reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 2 - AUDIT OF FINANCIAL STATEMENTS OF INSURERS (§§ 83-5-101 — 83-5-125) › Section 83-5-110 - Notification of adverse financial condition

The insurer required to furnish the annual audited financial report shall require the independent certified public accountant to report in writing within five (5) business days to the board of directors or its audit committee any reasonable belief by the independent certified public accountant that the insurer has materially misstated its financial condition as reported to the commissioner as of the balance sheet date currently under examination or that the insurer does not meet the minimum capital and surplus requirement of the state insurance laws as of that date. An insurer who has received a report pursuant to this paragraph shall forward a copy of the report to the commissioner within five (5) business days of receipt of such report and shall provide the independent certified public accountant making the report with evidence of the report being furnished to the commissioner. If the independent certified public accountant fails to receive such evidence within the required five (5) business days period, the independent certified public accountant shall furnish to the commissioner a copy of its report within the next five (5) business days.
No independent public accountant shall be liable in any manner to any person for any statement made in connection with the above paragraph if such statement is made in good faith in compliance with the above paragraph.
If the accountant, subsequent to the date of the audited financial report filed pursuant to Sections
83-5-101
through
83-5-113
, becomes aware of facts which might have affected his report, the accountant is obligated to take such action as prescribed in Volume I, Section AU 561 of the Professional Standards of the American Institute of Certified Public Accountants.
Laws, 1991, ch. 550, § 11, eff. 7/1/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 2 - AUDIT OF FINANCIAL STATEMENTS OF INSURERS (§§ 83-5-101 — 83-5-125) › Section 83-5-111 - Report on significant deficiencies in internal controls

In addition to the annual audited financial report, each insurer shall furnish the commissioner with a written communication as to any unremediated material weaknesses in its internal control over financial reporting noted during the audit. Such communication shall be prepared by the accountant within sixty (60) days after the filing of the annual audited financial report, and shall contain a description of any unremediated material weakness (as the term material weakness is defined by Statement on Auditing Standard No. 115, "Communication of Internal Control Related Matters Identified in an Audit," or its replacement) as of December 31 immediately preceding in the insurer's internal control over financial reporting noted by the accountant during the course of their audit of the financial statements. If no unremediated material weaknesses were noted, the communication should so state.
The insurer is required to provide a description of remedial actions taken or proposed to correct unremediated material weaknesses if the actions are not described in the accountant's communication.
Laws, 1991, ch. 550, § 12; Laws, 2009, ch. 334, § 6, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 2 - AUDIT OF FINANCIAL STATEMENTS OF INSURERS (§§ 83-5-101 — 83-5-125) › Section 83-5-112 - Accountant's letter of qualifications

The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating:
(a)
That he is independent with respect to the insurer and conforms to the standards of his profession as contained in the Code of Professional Ethics and pronouncements of the American Institute of Certified Public Accountants and the rules of professional conduct of the appropriate state board of public accountancy, or similar code.
(b)
The background and experience in general, and the experience in audits of insurers of the staff assigned to the engagement and whether each is an independent certified public accountant. Nothing within this section shall be construed as prohibiting the accountant from utilizing such staff as he deems appropriate where such use is consistent with the standards prescribed by generally accepted auditing standards.
(c)
That the accountant understands the annual audited financial report and his opinion thereon will be filed in compliance with this section and that the commissioner will be relying on this information in the monitoring and regulating of the financial position of insurers.
(d)
That the accountant consents to the requirements of Section
83-5-113
and that the accountant consents and agrees to make available for review by the commissioner, his designee or his appointed agent, the work papers, as defined in Section
83-5-113
.
(e)
A representation that the accountant is properly licensed by an appropriate state licensing authority and that he is a member in good standing in the American Institute of Certified Public Accountants.
(f)
A representation that the accountant is in compliance with the requirements of Section
83-5-107
.
Laws, 1991, ch. 550, § 13, eff. 7/1/1991.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 2 - AUDIT OF FINANCIAL STATEMENTS OF INSURERS (§§ 83-5-101 — 83-5-125) › Section 83-5-113 - Definition, availability and maintenance of certified public accountant work papers

Work papers are the records kept by the independent certified public accountant of the procedures followed, the tests performed, the information obtained and the conclusion reached pertinent to his examination of the financial statements of an insurer. Work papers, accordingly, may include audit planning documentation, work programs, analyses, memoranda, letters of confirmation and representation, abstracts of company documents and schedules or commentaries prepared or obtained by the independent certified public accountant in the course of his examination of the financial statements of an insurer and which support his opinion thereof.
Every insurer required to file an audited financial report pursuant to Sections
83-5-101
through
83-5-113
shall require the accountant to make available for review by department examiners all work papers prepared in the conduct of his examination and any communications related to the audit between the accountant and the insurer, at the offices of the insurer, at the Department of Insurance or at any other reasonable place designated by the commissioner. The insurer shall require that the accountant retain the audit work papers and communications until the Department of Insurance has filed a report on examination covering the period of the audit, but no longer than seven (7) years from the date of the audit report.
In the conduct of the aforementioned periodic review by the department examiners, it shall be agreed that photocopies of pertinent audit work papers may be made and retained by the department. Such reviews by the department examiners shall be considered investigations and all work papers and communications obtained during the course of such investigations shall be afforded the same confidentiality as other examination work papers generated by the department.
Laws, 1991, ch. 550, § 13; Laws, 2009, ch. 334, § 7, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 2 - AUDIT OF FINANCIAL STATEMENTS OF INSURERS (§§ 83-5-101 — 83-5-125) › Section 83-5-114 - Severability

If any section or portion of a section of Sections
83-5-101
through
83-5-113
or its applicability to any person or circumstance is held invalid by a court, the remainder of this chapter or the applicability of the provision to other persons or circumstances shall not be affected.
Laws, 2009, ch. 334, § 12, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 2 - AUDIT OF FINANCIAL STATEMENTS OF INSURERS (§§ 83-5-101 — 83-5-125) › Section 83-5-115 - Authority of Department of Insurance to determine method of calculating values of stocks, bonds and other sureties held by insurer

(1)
All bonds or other evidences of debt having a fixed term and rate of interest held by an insurer, if secured and not in default as to principal or interest, may be valued as follows:
(a)
If purchased at par, at the par value.
(b)
If purchased above or below par, on the basis of the purchase price adjusted to bring the value to par at maturity and to yield in the meantime the effective rate of interest at which the purchase was made, or in lieu of this method, according to any accepted method of valuation approved by the Department of Insurance.
(c)
Purchase price shall not be taken at a higher figure than the actual market value at the time of purchase, plus actual brokerage, transfer, postage or express charges paid in the acquisition of the securities.
(2)
The Department of Insurance shall have full discretion in determining the method of calculating values according to the rules set forth in this section, but no method or valuation shall be inconsistent with any applicable valuation or method used by insurers in general or any method formulated or approved by the National Association of Insurance Commissioners or its successor organization.
Laws, 1994, ch. 313, § 1, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 2 - AUDIT OF FINANCIAL STATEMENTS OF INSURERS (§§ 83-5-101 — 83-5-125) › Section 83-5-117 - Methods of valuation which may be used to calculate values of stocks, bonds and other sureties held by insurer

(1)
Securities, other than those referred to in 83-5-115, held by an insurer shall be valued, in the discretion of the Department of Insurance, at their market value or at their appraised value or at prices determined by it as representing their fair market value.
(2)
Preferred or guaranteed stocks or shares while paying full dividends may be carried at a fixed value in lieu of market value, at the discretion of the Department of Insurance and in accordance with the method of valuation as it may approve.
(3)
Stock of a subsidiary corporation of an insurer shall not be valued at an amount in excess of the net value thereof as based upon those assets only of the subsidiary which would be eligible under either Section
83-6-2
or
83-19-51
for investment of the funds of the insurer directly.
(4)
No valuations under this section shall be inconsistent with any applicable valuation or method formulated or approved by the National Association of Insurance Commissioners or its successor organization.
Laws, 1994, ch. 313, § 2, eff. 7/1/1994.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 2 - AUDIT OF FINANCIAL STATEMENTS OF INSURERS (§§ 83-5-101 — 83-5-125) › Section 83-5-120 - Internal audit function requirements

(1)
Exemption.
An insurer is exempt from the requirements of this section if:
(a)
The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than Five Hundred Million Dollars ($500,000,000.00); and
(b)
If the insurer is a member of a group of insurers, the group has annual direct written and unaffiliated assumed premium, including international direct and assumed premium, but excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, less than One Billion Dollars ($1,000,000,000.00).
Note:
An insurer or group of insurers exempt from the requirements of this section is encouraged, but not required, to conduct a review of the insurer business type, sources of capital, and other risk factors to determine whether an internal audit function is warranted. The potential benefits of an internal audit function should be assessed and compared against the estimated costs.
(2)
Function.
The insurer or group of insurers shall establish an internal audit function providing independent, objective and reasonable assurance to the audit committee and insurer management regarding the insurer's governance, risk management and internal controls. This assurance shall be provided by performing general and specific audits, reviews and tests and by employing other techniques deemed necessary to protect assets, evaluate control effectiveness and efficiency, and evaluate compliance with policies and regulations.
(3)
Independence.
In order to ensure that internal auditors remain objective, the internal audit function must be organizationally independent. Specifically, the internal audit function will not defer ultimate judgment on audit matters to others, and shall appoint an individual to head the internal audit function who will have direct and unrestricted access to the board of directors. Organizational independence does not preclude dual-reporting relationships.
(4)
Reporting.
The head of the internal audit function shall report to the audit committee regularly, but no less than annually, on the periodic audit plan, factors that may adversely impact the internal audit function's independence or effectiveness, material findings from completed audits and the appropriateness of corrective actions implemented by management as a result of audit findings.
(5)
Additional requirements.
If an insurer is a member of an insurance holding company system or included in a group of insurers, the insurer may satisfy the internal audit function requirements set forth in this section at the ultimate controlling parent level, an intermediate holding company level or the individual legal entity level.
Added by Laws, 2019, ch. 326, HB 323,§ 3, eff. 1/1/2020.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 2 - AUDIT OF FINANCIAL STATEMENTS OF INSURERS (§§ 83-5-101 — 83-5-125) › Section 83-5-121 - Conduct of insurer in connection with the preparation of required reports and documents

(1)
No director or officer of an insurer shall, directly or indirectly:
(a)
Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, review or communication required under this section; or
(b)
Omit to state, or cause another person to omit to state, any material fact necessary in order to make statements made, in light of the circumstances under which the statements were made, not misleading to an accountant in connection with any audit, review or communication required under this section.
(2)
No officer or director of an insurer, or any other person acting under the direction thereof, shall directly or indirectly take any action to coerce, manipulate, mislead or fraudulently influence any accountant engaged in the performance of an audit pursuant to this section if that person knew or should have known that the action, if successful, could result in rendering the insurer's financial statements materially misleading.
(3)
For purposes of subsection (2) of this section, actions that, "if successful, could result in rendering the insurer's financial statements materially misleading" include, but are not limited to, actions taken at any time with respect to the professional engagement period to coerce, manipulate, mislead or fraudulently influence an accountant:
(a)
To issue or reissue a report on an insurer's financial statements that is not warranted in the circumstances (due to material violations of statutory accounting principles prescribed by the commissioner, generally accepted auditing standards, or other professional or regulatory standards);
(b)
Not to perform audit, review or other procedures required by generally accepted auditing standards or other professional standards;
(c)
Not to withdraw an issued report; or
(d)
Not to communicate matters to an insurer's audit committee.
Laws, 2009, ch. 334, § 9, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 2 - AUDIT OF FINANCIAL STATEMENTS OF INSURERS (§§ 83-5-101 — 83-5-125) › Section 83-5-125 - Canadian and British companies

(1)
In the case of Canadian and British insurers, the annual audited financial report shall be defined as the annual statement of total business on the form filed by such companies with their supervision authority duly audited by an independent chartered accountant.
(2)
For such insurers, the letter required in Section
83-5-106
shall state that the accountant is aware of the requirements relating to the annual audited financial report filed with the commissioner pursuant to Section
83-5-101
and shall affirm that the opinion expressed is in conformity with those requirements.
Laws, 2009, ch. 334, § 11, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 3 - PERIODIC FINANCIAL EXAMINATIONS OF INSURERS (§§ 83-5-201 — 83-5-217) › Section 83-5-201 - Purpose of sections 83-5-201 through 83-5-217

The purpose of Sections
83-5-201
through
83-5-217
is to provide an effective and efficient system for examining the activities, operations, financial condition and affairs of all persons transacting the business of insurance in this state and all persons otherwise subject to the jurisdiction of the commissioner. Sections
83-5-201
through
83-5-217
are intended to enable the commissioner to adopt a flexible system of examinations which directs resources as may be deemed appropriate and necessary for the administration of the insurance and insurance related laws of this state.
Laws, 1992, ch. 319, § 1, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 3 - PERIODIC FINANCIAL EXAMINATIONS OF INSURERS (§§ 83-5-201 — 83-5-217) › Section 83-5-203 - Definitions

The following terms as used in Sections
83-5-201
through
83-5-217
shall have the respective meanings hereinafter set forth:
(a)
"Commissioner" means the Commissioner of Insurance.
(b)
"Company" means any person engaging in or proposing or attempting to engage in any transaction or kind of insurance or surety business, and any person or group of persons who may otherwise be subject to the administrative, regulatory or taxing authority of the commissioner.
(c)
"Department" means the Department of Insurance.
(d)
"Examiner" means any individual or firm having been authorized by the commissioner to conduct an examination under Sections
83-5-201
through
83-5-217
.
(e)
"Insurer" means an insurer as the term is used in Section
83-5-1
.
(f)
"Person" means any individual, aggregation of individuals, trust, association, partnership or corporation, or any affiliate thereof.
Laws, 1992, ch. 319, § 2, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 3 - PERIODIC FINANCIAL EXAMINATIONS OF INSURERS (§§ 83-5-201 — 83-5-217) › Section 83-5-211 - Appointment of examiners

(1)
No examiner may be appointed by the commissioner if such examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under Sections
83-5-201
through
83-5-217
. This section shall not be construed to automatically preclude an examiner from being:
(a)
A policyholder or claimant under an insurance policy;
(b)
A grantor of a mortgage or similar instrument on the examiner's residence to a regulated entity if done under customary terms and in the ordinary course of business;
(c)
An investment owner in shares of regulated diversified investment companies; or
(d)
A settlor or beneficiary of a "blind trust" into which any otherwise impermissible holdings have been placed.
(2)
Notwithstanding the requirements of this section the commissioner may retain from time to time, on an individual basis, qualified actuaries, certified public accountants or other similar individuals who are independently practicing their professions, even though such persons may from time to time be similarly employed or retained by persons subject to examination under Sections
83-5-201
through
83-5-217
.
Laws, 1992, ch. 319, § 6, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 3 - PERIODIC FINANCIAL EXAMINATIONS OF INSURERS (§§ 83-5-201 — 83-5-217) › Section 83-5-213 - Compensation and expenses of examiner

The compensation and expense of such examiner shall not exceed that approved by the National Association of Insurance Commissioners for all examiners on such examinations unless approved by the commissioner. An itemized account of such charges shall be submitted to and approved by the commissioner.
Laws, 1992, ch. 319, § 7; Laws, 1995, ch. 306, § 1, eff. 3/8/1995.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 3 - PERIODIC FINANCIAL EXAMINATIONS OF INSURERS (§§ 83-5-201 — 83-5-217) › Section 83-5-215 - Reports to be furnished to State Tax Commission; Tax Commission not precluded from performing additional audits

The results of audits performed hereunder by the commissioner shall be furnished to the State Tax Commission within thirty (30) days of completion. Nothing herein shall be construed to prohibit the State Tax Commission from performing such additional audits or verifications as it may deem necessary to ensure the proper payment of taxes.
Laws, 1992, ch. 319, § 8, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 3 - PERIODIC FINANCIAL EXAMINATIONS OF INSURERS (§§ 83-5-201 — 83-5-217) › Section 83-5-217 - No cause of action against examiners; no cause of action against person providing information to examiner; statutory privilege or immunity not abridged; examiner's right to award of attorney fees in civil action

(1)
No cause of action shall arise, nor shall any liability be imposed against the commissioner, the commissioner's authorized representatives or any examiner appointed by the commissioner for any statements made or conduct performed in good faith while carrying out Sections
83-5-201
through
83-5-217
.
(2)
No cause of action shall arise, nor shall any liability be imposed against any person for the act of communicating or delivering information or data to the commissioner or the commissioner's authorized representative or examiner pursuant to an examination made under Sections
83-5-201
through
83-5-217
if such act of communication or delivery was performed in good faith and without fraudulent intent or the intent to deceive.
(3)
This section does not abrogate or modify in any way any common law or statutory privilege or immunity heretofore enjoyed by any person identified in subsection (1) of this section.
(4)
A person identified in subsection (1) of this section shall be entitled to an award of attorney's fees and costs if he or she is the prevailing party in a civil cause of action for libel, slander or any other relevant tort arising out of activities in carrying out Sections
83-5-201
through
83-5-217
and the party bringing the action was not substantially justified in doing so. For purposes of this section, a proceeding is "substantially justified" if it had a reasonable basis in law or fact at the time that it was initiated.
Laws, 1992, ch. 319, § 9, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 4 - "INSURABLE INTEREST" REQUIREMENTS (§§ 83-5-251 — 83-5-257) › Section 83-5-253 - Consent of insured required in certain cases

No life or health insurance contract upon an individual, except a contract of group life insurance or annuity or of group health insurance, or replacement contracts, shall be made or effectuated, unless at the time of the making of the contract the insured, applies therefor or has consented thereto in writing or has had the application acknowledged in writing by the insurance company, except that any person having an insurable interest in the life of a minor or any person upon whom a minor is dependent for support and maintenance may effectuate insurance upon the life of or pertaining to such minor.
Laws, 1992, ch. 522, § 2, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 4 - "INSURABLE INTEREST" REQUIREMENTS (§§ 83-5-251 — 83-5-257) › Section 83-5-255 - Enforcement by commissioner

The Commissioner of Insurance is authorized to use any of the powers established under the insurance laws of the state to enforce Sections
83-5-251
through
83-5-257
.
Laws, 1992, ch. 522, § 3, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 4 - "INSURABLE INTEREST" REQUIREMENTS (§§ 83-5-251 — 83-5-257) › Section 83-5-257 - Provisions cumulative of existing statutory and common law

Sections
83-5-251
through
83-5-257
are cumulative of existing law in Mississippi, statutory and common law on the question of insurable interest.
Laws, 1992, ch. 522, § 4, eff. 7/1/1992.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 5 - FILING COPY OF ANNUAL STATEMENT WITH NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS; GENERATION OF REPORTS (§§ 83-5-301 — 83-5-309) › Section 83-5-301 - Applicability of Sections 83-5-301 through 83-5-309

Sections
83-5-301
through
83-5-309
shall apply to all domestic, foreign and alien insurers authorized to transact business in this state.
Laws, 1994, ch. 646, § 1, eff. 4/8/1994.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 5 - FILING COPY OF ANNUAL STATEMENT WITH NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS; GENERATION OF REPORTS (§§ 83-5-301 — 83-5-309) › Section 83-5-303 - Annual filings; hardship exemption; foreign insurers

(1)
(a)
Each domestic, foreign and alien insurer authorized to transact insurance in this state shall annually on or before March 1 of each year, file with the National Association of Insurance Commissioners a copy of its annual statement convention blank, along with such additional filings as prescribed by the Commissioner of Insurance for the preceding year. The information filed with the National Association of Insurance Commissioners shall be in the same format and scope as that required by the Commissioner of Insurance and shall include the signed jurat page and the actuarial certification. Any amendments and addenda to the annual statement filing subsequently filed with the Commissioner of Insurance shall also be filed with the National Association of Insurance Commissioners.
(b)
The Commissioner of Insurance may grant a hardship exemption to any domestic industrial life company transacting business in Mississippi only. No exemption shall be granted to any industrial life company transacting business across state lines.
(2)
Foreign insurers that are domiciled in a state which has a law substantially similar to subsection (1) of this section shall be deemed in compliance with this section.
Laws, 1994, ch. 646, § 2, eff. 4/8/1994.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 5 - FILING COPY OF ANNUAL STATEMENT WITH NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS; GENERATION OF REPORTS (§§ 83-5-301 — 83-5-309) › Section 83-5-305 - Civil liability of those dealing with information developed from filings

In the absence of actual malice, members of the National Association of Insurance Commissioners, their duly authorized committees, subcommittees and task forces, their delegates, National Association of Insurance Commissioners employees and all others charged with the responsibility of collecting, reviewing, analyzing and disseminating the information developed from the filing of the annual statement convention blanks shall be acting as agents of the Commissioner of Insurance under the authority of Sections
83-5-301
through
83-5-309
and, while performing such tasks, shall be subject to civil liability only to the same extent as the Commissioner of Insurance.
Laws, 1994, ch. 646, § 3, eff. 4/8/1994.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 5 - FILING COPY OF ANNUAL STATEMENT WITH NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS; GENERATION OF REPORTS (§§ 83-5-301 — 83-5-309) › Section 83-5-307 - Confidentiality

All financial analysis ratios and examination synopses concerning insurance companies that are submitted to the Department of Insurance by the National Association of Insurance Commissioners' Insurance Regulatory Information System are confidential and may not be disclosed by the department.
Laws, 1994, ch. 646, § 4, eff. 4/8/1994.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 5 - FILING COPY OF ANNUAL STATEMENT WITH NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS; GENERATION OF REPORTS (§§ 83-5-301 — 83-5-309) › Section 83-5-309 - Failure to file; revocation, suspension or refusal of certificate of authority

The Commissioner of Insurance may suspend, revoke or refuse to renew the certificate of authority of any insurer failing to file its annual statement when due or within any extension of time which the commissioner, for good cause, may have granted.
Laws, 1994, ch. 646, § 5, eff. 4/8/1994.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 6 - DISCLOSURE OF MATERIAL ACQUISITIONS, DISPOSITIONS OF ASSETS, AND REINSURANCE AGREEMENTS (§§ 83-5-351 — 83-5-357) › Section 83-5-351 - Filing report; disclosure of material acquisitions and dispositions

(1)
Every insurer domiciled in this state shall file a report with the Commissioner of Insurance disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements unless the acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements have been submitted to the commissioner for review, approval or information purposes under other provisions of the insurance laws, regulations or other requirements.
(2)
The report required in subsection (1) of this section is due within fifteen (15) days after the end of the calendar month in which any of the transactions described in subsection (1) of this section occur.
(3)
One (1) complete copy of the report, including any exhibits or other attachments, shall also be filed with the National Association of Insurance Commissioners.
(4)
All reports obtained by or disclosed to the commissioner under Sections
83-5-351
through
83-5-357
shall be confidential and shall not be subject to subpoena and shall not be made public by the commissioner, the National Association of Insurance Commissioners or any other person, except to insurance departments of other states, without the prior written consent of the insurer to which it pertains unless the commissioner, after giving the insurer who would be affected notice and an opportunity to be heard, determines that the interest of policy holders, shareholders or the public will be served by publication, in which event the commissioner may publish all or any part in the manner the commissioner determines appropriate.
Laws, 1996, ch. 354, § 1, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 6 - DISCLOSURE OF MATERIAL ACQUISITIONS, DISPOSITIONS OF ASSETS, AND REINSURANCE AGREEMENTS (§§ 83-5-351 — 83-5-357) › Section 83-5-353 - Reporting of material acquisitions or dispositions of assets

(1)
No acquisitions or dispositions of assets need be reported under Section
83-5-351
if the acquisitions or dispositions are not material. For purposes of Sections
83-5-351
through
83-5-357
, a material acquisition or the aggregate of any series of related acquisitions during any thirty-day period or disposition or the aggregate of any series of related dispositions during any thirty-day period is one that is nonrecurring and not in the ordinary course of business and involves more than five percent (5%) of the reporting insurer's total admitted assets as reported in its most recent financial statement filed with the commissioner.
(2)
(a)
Asset acquisitions subject to Sections
83-5-351
through
83-5-357
include every purchase, lease, exchange, merger, consolidation, succession or other acquisition other than the construction or development of real property by or for the reporting insurer or the acquisition of materials for such purpose.
(b)
Asset dispositions subject to Sections
83-5-351
through
83-5-357
include every sale, lease, exchange, merger, consolidation, mortgage, hypothecation, assignment whether for the benefit of creditors or otherwise, abandonment, destruction or other disposition.
(3)
(a)
The following information is required to be disclosed in any report of a material acquisition or disposition of assets:
(i)
Date of the transaction;
(ii)
Manner of acquisition or disposition;
(iii)
Description of the assets involved;
(iv)
Nature and amount of the consideration given or received;
(v)
Purpose of, or reason for, the transaction;
(vi)
Manner by which the amount of consideration was determined;
(vii)
Gain or loss recognized or realized as a result of the transaction; and
(viii)
Name(s) of the person(s) from whom the assets were acquired or to whom they were disposed.
(4)
Insurers are required to report material acquisitions and dispositions on a nonconsolidated basis unless the insurer is part of a consolidated group of insurers which utilizes a pooling arrangement or one hundred percent (100%) reinsurance agreement that affects the solvency and integrity of the insurer's reserves and the insurer ceded substantially all of its direct and assumed business to the pool. An insurer is deemed to have ceded substantially all of its direct and assumed business to a pool if the insurer has less than One Million Dollars ($1,000,000.00) total direct plus assumed written premiums during a calendar year that are not subject to a pooling arrangement and the net income of the business not subject to the pooling arrangement represents less than five percent (5%) of the insurer's capital and surplus.
Laws, 1996, ch. 354, § 2, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 6 - DISCLOSURE OF MATERIAL ACQUISITIONS, DISPOSITIONS OF ASSETS, AND REINSURANCE AGREEMENTS (§§ 83-5-351 — 83-5-357) › Section 83-5-357 - Promulgation of rules and regulations

The commissioner, after notices and hearings, may promulgate rules and regulations necessary to carry out the provisions of Sections
83-5-351
through
83-5-357
.
Laws, 1996, ch. 354, § 4, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 7 - RISK-BASED CAPITAL LEVEL REQUIREMENTS (§§ 83-5-401 — 83-5-427) › Section 83-5-409 - Procedure upon occurrence of authorized control level event

(1)
"Authorized control level event" means any of the following events:
(a)
The filing of a RBC report by the insurer which indicates that the insurer's total adjusted capital is greater than or equal to its mandatory control level RBC but less than its authorized control level RBC;
(b)
The notification by the commissioner to the insurer of an adjusted RBC report that indicates the event in paragraph (a) of this subsection, if the insurer does not challenge the adjusted RBC report under Section
83-5-413
;
(c)
Under Section
83-5-413
, the insurer challenges an adjusted RBC report that indicates the event in paragraph (a) of this subsection, notification by the commissioner to the insurer that the commissioner, after a hearing, has rejected the insurer's challenge;
(d)
The failure of the insurer to respond, in a manner satisfactory to the commissioner, to a corrective order if the insurer has not challenged the corrective order under Section
83-5-413
; or
(e)
If the insurer has challenged a corrective order under Section
83-5-413
and the commissioner has, after a hearing, rejected the challenge or modified the corrective order, the failure of the insurer to respond, in a manner satisfactory to the commissioner, to the corrective order subsequent to rejection or modification by the commissioner.
(2)
In the event of an authorized control level event with respect to an insurer, the commissioner shall:
(a)
Take such actions as are required under Section
83-5-407
regarding an insurer with respect to which a regulatory action level event has occurred; or
(b)
If the commissioner determines it to be in the best interests of the policyholders and creditors of the insurer and of the public, take such actions as are necessary to cause the insurer to be placed under regulatory control under Section
83-24-1
et seq. In the event the commissioner takes such actions, the authorized control level event shall be deemed sufficient grounds for the commissioner to take action under Section
83-24-1
et seq., and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in Section
83-24-1
et seq. In the event the commissioner takes actions under this paragraph under an adjusted RBC report, the insurer shall be entitled to such protections as are afforded to insurers under the provisions of Section
83-24-1
et seq., pertaining to summary proceedings.
Laws, 1996, ch. 478, § 5, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 7 - RISK-BASED CAPITAL LEVEL REQUIREMENTS (§§ 83-5-401 — 83-5-427) › Section 83-5-411 - Procedure upon occurrence of mandatory control level event

(1)
"Mandatory control level event" means any of the following events:
(a)
The filing of a RBC report which indicates that the insurer's total adjusted capital is less than its mandatory control level RBC.
(b)
Notification by the commissioner to the insurer of an adjusted RBC report that indicates the event in paragraph (a) of this subsection, if the insurer does not challenge the adjusted RBC report under Section
83-5-413
; or
(c)
If, under Section
83-5-413
, the insurer challenges an adjusted RBC report that indicates the event in paragraph (a) of this subsection, notification by the commissioner to the insurer that the commissioner, after a hearing, has rejected the insurer's challenge.
(2)
In the event of a mandatory control level event:
(a)
With respect to a life insurer, the commissioner shall take such actions as are necessary to place the insurer under regulatory control under Section
83-24-1
et seq. In that event, the mandatory control level event shall be deemed sufficient grounds for the commissioner to take action under Section
83-24-1
et seq., and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in Section
83-24-1
et seq. If the commissioner takes actions under an adjusted RBC report, the insurer shall be entitled to the protections of law pertaining to summary proceedings. Notwithstanding any of the foregoing, the commissioner may forego action for up to ninety (90) days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety-day period.
(b)
With respect to a property and casualty insurer, the commissioner shall take such actions as are necessary to place the insurer under regulatory control under Section
83-24-1
et seq., or, in the case of an insurer which is writing no business and which is running-off its existing business, may allow the insurer to continue its run-off under the supervision of the commissioner. In either event, the mandatory control level event shall be deemed sufficient grounds for the commissioner to take action under Section
83-24-1
et seq., and the commissioner shall have the rights, powers and duties with respect to the insurer as are set forth in Section
83-24-1
et seq. If the commissioner takes actions under an adjusted RBC report, the insurer shall be entitled to the protections of law pertaining to summary proceedings. Notwithstanding any of the foregoing, the commissioner may forego action for up to ninety (90) days after the mandatory control level event if the commissioner finds there is a reasonable expectation that the mandatory control level event may be eliminated within the ninety-day period.
Laws, 1996, ch. 478, § 6, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 7 - RISK-BASED CAPITAL LEVEL REQUIREMENTS (§§ 83-5-401 — 83-5-427) › Section 83-5-413 - Hearings

In order to maintain the integrity of proceedings and prevent undue advantage to a competitor by disclosure of proprietary information, the insurer shall have the right to a confidential departmental hearing, on a record, at which the insurer may challenge any determination or action by the commissioner after notification by the commissioner as provided in this section. The insurer shall notify the commissioner of its request for a hearing within five (5) days after the notification by the commissioner under paragraph (a), (b), (c) or (d) of this section. Upon receipt of the insurer's request for a hearing, the commissioner shall set a date for the hearing, which date shall be no less than ten (10) nor more than thirty (30) days after the date of the insurer's request.
The notifications are as follows:
(a)
Notification to an insurer by the commissioner of an adjusted RBC report; or
(b)
Notification to an insurer by the commissioner that:
(i)
The insurer's RBC plan or revised RBC plan is unsatisfactory; and
(ii)
Such notification constitutes a regulatory action level event with respect to such insurer; or
(c)
Notification to any insurer by the commissioner that the insurer has failed to adhere to its RBC plan or revised RBC plan and that such failure has a substantial adverse effect on the ability of the insurer to eliminate the company action level event with respect to the insurer in accordance with its RBC plan or revised RBC plan; or
(d)
Notification to an insurer by the commissioner of a corrective order with respect to the insurer.
Laws, 1996, ch. 478, § 7, eff. 7/1/1996.
Mississippi Code 1972 (2023) › Title 83 - INSURANCE (§§ 83-1-1 — 83-NEW-004) › Chapter 5 - GENERAL PROVISIONS RELATIVE TO INSURANCE AND INSURANCE COMPANIES (§§ 83-5-1 — 83-5-877) › Article 7 - RISK-BASED CAPITAL LEVEL REQUIREMENTS (§§ 83-5-401 — 83-5-427) › Section 83-5-417 - Relationship with other laws; promulgation of rules and regulations; exemption of domestic insurers and domestic health organization insurers

(1)
The provisions of Sections
83-5-401
through
83-5-427
are supplemental to any other provisions of the laws of this state and shall not preclude or limit any other powers or duties of the commissioner under such laws.
(2)
The commissioner may promulgate rules and regulations necessary for the implementation of Sections
83-5-401
through
83-5-427
.
(3)
The commissioner may exempt from the application of Sections
83-5-401
through
83-5-427
any domestic insurer, other than a domestic health organization insurer, that:
(a)
Writes direct business only in this state;
(b)
Writes direct annual premiums of Two Million Dollars ($2,000,000.00) or less; and
(c)
Assumes no reinsurance in excess of five percent (5%) of direct premium written.
(4)
The commissioner may exempt from the application of Sections
83-5-401
through
83-5-427
a domestic health organization insurer that:
(a)
Writes direct business only in this state;
(b)
Assumes no reinsurance in excess of five percent (5%) of direct premium written; and
(c)
Writes direct annual premiums for comprehensive medical business of Two Million Dollars ($2,000,000.00) or less, or is a limited health service organization that covers less than two thousand (2,000) lives.
Laws, 1996, ch. 478, § 9, eff. 7/1/1996.
Amended by Laws, 2013, ch. 416, HB 534, 6, eff. 7/1/2013.