19-201 — 83-19-221) › Section 83-19-211 - Required and prohibited acts of insurer with respect to reinsurance intermediary brokers

(1)
An insurer shall not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary broker on its behalf unless such person is licensed as required by Section
83-19-205
.
(2)
An insurer may not employ an individual who is employed by a reinsurance intermediary broker with which it transacts business, unless such reinsurance intermediary broker is under common control with the insurer and subject to the Holding Company Act.
(3)
The insurer shall obtain annually a copy of statements of the financial condition of each reinsurance intermediary broker with which it transacts business.
Laws, 1992, ch. 330, § 6, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › REINSURANCE INTERMEDIARY ACT (§§ 83-19-201 — 83-19-221) › Section 83-19-215 - Prohibited acts of reinsurance intermediary manager

The reinsurance intermediary manager shall not:
(a)
Bind retrocessions on behalf of the reinsurer, except that the reinsurance intermediary manager may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. Such guidelines shall include a list of reinsurers with which such automatic agreements are in effect, and for each such reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules.
(b)
Commit the reinsurer to participate in reinsurance syndicates.
(c)
Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he is appointed.
(d)
Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent (1%) of the reinsurer's policyholder's surplus as of December 31 of the last complete calendar year.
(e)
Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be promptly forwarded to the reinsurer.
(f)
Jointly employ an individual who is employed by the reinsurer.
(g)
Appoint a sub-reinsurance intermediary manager.
Laws, 1992, ch. 330, § 8, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › REINSURANCE INTERMEDIARY ACT (§§ 83-19-201 — 83-19-221) › Section 83-19-217 - Required and prohibited acts of reinsurer with respect to reinsurance intermediary managers

(1)
A reinsurer shall not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary manager on its behalf unless such person is licensed as required by Section
83-19-205
.
(2)
The reinsurer shall annually obtain a copy of statements of the financial condition of each reinsurance intermediary manager which such reinsurer has engaged prepared by an independent certified accountant in a form acceptable to the commissioner.
(3)
If a reinsurance intermediary manager establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the reinsurance intermediary manager. This opinion shall be in addition to any other required loss reserve certification.
(4)
Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the reinsurance intermediary manager.
(5)
Within thirty (30) days of termination of a contract with a reinsurance intermediary manager, the reinsurer shall provide written notification of such termination to the commissioner.
(6)
A reinsurer shall not appoint to its board of directors, any officer, director, employee, controlling shareholder or subproducer of its reinsurance intermediary manager. This subsection shall not apply to relationships governed by the Holding Company Act or, if applicable, the Broker Controlled Insurer Act.
Laws, 1992, ch. 330, § 9, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › REINSURANCE INTERMEDIARY ACT (§§ 83-19-201 — 83-19-221) › Section 83-19-219 - Examination of reinsurance intermediary by commissioner; reinsurance intermediary manager examined as reinsurer; commissioner to adopt rules and regulations

(1)
A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable to the commissioner.
(2)
A reinsurance intermediary manager may be examined as if it were the reinsurer.
(3)
The commissioner may adopt reasonable rules and regulations for the implementation and administration of Sections
83-19-201
through
83-19-221
.
Laws, 1992, ch. 330, § 10, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 19 - DOMESTIC COMPANIES (§§ 83-19-1 — 83-19-221) › REINSURANCE INTERMEDIARY ACT (§§ 83-19-201 — 83-19-221) › Section 83-19-221 - Penalties for violations of sections 83-19-201 through 83-19-221

(1)
A reinsurance intermediary, insurer or reinsurer found by the commissioner, after a hearing conducted in accordance with Section
83-6-39
, to be in violation of any provision(s) of Sections
83-19-201
through
83-19-221
, shall:
(a)
For each separate violation, pay a penalty in an amount not exceeding Five Thousand Dollars ($5,000.00);
(b)
Be subject to revocation or suspension of its license; and
(c)
If a violation was committed by the reinsurance intermediary, such reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to such violation.
(2)
The decision, determination or order of the commissioner pursuant to subsection (1) shall be subject to judicial review pursuant to Section
83-6-41
.
(3)
Nothing contained in this section shall affect the right of the commissioner to impose any other penalties provided in the insurance law.
(4)
Nothing contained in Sections
83-19-201
through
83-19-221
is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights to such persons.
Laws, 1992, ch. 330, § 11, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 20 - DOMICILE CHANGE FOR DOMESTIC AND FOREIGN INSURERS (§§ 83-20-1 — 83-20-7) › Section 83-20-1 - Foreign insurer becoming domestic insurer

Any insurer which is organized under the laws of any other state and is admitted to do business in this state for the purpose of writing insurance may become a domestic insurer by complying with all of the requirements of law relative to the organization and licensing of a domestic insurer of the same type and by designating its principal place of business at a place in this state. Such domestic insurer shall be entitled to like certificates and licenses to transact business in this state, and shall be subject to the authority and jurisdiction of this state.
Laws, 1989, ch. 352, § 1, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 20 - DOMICILE CHANGE FOR DOMESTIC AND FOREIGN INSURERS (§§ 83-20-1 — 83-20-7) › Section 83-20-3 - Transfer of domicile by domestic insurer

Any domestic insurer may, upon the approval of the Commissioner of Insurance, transfer its domicile to any other state in which it is admitted to transact the business of insurance, and upon such a transfer shall cease to be a domestic insurer, and shall be admitted to this state if qualified as a foreign insurer. The Commissioner of Insurance shall approve any such proposed transfer unless he shall determine such transfer is not in the interest of the policyholders of this state.
Laws, 1989, ch. 352, § 2, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 20 - DOMICILE CHANGE FOR DOMESTIC AND FOREIGN INSURERS (§§ 83-20-1 — 83-20-7) › Section 83-20-5 - Continuation of certificate of authority and other approvals

The certificate of authority, agents' appointments and licenses, rates, and other items which the Commissioner of Insurance allows, in his discretion, which are in existence at the time any insurer licensed to transact the business of insurance in this state transfers its corporate domicile to this or any other state by merger, consolidation or any other lawful method shall continue in full force and effect upon such transfer if such insurer remains duly qualified to transact the business of insurance in this state. All outstanding policies of any transferring insurer shall remain in full force and effect and need not be endorsed as to the new name of the company or its new location unless so ordered by the Commissioner of Insurance. Every transferring insurer shall file new policy forms with the Commissioner of Insurance on or before the effective date of the transfer, but may use existing policy forms with appropriate endorsements if allowed by, and under such conditions as approved by, the Commissioner of Insurance. However, every such transferring insurer shall notify the Commissioner of Insurance of the details of the proposed transfer, and shall file promptly, any resulting amendments to corporate documents filed or required to be filed with the Commissioner of Insurance.
Laws, 1989, ch. 352, § 3, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 20 - DOMICILE CHANGE FOR DOMESTIC AND FOREIGN INSURERS (§§ 83-20-1 — 83-20-7) › Section 83-20-7 - Promulgation of rules and regulations by Commissioner of Insurance

The Commissioner of Insurance is hereby authorized to promulgate any rules and regulations in order to carry out the purposes of this chapter.
Laws, 1989, ch. 352, § 4, eff. 7/1/1989.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 21 - FOREIGN COMPANIES (§§ 83-21-1 — 83-21-51) › GENERAL PROVISIONS (§§ 83-21-1 — 83-21-31) › Section 83-21-5 - Deposit required for companies outside United States

No foreign company, if incorporated or organized under the laws of any government or state elsewhere than in the United States, shall be admitted until it has made a deposit with the treasurer of the state, or with the financial officer of some other states of the United States, of a sum not less than the capital required of like companies under this chapter. Such deposit must be in exclusive trust for the benefit and security of all the company's policyholders and creditors in the United States, and such deposit shall be deemed for all purposes of the insurance law the capital of the company making it.
Codes, 1906, § 2610; Hemingway's 1917, § 5073; 1930, § 5166; 1942, § 5676.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 21 - FOREIGN COMPANIES (§§ 83-21-1 — 83-21-51) › GENERAL PROVISIONS (§§ 83-21-1 — 83-21-31) › Section 83-21-7 - Applicable laws

Foreign insurance companies, upon complying with the conditions applicable to such companies, may be admitted to transact in this state, by constituted agents resident therein, any class of insurance authorized by the laws now or hereafter in force relative to the duties, obligations, prohibitions, and penalties of insurance companies, and shall be subject to all laws applicable to the transaction of such business by foreign insurance companies and their agents. No provision of law which by its terms applies specifically to domestic life insurance companies shall thereby become applicable to foreign life insurance companies; and in the case of life insurance companies, the residence requirement shall not apply to agents who are residents of other states which permit residents of Mississippi to be licensed therein.
Codes, 1892, § 2340; 1906, § 2605; Hemingway's 1917, § 5068; 1930, § 5167; 1942, § 5677; Laws, 1928, ch. 23.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 21 - FOREIGN COMPANIES (§§ 83-21-1 — 83-21-51) › GENERAL PROVISIONS (§§ 83-21-1 — 83-21-31) › Section 83-21-9 - License refused on certain conditions

When an insurance company organized under the laws of any state or country is prohibited by the laws of said state or country or by its charter from investing its assets other than capital stock in the bonds of this state, then and in such case the commissioner of insurance is authorized and directed to refuse to grant a license to transact business in Mississippi to such insurance company.
Codes, 1906, § 2617; Hemingway's 1917, § 5080; 1930, § 5168; 1942, § 5678.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 21 - FOREIGN COMPANIES (§§ 83-21-1 — 83-21-51) › GENERAL PROVISIONS (§§ 83-21-1 — 83-21-31) › Section 83-21-11 - [Repealed]

Repealed by Laws, 1997, ch. 410, § 25, eff. 7/1/1997.
Codes, 1906, § 2667; Hemingway's 1917, § 5133; 1930, § 5169; 1942, § 5679.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 21 - FOREIGN COMPANIES (§§ 83-21-1 — 83-21-51) › GENERAL PROVISIONS (§§ 83-21-1 — 83-21-31) › Section 83-21-13 - Revocation of license for deficiency in capital, surplus, or reserves

Any company heretofore licensed shall have its financial status reviewed upon the filing of its annual statement, and in the event of a deficiency in either capital, surplus, or reserves, the license of the company and the certificate of authority of its agents to represent said company shall be immediately revoked.
Codes, 1942, § 5679.5; Laws, 1958, ch. 442, § 2.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 21 - FOREIGN COMPANIES (§§ 83-21-1 — 83-21-51) › GENERAL PROVISIONS (§§ 83-21-1 — 83-21-31) › Section 83-21-15 - [Repealed]

Repealed by Laws, 2001, ch. 510, § 34, eff. 1/1/2002.
Codes, 1942, § 5674; Laws, 1942, ch. 271; Laws, 1948, ch. 347; Laws, 1956, ch. 338, §§ 1-10; Laws, 1994, ch. 385, § 1; Laws, 1995, ch. 361, § 2; Laws, 1996, ch. 319, § 1; Laws, 1999, ch. 345, § 1; Laws, 2001, ch. 376, § 1.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 21 - FOREIGN COMPANIES (§§ 83-21-1 — 83-21-51) › GENERAL PROVISIONS (§§ 83-21-1 — 83-21-31) › Section 83-21-23 - Surplus lines insurance producer required to execute and retain form setting forth certain facts; promulgation of rules and regulations and establishment of fees; exemption of certain surplus lines insurance producers from requirement to make due diligence search to determine availability of full amount or type of insurance from admitted insurers under certain circumstances

(1)
When any policy of personal lines insurance is procured under the authority of such license, the surplus lines insurance producer shall furnish to the insured at the time of policy deliverance an informational notice as promulgated by the commissioner. The informational notice shall address the following:
(a)
The insurance procured may or may not be available from the admitted market that may provide greater protection with more regulatory oversight;
(b)
In the event of an insolvency of the surplus lines insurer, losses shall not be paid by the Mississippi Insurance Guaranty Association;
(c)
The coverage has been procured through a duly licensed nonadmitted insurance producer; and
(d)
Any other information the commissioner believes should be disclosed to the insured.
(2)
The Commissioner of Insurance may promulgate rules and regulations and establish appropriate fees for the implementation of Sections
83-21-17
through
83-21-31
.
Codes, 1906, § 2609; Hemingway's 1917, § 5072; 1930, § 5195; § 1942, § 5705-02; Laws, 1954, ch. 307, § 2; Laws, 1958, ch. 448, § 1; Laws, 1966, ch. 532, § 1; Laws, 1993, ch. 308, § 1; Laws, 1995, ch. 314, § 1; Laws, 2000, ch. 606, § 2; Laws, 2011, ch. 380, § 5; Laws, 2012, ch. 309, § 1, eff. 7/1/2012.
Amended by Laws, 2017, ch. 339, HB 447, 2, eff. 7/1/2017.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 21 - FOREIGN COMPANIES (§§ 83-21-1 — 83-21-51) › GENERAL PROVISIONS (§§ 83-21-1 — 83-21-31) › Section 83-21-25 - Report of surplus lines insurance producer; "gross premiums"; designation of procuring surplus lines insurance producer to make report and payment; exemption from payment of surplus line premium tax on certain property risk

(1)
The surplus lines insurance producer shall report under oath to the Commissioner of Insurance, within thirty (30) days from the first of January and July of each year, the amount of gross premiums received by him for such insurance in nonadmitted insurers, and shall pay to the Commissioner of Insurance a tax of four percent (4%) thereon. The term "gross premiums" shall mean the total gross amount of premiums received on each and every surplus lines insurance contract, less returned premiums. In default of the payment of any sum which may be due the state under this law, the Commissioner of Insurance may sue for the same. The surplus lines insurance producer shall keep a separate record of all transactions, as herein provided, open at all times to the inspection of the Commissioner of Insurance. The surplus lines insurance producer may designate another surplus lines insurance producer that actually procured the insurance from the nonadmitted insurer to report and pay, on behalf of the surplus lines insurance producer, to the Commissioner of Insurance the tax due the state under this law. The surplus lines insurance producer designated to pay the tax shall be deemed to have the same obligations and responsibilities for reporting and paying the tax due the state on the insurance procured from the nonadmitted insurer as the surplus lines insurance producer who was initially responsible for reporting and paying the tax, and the Commissioner of Insurance may sue such surplus lines insurance producer designated to pay the tax in the event such surplus lines insurance producer is in default of any sum which is due the state for which the designated surplus lines insurance producer is responsible or obligated to pay.
(2)
[Repealed].
Codes, 1906, § 2609; Hemingway's 1917, § 5072; 1930, § 5195; 1942, § 5705-02; Laws, 1954, ch. 307, § 2; Laws, 1958, ch. 448, § 1; Laws, 1966, ch. 532, § 1; Laws, 1993, ch. 308, § 2; Laws, 2011, ch. 380, § 6; Laws, 2012, ch. 350, § 1, eff. 4/16/2012.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 21 - FOREIGN COMPANIES (§§ 83-21-1 — 83-21-51) › GENERAL PROVISIONS (§§ 83-21-1 — 83-21-31) › Section 83-21-27 - Permissible acts of surplus lines insurance producers

Nothing contained in Sections
83-21-17
through
83-21-31
shall authorize any person, firm, association, or corporation to guarantee or otherwise validate or secure the performance or legality of any agreement, instrument, or policy of insurance of any nonadmitted insurer, nor to permit or authorize any nonadmitted insurer to do any insurance business by or through any person or surplus lines insurance producer acting within this state; but surplus lines insurance producers licensed hereunder acting pursuant to the cited sections may issue and deliver to their clients, the insured, binders, policies, and other confirmation of direct insurance so lawfully placed, and shall not be personally liable to the holder of any policy of insurance so issued or delivered for any loss covered thereby.
Codes, 1906, § 2609; Hemingway's 1917, § 5072; 1930, § 5195; 1942, § 5705-03; Laws, 1954, ch. 307, § 3; Laws, 1958, ch. 448, § 2; Laws, 2011, ch. 380, § 7, eff. 3/11/2011.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 21 - FOREIGN COMPANIES (§§ 83-21-1 — 83-21-51) › GENERAL PROVISIONS (§§ 83-21-1 — 83-21-31) › Section 83-21-29 - Suits against nonadmitted insurers

A nonadmitted insurer may be sued upon any cause of action arising in this state under any contract issued by it as hereinabove authorized, in a court of competent jurisdiction in any county in which the plaintiff may reside, or in which the cause of action arose. Any such policy or contract shall contain a provision authorizing service of citation or other legal process upon a person or firm whose name and address shall be set out therein, which said person, or at least one (1) member of a firm, shall be a resident of Mississippi. In lieu thereof any such policy or contract shall contain a provision authorizing service of citation or other legal process upon the Commissioner of Insurance, designating the person to whom said Commissioner of Insurance shall mail citation or other legal process. In the event service of legal process against a nonadmitted insurer is made by service upon the Commissioner of Insurance, he shall forthwith mail citation or other document or process required to the person designated by the nonadmitted insurer in the policy for the purpose by registered mail or certified mail with return receipt requested. In the event of service of citation or other legal process upon the Commissioner of Insurance, the nonadmitted insurer shall have thirty (30) days from date of service upon said Commissioner of Insurance within which to plead, answer, or otherwise defend the action. Upon service of process upon the Insurance Commissioner in accordance with this law, or upon the person or firm designated in the policy or contract in accordance with this law, or as provided for by the Mississippi Rules of Civil Procedure, the court shall be deemed to have jurisdiction in personam of the nonadmitted insurer. A nonadmitted insurer issuing such insurance policy or contract shall be deemed thereby to have authorized service of process upon it in the manner and effect as provided in Sections
83-21-17
through
83-21-31
, and as provided in the Mississippi Rules of Civil Procedure.
Codes, 1942, § 5705-04; Laws, 1954, ch. 307, § 4; Laws, 1958, ch. 448, § 3; Laws, 1991, ch. 573, § 121; Laws, 2011, ch. 380, § 8, eff. 3/11/2011.