Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 18 - INSURANCE ADMINISTRATORS AND MANAGING GENERAL AGENTS (§§ 83-18-1 — 83-18-111) › INSURANCE ADMINISTRATORS (§§ 83-18-1 — 83-18-29) › Section 83-18-3 - License required to act as administrator; penalties; application; renewal of license; bonding requirements; revocation of license; fines; rules and regulations

(1)
No person shall act as or hold himself out to be an administrator in this state, other than an adjuster licensed in this state for the kinds of business for which he is acting as an adjuster, unless he shall hold a license as an administrator issued by the Mississippi Commissioner of Insurance. Failure to hold such a license shall subject the administrator to a fine of not less than One Hundred Dollars ($100.00) nor more than Five Hundred Dollars ($500.00). Such license shall be issued by the commissioner to an administrator unless the commissioner, after due notice and hearing, shall have determined that the administrator is not competent, trustworthy, financially responsible or of good personal and business reputation or has had a previous application for an insurance license denied for cause within five (5) years.
(2)
All applications shall be accompanied by a fee of Two Hundred Dollars ($200.00). The license is renewable annually on the date of issue. A request for renewal must be accompanied by a renewal fee of One Hundred Dollars ($100.00). Prior to the issuance or renewal of the license of any administrator, a fidelity bond in a form and amount as determined by the commissioner shall be obtained by the licensee.
(3)
After notice and hearing, the commissioner may revoke a license or fine an administrator not more than Five Hundred Dollars ($500.00), or both, or the commissioner may suspend such license or fine such administrator not more than Five Hundred Dollars ($500.00), or both, upon finding that either the administrator violated any of the requirements of this chapter or the administrator is not competent, trustworthy, financially responsible or of good personal and business reputation.
(4)
The Commissioner of Insurance may promulgate rules and regulations which are necessary to accomplish the purposes of this chapter.
(5)
In addition to the reasons specified in this section, the commissioner shall be authorized to suspend the license of any licensee for being out of compliance with an order for support, as defined in Section
93-11-153
. The procedure for suspension of a license for being out of compliance with an order for support, and the procedure for the reissuance or reinstatement of a license suspended for that purpose, and the payment of any fees for the reissuance or reinstatement of a license suspended for that purpose, shall be governed by Section
93-11-157
or
93-11-163
, as the case may be. Actions taken by the board in suspending a license when required by Section
93-11-157
or
93-11-163
are not actions from which an appeal may be taken under this section. Any appeal of a license suspension that is required by Section
93-11-157
or
93-11-163
shall be taken in accordance with the appeal procedure specified in Section
93-11-157
or
93-11-163
, as the case may be, rather than the procedure specified in this section. If there is any conflict between any provision of Section
93-11-157
or
93-11-163
and any provision of this chapter, the provisions of Section
93-11-157
or
93-11-163
, as the case may be, shall control.
(6)
Each application or filing made under this section shall include the Social Security number(s) of the applicant in accordance with Section
93-11-64
, Mississippi Code of 1972.
Laws, 1991, ch. 422, § 2; Laws, 1996, ch. 507, § 88; Laws, 1997, ch. 588, § 70, eff. 7/1/1997.