reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 15 - (2000-1) Viatical Settlements Regulations › Rule 19-2-15.14 - Appendix C- Verification of Group Insurance Benefits

Current through June 25, 2024
APPENDIX C
VERIFICATION OF GROUP LIFE INSURANCE
				  BENEFITS
______________________________________________________________________________
Section One:
(To be completed by the viatical settlement provider or
				  viatical settlement broker)
Insurance Company Name of Employee/member
_____________________________________________________________________________
Employer/Policyholder name Insured's Date of
				  Birth
_____________________________________________________________________________
Policy Number Insured's Social Security
				  Number
____________________________________________________________________________
Certificate Number Employee/Membership
				  Number
_____________________________________________________________________________
Please provide the information requested in Section Two or
				  Section Three, as appropriate, with regard to the individual and coverage
				  described, in accordance with the attached authorization. In addition, please
				  provide the forms checked below which are available from your company to
				  complete a viatical settlement transaction:
Absolute Assignment
Change of Beneficiary (irrevocable if Applicable)
Disability Waiver of premium claim or
Disability Waiver of premium award letter
_________________________
				  ____________________________________
Date Signature of a representative of ViaticalSettlement
				  Broker or Viatical Settlement Provider
Full name and address of Viatical Settlement Broker or
				  Viatical Settlement Provider
______________________________________________________________________________
Section Two:
(To be completed by the employer/group policyholder
				  and the insurer. Both should indicate the parts they completed)
1. BASIC COVERAGE:
a) Is the plan self-insured or is coverage
				provided under a group policy issued by a life insurance company?
If by a group policy, please provide the name of the
				  insurance company for BASIC life insurance coverage:
b) Effective date of BASIC life insurance
				coverage:
c) Face amount of BASIC
				life insurance:
d) Does BASIC
				coverage plan have contestable provisions? no yes
e) Is BASIC coverage subject to a suicide
				provision? no yes
f) Monthly
				premium paid by employer/group policyholder for BASIC life insurance:
				$
g) Monthly premium paid by
				employee/insured for BASIC life insurance: $
h) Is BASIC life insurance coverage Term
				Universal Life?
i) If Universal
				Life, please indicate cash value, if any: $ _____________ Is this amount
				payable in addition to the face amount? no yes
i) Is coverage in force? no yes
j) When is next premium
				due?
k) Has employee's coverage
				under this plan ever been reinstated? no yes
i) If yes, date of reinstatement:
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 16 - (2004-1) Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits › Rule 19-2-16.01 - Authority

Current through June 25, 2024
This regulation is promulgated by the Commissioner of
				  Insurance pursuant to the authority granted to him in
Miss. Code
				  Ann
§
									83-7-23
				  (Rev. 1999) and §
									83-7-25(Rev.
				  1999); as well as the provisions of the Mississippi Department of
				  InsuranceRegulation No. 88-101, said regulation being the Rules of Practice and
				  Proceduresbefore the Mississippi Insurance Department.
Miss. Code Ann. §
										83-7-23
				  (Rev. 2011) and §
										83-7-25(Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 16 - (2004-1) Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits › Rule 19-2-16.02 - Purpose

Current through June 25, 2024
The purpose of this regulation is to recognize, permit and
				  prescribe the use of the 2001Commissioners Standard Ordinary (CSO) Mortality
				  Table in accordance with
Miss. Code Ann
.§§
									83-7-23(3)(a)(iii)
				   and
				  83-7-25
				  (5-c)(h)(vi).
Miss. Code Ann.
				  §§
										83-7-23(3)(a)(iii)(Rev.
				  2011) and 83-7-25 (5-c)(h)(vi) (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 16 - (2004-1) Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits › Rule 19-2-16.03 - Definitions

Current through June 25, 2024
A. "2001 CSO Mortality Table" means that
				mortality table, consisting of separate rates of mortality for male and female
				lives, developed by theAmerican Academy of Actuaries CSO Task Force from the
				ValuationBasic Mortality Table developed by the Society of Actuaries
				IndividualLife Insurance Valuation Mortality Task Force, and adopted by theNAIC
				in December 2002. The 2001 CSO Mortality Table is included inthe Proceedings of
				the NAIC (2nd Quarter 2002). Unless the
				contextindicates otherwise, the "2001 CSO Mortality Table" includes both
				the
B. ultimate form of that table
				and the select and ultimate form of that table and includes both the smoker and
				nonsmoker mortality tables and thecomposite mortality tables. It also includes
				both the age-nearest-birthday and age-last-birthday bases of the mortality
				tables.
C. "2001 CSO Mortality
				Table (F)" means that mortality table consisting of the rates of mortality for
				female lives from the 2001 CSO Mortality Table.
D. "2001 CSO Mortality Table (M)" means that
				mortality table consisting of the rates of mortality for male lives from the
				2001 CSO Mortality Table.
E.
				"Composite mortality tables" means mortality tables with rates of mortality
				that do not distinguish between smokers and nonsmokers.
F. "Smoker and nonsmoker mortality tables"
				means mortality tables withseparate rates of mortality for smokers and
				nonsmokers.
Miss. Code Ann.
				  §§
										83-7-23(3)(a)(iii)(Rev.
				  2011); 83-7-25 (5-c)(h)(vi) (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 16 - (2004-1) Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits › Rule 19-2-16.04 - 2001 CSO Mortality Table

Current through June 25, 2024
A. At the election
				of the company for any one or more specified plans of insurance and subject to
				the conditions stated in this regulation, the 2001 CSO Mortality Table may be
				used as the minimum standard for policies issued on or after August 1, 2004,
				and before the date specified in Subsection B to which
Miss. Code
				Ann
. §§
									83-7-23
				and
				83-7-25
				are applicable. If the company elects to use the 2001 CSO Mortality Table, it
				shall do so for both valuation and nonforfeiture purposes.
B. Subject to the conditions stated in this
				regulation, the 2001 CSO Mortality Table shall be used in determining minimum
				standards for policies issued on and after January 1, 2009, to which
Miss. Code Ann
. §§
									83-7-23
				and
				83-7-25
				are applicable.
Miss. Code Ann.
				  §§
										83-7-23;
				  83-7-25 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 16 - (2004-1) Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits › Rule 19-2-16.05 - Conditions

Current through June 25, 2024
A. For each plan of insurance with separate
				rates for smokers and nonsmokers an insurer may use:
1. Composite mortality tables to determine
				minimum reserve liabilities and minimum cash surrender values and amounts of
				paid-up nonforfeiture benefits;
2.
				Smoker and nonsmoker mortality tables to determine the valuation net premiums
				and additional minimum reserves, if any, required by
Miss. Code
				Ann
.§
										83-7-23
				and use composite mortality tables to determine the basic minimum reserves,
				minimum cash surrender values and amounts of paid-up nonforfeiture benefits;
				or
3. Smoker and nonsmoker
				mortality to determine minimum reserve liabilities and minimum cash surrender
				values and amounts of paid-up nonforfeiture benefits.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 16 - (2004-1) Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits › Rule 19-2-16.06 - Gender-Blended Tables

Current through June 25, 2024
A. For any ordinary
				life insurance policy delivered or issued for delivery in this state on and
				after August 1, 2004, that utilizes the same premium rates and charges for male
				and female lives or is issued in circumstances where applicable law does not
				permit distinctions on the basis of gender, a mortality table that is a blend
				of the 2001 CSO Mortality Table (M) and the 2001 CSO Mortality Table (F) may,
				at the option of the company for each plan of insurance, be substituted for the
				2001 CSO Mortality Table for use in determining minimum cash surrender values
				and amounts of paid-up nonforfeiture benefits. No change in minimum valuation
				standards is implied by this subsection of the regulation.
B. The company may choose from among the
				blended tables developed by the American Academy of Actuaries CSO Task Force
				and adopted by the NAIC in December 2002.
C. It shall not, in and of itself, be a
				violation of
Miss Code Ann
. §
									83-5-35(Supp.
				2003) for an insurer to issue the same kind of policy of life insurance on both
				a sex-distinct and sex-neutral basis.
Miss. Code Ann.
				  §§
										83-7-23;
				  83-7-25 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 16 - (2004-1) Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits › Rule 19-2-16.07 - Separability

Current through June 25, 2024
If any provision of this regulation or its application to any
				  person or circumstance is for any reason held to be invalid, the remainder of
				  the regulation and the application of the provision to other persons or
				  circumstances shall not be affected.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 16 - (2004-1) Recognition of the 2001 CSO Mortality Table for Use in Determining Minimum Reserve Liabilities and Nonforfeiture Benefits › Rule 19-2-16.08 - Effective Date

Current through June 25, 2024
The effective date of this regulation is August 1,
				  2004.
Miss. Code Ann. §
				  24-43-3.113 (Rev. 2010)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 17 - (2008-3) Actuarial Opinion and Memorandum › Rule 19-2-17.01 - Purpose

Current through June 25, 2024
The purpose of this regulation is to prescribe:
A. Requirements for statements of actuarial
				opinion that are to be submitted in accordance with
Miss.Code
				Ann
§
									83-7-23
				and for memoranda in support thereof;
B. Rules applicable to the appointment of an
				appointed actuary; and
C. Guidance
				as to the meaning of "adequacy of reserves."
This regulation will take effect for annual statements for
				  the year 2008.
Miss. Code Ann. §
										83-7-23
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 17 - (2008-3) Actuarial Opinion and Memorandum › Rule 19-2-17.02 - Authority

Current through June 25, 2024
This regulation is promulgated by the Commissioner of
				  Insurance pursuant to the authority granted to him by
Miss. Code
				  Ann
§
									83-7-23
				  (Rev. 1999), as well as the provisions of Mississippi Department of Insurance
				  Regulation No. 88-101, said regulation being the Rules of Practice and
				  Procedure before the Mississippi Insurance Department.
Miss. Code Ann. §
										83-7-23
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 17 - (2008-3) Actuarial Opinion and Memorandum › Rule 19-2-17.03 - Scope

Current through June 25, 2024
This regulation shall apply to all life insurance companies
				  and fraternal benefit societies doing business in the State and to all life
				  insurance companies and fraternal benefit societies that are authorized to
				  reinsure life insurance, annuities or accident and health insurance business in
				  this State. This regulation shall be applied in a manner that allows the
				  appointed actuary to utilize his or her professional judgment in performing the
				  asset analysis and developing the actuarial opinion and supporting memoranda,
				  consistent with relevant actuarial standards of practice. However, the
				  commissioner shall have the authority to specify specific methods of actuarial
				  analysis and actuarial assumptions when, in the commissioner's judgment, these
				  specifications are necessary for an acceptable opinion to be rendered relative
				  to the adequacy of reserves and related items.
This regulation shall be applicable to all annual statements
				  filed with the office of thecommissioner after the effective date of this
				  regulation. A statement of opinion on theadequacy of the reserves and related
				  actuarial items based on an asset adequacy analysisin accordance with Section 6
				  of this regulation, and a memorandum in support thereof in accordance with
				  Section 7 of this regulation, shall be required each year.
Miss. Code Ann.
				  §§
										83-5-1;
				  83-7-23 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 17 - (2008-3) Actuarial Opinion and Memorandum › Rule 19-2-17.04 - Definitions

Current through June 25, 2024
A. "Actuarial Opinion" means the opinion of
				an appointed actuary regarding the adequacy of the reserves and related
				actuarial items based on an asset adequacy analysis in accordance with Section
				6 of this regulation and with applicable Actuarial Standards of
				Practice.
B. "Actuarial Standards
				Board" means the board established by the AmericanAcademy of Actuaries to
				develop and promulgate standards of actuarial practice.
C. "Annual statement" means that statement
				required by
Miss. Code Ann
. §
									83-5-55
				to be filed by the company with the office of the commissioner
				annually.
D. "Appointed actuary"
				means an individual who is appointed or retained in accordance with the
				requirements set forth in Section 5C of this regulation to provide the
				actuarial opinion and supporting memorandum as required by
Miss.
				Code Ann
. §
									83-7-23.
E. "Asset adequacy analysis" means an
				analysis that meets the standards and other requirements referred to in Section
				5D of this regulation.
F.
				"Commissioner" means the Insurance Commissioner of this State.
G. "Company" means a life insurance company,
				fraternal benefit society or reinsurer subject to the provisions of this
				regulation.
H. "Qualified actuary"
				means an individual who meets the requirements set forth in Section 5B of this
				regulation.
Source:Miss. Code Ann.
				  §
										83-7-23
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 17 - (2008-3) Actuarial Opinion and Memorandum › Rule 19-2-17.05 - General Requirements

Current through June 25, 2024
A. Submission of
				Statement of Actuarial Opinion
1. There is to
				be included on or attached to Page 1 of the annual statement for each year
				beginning with the year in which this regulation becomes effective the
				statement of an appointed actuary, entitled "Statement of Actuarial Opinion,"
				setting forth an opinion relating to reserves and related actuarial items held
				in support of policies and contracts, in accordance with Section 6 of this
				regulation.
2. Upon written request
				by the company, the commissioner may grant an extension of the date for
				submission of the statement of actuarial opinion.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 17 - (2008-3) Actuarial Opinion and Memorandum › Rule 19-2-17.06 - Statement of Actuarial Opinion Based On an Asset Adequacy Analysis

Current through June 25, 2024
A. General Description
The statement of actuarial opinion submitted in accordance
				  with this section shall consist of:
1.
				A paragraph identifying the appointed actuary and his or her qualifications
				(see Subsection B(1));
2. A scope
				paragraph identifying the subjects on which an opinion is to be expressed and
				describing the scope of the appointed actuary's work, including a tabulation
				delineating the reserves and related actuarial items that have been analyzed
				for asset adequacy and the method of analysis, (see Subsection B(2)) and
				identifying the reserves and related actuarial items covered by the opinion
				that have not been analyzed;
3. A
				reliance paragraph describing those areas, if any, where the appointed actuary
				has deferred to other experts in developing data, procedures or assumptions,
				(e.g., anticipated cash flows from currently owned assets, including variation
				in cash flows according to economic scenarios (see Subsection B(3), supported
				by a statement of each such expert in the form prescribed by Subsection E;
				and
4. An opinion paragraph
				expressing the appointed actuary's opinion with respect to the adequacy of the
				supporting assets to mature the liabilities (see Subsection B(6)).
5. One or more additional paragraphs will be
				needed in individual company cases as follows:
a.If the appointed actuary considers it
				necessary to state a qualification of his or her opinion;
b. If the appointed actuary must disclose an
				inconsistency in the method of analysis or basis of asset allocation used at
				the prior opinion date with that used for this opinion;
c. If the appointed actuary must disclose
				whether additional reserves as of the prior opinion date are released as of
				this opinion date, and the extent of the release;
d. If the appointed actuary chooses to add a
				paragraph briefly describing the assumptions that form the basis for the
				actuarial opinion.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 17 - (2008-3) Actuarial Opinion and Memorandum › Rule 19-2-17.08 - Repeal of Regulation 96-104

Current through June 25, 2024
Regulation 96-104 is hereby repealed and replaced by this
				  regulation.
Miss. Code Ann.
				  §§
										83-5-1;
				  83-7-23 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 17 - (2008-3) Actuarial Opinion and Memorandum › Rule 19-2-17.09 - Severability

Current through June 25, 2024
If any section or portion of a section of this regulation or
				  the application thereof is held by a court to be invalid, such invalidity shall
				  not affect any other provision of that section or application of the regulation
				  which can be given effect without the invalid provision or application, and to
				  this end the provisions of the regulation are declared to be
				  severable.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 17 - (2008-3) Actuarial Opinion and Memorandum › Rule 19-2-17.10 - Effective Date

Current through June 25, 2024
The Effective Date of this regulation shall be December 31,
				  2008.
Miss. Code Ann. §
										25-43-3.113
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 18 - Suitability in Annuity Transactions Regulation › Rule 19-2-18.01 - Purpose

Current through June 25, 2024
A. The purpose of this regulation is to
				require producers, as defined in this regulation, to act in the best interest
				of the consumer when making a recommendation of an annuity and to require
				insurers to establish a system to supervise recommendations to set forth
				standards and procedures for recommendations to consumers that result in
				transactions involving annuity products so that the insurance needs and
				financial objectives of consumers at the time of the transaction are
				appropriately addressed.
B. Nothing
				herein shall be construed to create or imply a private cause of action for a
				violation of this regulation or to subject a producer to civil liability under
				the best interest standard of care outlined in Rule 18.06 of this regulation or
				under standards governing the conduct of a fiduciary or a fiduciary
				relationship.
Miss. Code
				  Ann. §§
										83-5-29 to  83-5-51 (Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 18 - Suitability in Annuity Transactions Regulation › Rule 19-2-18.02 - Scope

Current through June 25, 2024
This regulation shall apply to any sale or recommendation of
				  an annuity.
Miss. Code
				  Ann. §§
										83-5-29 to  83-5-51 (Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 18 - Suitability in Annuity Transactions Regulation › Rule 19-2-18.03 - Authority

Current through June 25, 2024
This regulation is issued under the authority of Miss. Code
				  Ann. §§
									83-5-29 through  83-5-51.
Miss. Code
				  Ann. §§
										83-5-29 to  83-5-51 (Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 18 - Suitability in Annuity Transactions Regulation › Rule 19-2-18.04 - Exemptions

Current through June 25, 2024
Unless otherwise specifically included, this regulation shall
				  not apply to recommendations involving:
A. Direct response solicitations where there
				is no recommendation based on information collected from the consumer pursuant
				to this regulation;
B. Contracts
				used to fund:
(1) An employee pension or
				welfare benefit plan that is covered by the Employee Retirement and Income
				Security Act (ERISA);
(2) A plan
				described by Sections 401(a), 401(k), 403(b), 408(k) or 408(p) of the Internal
				Revenue Code (IRC), as amended, if established or maintained by an
				employer;
(3) A government or
				church plan defined in Section 414 of the IRC, a government or church welfare
				benefit plan, or a deferred compensation plan of a state or local government or
				tax exempt organization under Section 457 of the IRC;
(4) A nonqualified deferred compensation
				arrangement established or maintained by an employer or plan sponsor;
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 18 - Suitability in Annuity Transactions Regulation › Rule 19-2-18.05 - Definitions

Current through June 25, 2024
A. "Annuity" means an annuity that is an
				insurance product under State law that is individually solicited, whether the
				product is classified as an individual or group annuity.
B. "Cash compensation" means any discount,
				concession, fee, service fee, commission, sales, charge, loan, override, or
				cash benefit received by a producer in connection with the recommendation or
				sale of an annuity from an insurer, intermediary, or directly from the
				consumer.
C. "Consumer profile
				information" means information that is reasonably appropriate to determine
				whether a recommendation addresses the consumer's financial situation,
				insurance needs and financial objectives, including, at a minimum, the
				following:
(1) Age;
(2) Actual income;
(3) Financial situation and needs, including
				debts and other obligations;
(4)
				Financial experience;
(5) Insurance
				needs;
(6) Financial
				objectives;
(7) Intended use of the
				annuity;
(8) Financial time
				horizon;
(9) Existing assets or
				financial products, including investment, annuity and insurance
				holdings;
(10) Liquidity
				needs;
(11) Liquid net
				worth;
(12) Risk tolerance,
				including but not limited to, willingness to accept non-guaranteed elements in
				the annuity;
(13) Financial
				resources used to fund the annuity; and
(14) Tax status.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 18 - Suitability in Annuity Transactions Regulation › Rule 19-2-18.06 - Duties of Insurers and Producers

Current through June 25, 2024
A. Best Interest
				Obligations. A producer, when making a recommendation of an annuity, shall act
				in the best interest of the consumer under the circumstances known at the time
				the recommendation is made without placing the producer's or the insurer's
				financial interest ahead of the consumer's interest. A producer has acted in
				the best interest of the consumer if they have satisfied the following
				obligations regarding care, disclosure, conflict of interest and documentation:
(1)
(a) Care
				Obligation. The producer, in making a recommendation shall exercise reasonable
				diligence, care and skill to:
(i) Know the
				consumer's financial situation, insurance needs and financial
				objectives:
(ii) Understand the
				available recommendation options after making a reasonable inquiry into options
				available to the producer;
(iii)
				Have a reasonable basis to believe the recommended option effectively addresses
				the consumer's financial situation, insurance needs and financial objectives
				over the life of the product, as evaluated in light of the consumer profile
				information; and
(iv) Communicate
				the basis or bases of the recommendation.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 18 - Suitability in Annuity Transactions Regulation › Rule 19-2-18.07 - Insurance Producer Training

Current through June 25, 2024
A. An insurance
				producer shall not solicit the sale of an annuity product unless the insurance
				producer has adequate knowledge of the product to recommend the annuity and the
				insurance producer is in compliance with the insurer's standards for product
				training. An insurance producer may rely on insurer-provided product-specific
				training standards and materials to comply with this Rule.
B.
(1)
(a) An insurance producer who engages in the
				sale of annuity products shall complete a one-time four (4) credit training
				course approved by the Department and provided by the Department approved
				education provider.
(b) Insurance
				producers who hold a life insurance line of authority on the effective date of
				this regulation and who desire to sell annuities shall complete the
				requirements of this subsection within six (6) months after the effective date
				of this regulation. Individuals who obtain a life insurance line of authority
				on or after the effective date of this regulation may not engage in the sale of
				annuities until the annuity training course required under this subsection has
				been completed.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 18 - Suitability in Annuity Transactions Regulation › Rule 19-2-18.08 - Compliance Mitigation; Penalties

Current through June 25, 2024
A. An insurer is
				responsible for compliance with this regulation. If a violation occurs, either
				because of the action or inaction of the insurer or its insurance producer, the
				commissioner may order:
(1) An insurer to take
				reasonably appropriate corrective action for any consumer harmed by a failure
				to comply with this regulation by the insurer, an entity contracted to perform
				the insurer's supervisory duties or by the insurance producer;
(2) A general agency, independent agency or
				the insurance producer to take reasonably appropriate corrective action for any
				consumer harmed by the insurance producer's violation of this regulation;
				and
(3) Appropriate penalties and
				sanctions.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 18 - Suitability in Annuity Transactions Regulation › Rule 19-2-18.09 - Recordkeeping

Current through June 25, 2024
A. Insurers, general agents, independent
				agencies and insurance producers shall maintain or be able to make available to
				the commissioner records of the information collected from the consumer,
				disclosures made to the consumer, including summaries of oral disclosures, and
				other information used in making the recommendations that were the basis for
				insurance transactions for five (5) years after the insurance transaction is
				completed by the insurer. An insurer is permitted, but shall not be required,
				to maintain documentation on behalf of an insurance producer.
B. Records required to be maintained by this
				regulation may be maintained in paper, photographic, micro-process, magnetic,
				mechanical or electronic media or by any process that accurately reproduces the
				actual document.
Miss. Code
				  Ann. §§
										83-5-29 to  83-5-51 (Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 18 - Suitability in Annuity Transactions Regulation › Rule 19-2-18.10 - Severability

Current through June 25, 2024
If any provision of these sections or the application thereof
				  to any person or circumstance is held invalid for any reason, the invalidity
				  shall not affect the other provisions or any other application of these
				  sections which can be given effect without the invalid provisions or
				  application. To this end all provisions of these sections are declared to be
				  severable.
Miss. Code
				  Ann. §§
										83-5-29 to  83-5-51 (Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 18 - Suitability in Annuity Transactions Regulation › Rule 19-2-18.11 - Effective Date

Current through June 25, 2024
This Amended Regulation shall become effective on January 1,
				  2022, and shall apply to acts or practices committed on or after July 1,
				  2022.
Miss. Code
				  Ann. §§
										83-5-29 to  83-5-51 (Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 18 - Suitability in Annuity Transactions Regulation › Appendix B

Current through June 25, 2024
CONSUMER REFUSAL TO PROVIDE INFORMATION
Do Not Sign Unless You Have Read and Understand the
				  Information in this Form
Why are You being given this form?
You're buying a financial product - an annuity.
To recommend a product that effectively meets Your needs,
				  objectives and situation, the agent, broker, or company needs information about
				  You, Your financial situation, insurance needs and financial objectives.
If You sign this form, it means You have not given the agent,
				  broker, or company some or all the information needed to decide if the annuity
				  effectively meets Your needs, objectives and situation. You may lose
				  protections under the Insurance Code of [this state] if You sign this form or
				  provide inaccurate information.
Statement of Purchaser:
I
REFUSE
to provide this information at this
				  time.
I have chosen to provide LIMITED information at this
				  time.
________________________________________________ Customer
				  Signature
________________________________________________ Date
Miss. Code
				  Ann. §§
										83-5-29 to  83-5-51 (Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 18 - Suitability in Annuity Transactions Regulation › Appendix C

Current through June 25, 2024
Consumer Decision to Purchase an Annuity NOT Based on a
				  Recommendation
Do Not Sign This Form Unless You Have Read and
				  Understand It.
Why are You being given this form?
You are
				  buying a financial product - an annuity.
To recommend a product that effectively meets your needs,
				  objectives and situation, the agent, broker, or company has the responsibility
				  to learn about You, your financial situation, insurance needs and financial
				  objectives.
If You sign this form, it means You know that you're buying
				  an annuity that was not recommended.
Statement of Purchaser:
I understand that I am buying an annuity, but the agent,
				  broker or company did not recommend that I buy it. If I buy it
without a
				  recommendation,
I understand I may lose protections under the Insurance
				  Code of [this state].
________________________________________________
Customer Signature
________________________________________________
Date
________________________________________________
Agent/Producer Signature
________________________________________________
Date
Miss. Code
				  Ann. §§
										83-5-29 to  83-5-51 (Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 19 - Valuation of Life Insurance Policies Regulation (Including the Introduction and Use of New Select Mortality Factors) › Rule 19-2-19.01 - Purpose

Current through June 25, 2024
A. The purpose of this regulation is to
				provide:
(1) Tables of select mortality
				factors and rules for their use;
(2) Rules concerning a minimum standard for
				the valuation of plans with nonlevel premiums or benefits; and
(3) Rules concerning a minimum standard for
				the valuation of plans with secondary guarantees.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 19 - Valuation of Life Insurance Policies Regulation (Including the Introduction and Use of New Select Mortality Factors) › Rule 19-2-19.02 - Authority

Current through June 25, 2024
This regulation is adopted and promulgated by the
				  Commissioner of Insurance pursuant to Section  83-7-23 of the Code of
				  Mississippi (1972).
Miss. Code
				  Ann. §§
										83-5-1 and  83-7-23 (Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 19 - Valuation of Life Insurance Policies Regulation (Including the Introduction and Use of New Select Mortality Factors) › Rule 19-2-19.03 - Applicability

Current through June 25, 2024
This regulation shall apply to all life insurance policies,
				  with or without nonforfeiture values, issued on or after the effective date of
				  this regulation, subject to the following exceptions and conditions.
A. Exceptions
(1) This regulation shall not apply to any
				individual life insurance policy issued on or after the effective date of this
				regulation if the policy is issued in accordance with and as a result of the
				exercise of a reentry provision contained in the original life insurance policy
				of the same or greater face amount, issued before the effective date of this
				regulation, that guarantees the premium rates of the new policy. This
				regulation also shall not apply to subsequent policies issued as a result of
				the exercise of such a provision, or a derivation of the provision, in the new
				policy.
(2) This regulation shall
				not apply to any universal life policy that meets all the following
				requirements:
(a) Secondary guarantee period,
				if any, is five (5) years or less;
(b) Specified premium for the secondary
				guarantee period is not less than the net level reserve premium for the
				secondary guarantee period based on the CSO valuation tables as defined in Rule
				19.04(F) and the applicable valuation interest rate; and
(c) The initial surrender charge is not less
				than 100 percent of the first year annualized specified premium for the
				secondary guarantee period.
(3) This regulation shall not apply to any
				variable life insurance policy that provides for life insurance, the amount or
				duration of which varies according to the investment experience of any separate
				account or accounts.
(4) This
				regulation shall not apply to any variable universal life insurance policy that
				provides for life insurance, the amount or duration of which varies according
				to the investment experience of any separate account or accounts.
(5) This regulation shall not apply to a
				group life insurance certificate unless the certificate provides for a stated
				or implied schedule of maximum gross premiums required in order to continue
				coverage in force for a period in excess of one year.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 19 - Valuation of Life Insurance Policies Regulation (Including the Introduction and Use of New Select Mortality Factors) › Rule 19-2-19.04 - Definitions

Current through June 25, 2024
For purposes of this regulation:
A. "Basic reserves" means reserves calculated
				in accordance with
Miss. Code Ann
. § 83-7
				23(4).
B. "Contract segmentation
				method" means the method of dividing the period from issue to mandatory
				expiration of a policy into successive segments, with the length of each
				segment being defined as the period from the end of the prior segment (from
				policy inception, for the first segment) to the end of the latest policy year
				as determined below. All calculations are made using the 1980 CSO valuation
				tables, as defined in Subsection F of this section, (or any other valuation
				mortality table adopted by the National Association of Insurance Commissioners
				(NAIC) after the effective date of this regulation and promulgated by
				regulation by the commissioner for this purpose), and, if elected, the optional
				minimum mortality standard for deficiency reserves stipulated in Rule 19.05(B) of this regulation.
The length of a particular contract segment shall be set
				  equal to the minimum of the value
t
for which Gt is greater
				  than Rt (if Gt never exceeds Rt the segment length is deemed to be the number
				  of years from the beginning of the segment to the mandatory expiration date of
				  the policy), where Gt and Rt are defined as follows:
Click
				  here to view image
where:
x = original issue age;
k = the number of years from the date of issue to the
				  beginning of the segment;
t = 1, 2, ...;
t
is reset to 1 at the
				  beginning of each segment;
GPx+k+t-1 = Guaranteed gross premium per thousand of face
				  amount for year
t
of the segment, ignoring policy fees only if
				  level for the premium paying period of the policy.
Click
				  here to view image
where:
x, k and t are as defined above, and
qx+k+t-1 = valuation mortality rate for deficiency reserves
				  in policy year k+t but using the mortality of Rule 19.05(B)(2) if Rule
				  19.05(B)(3) is elected for deficiency reserves.
However, if GPx+k+t is greater than 0 and GPx+k+t-1 is equal
				  to 0, Gt shall be deemed to be 1000. If GPx+k+t and GPx+k+t-1 are both equal to
				  0, Gt shall be deemed to be 0.
C. "Deficiency reserves" means the excess, if
				greater than zero, of
(1) Minimum reserves
				calculated in accordance with
Miss. Code Ann
. § 837-23(7)
				over
(2) Basic reserves.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 19 - Valuation of Life Insurance Policies Regulation (Including the Introduction and Use of New Select Mortality Factors) › Rule 19-2-19.05 - General Calculation Requirements for Basic Reserves and Premium Deficiency Reserves

Current through June 25, 2024
A. At the
				election of the company for any one or more specified plans of life insurance,
				the minimum mortality standard for basic reserves may be calculated using the
				1980 CSO valuation tables with select mortality factors (or any other valuation
				mortality table adopted by the NAIC after the effective date of this regulation
				and promulgated by regulation by the commissioner for this purpose). If select
				mortality factors are elected, they may be:
(1) The ten-year select mortality factors
				incorporated into the 1980 amendments to the NAIC Standard Valuation
				Law;
(2) The select mortality
				factors in the Appendix; or
(3) Any
				other table of select mortality factors adopted by the NAIC after the effective
				date of this regulation and promulgated by regulation by the commissioner for
				the purpose of calculating basic reserves.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 19 - Valuation of Life Insurance Policies Regulation (Including the Introduction and Use of New Select Mortality Factors) › Rule 19-2-19.06 - Calculation of Minimum Valuation Standard for Policies with Guaranteed Nonlevel Gross Premiums or Guaranteed Nonlevel Benefits (Other than Universal Life Policies)

Current through June 25, 2024
A. Basic
				Reserves
Basic reserves shall be calculated as the greater of the
				  segmented reserves and the unitary reserves. Both the segmented reserves and
				  the unitary reserves for any policy shall use the same valuation mortality
				  table and selection factors. At the option of the insurer, in calculating
				  segmented reserves and net premiums, either of the adjustments described in
				  Paragraph (1) or (2) below may be made:
(1) Treat the unitary reserve, if greater
				than zero, applicable at the end of each segment as a pure endowment and
				subtract the unitary reserve, if greater than zero, applicable at the beginning
				of each segment from the present value of guaranteed life insurance and
				endowment benefits for each segment.
(2) Treat the guaranteed cash surrender
				value, if greater than zero, applicable at the end of each segment as a pure
				endowment; and subtract the guaranteed cash surrender value, if greater than
				zero, applicable at the beginning of each segment from the present value of
				guaranteed life insurance and endowment benefits for each segment.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 19 - Valuation of Life Insurance Policies Regulation (Including the Introduction and Use of New Select Mortality Factors) › Rule 19-2-19.07 - Calculation of Minimum Valuation Standard for Flexible Premium and Fixed Premium Universal Life Insurance Policies That Contain Provisions Resulting in the Ability of a Policyowner to Keep a Policy in Force Over a Secondary Guarantee Period

Current through June 25, 2024
A. General
(1) Policies with a secondary guarantee
				include:
(a) A policy with a guarantee that
				the policy will remain in force at the original schedule of benefits, subject
				only to the payment of specified premiums;
(b) A policy in which the minimum premium at
				any duration is less than the corresponding one year valuation premium,
				calculated using the maximum valuation interest rate and the 1980 CSO valuation
				tables with or without ten-year select mortality factors, or any other table
				adopted after the effective date of this regulation by the NAIC and promulgated
				by regulation by the commissioner for this purpose; or
(c) A policy with any combination of
				Subparagraph (a) and (b).
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 19 - Valuation of Life Insurance Policies Regulation (Including the Introduction and Use of New Select Mortality Factors) › Rule 19-2-19.08 - Effective Date

Current through June 25, 2024
This regulation shall become effective on and after September
				  1, 2022.
Miss. Code
				  Ann. §
										25-43-3.113(2)(b)(i) (Rev. 2018); and §
										83-5-1 (Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 20 - Term and Universal Life Insurance Reserve Financing Model Regulation › Rule 19-2-20.01 - Authority

Current through June 25, 2024
This regulation is adopted and promulgated by the
				  Commissioner of Insurance pursuant to Sections  83-5-1 and  83-19-157 of the Code
				  of Mississippi (1972).
Miss. Code
				  Ann. §§
										83-5-1 and  83-19-157 (Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 20 - Term and Universal Life Insurance Reserve Financing Model Regulation › Rule 19-2-20.02 - Purpose and Intent

Current through June 25, 2024
The purpose and intent of this regulation is to establish
				  uniform, national standards governing reserve financing arrangements pertaining
				  to life insurance policies containing guaranteed nonlevel gross premiums,
				  guaranteed nonlevel benefits and universal life insurance policies with
				  secondary guarantees; and to ensure that, with respect to each such financing
				  arrangement, funds consisting of Primary Security and Other Security, as
				  defined in Rule 20.05, are held by or on behalf of ceding insurers in the forms
				  and amounts required herein. In general, reinsurance ceded for reserve
				  financing purposes has one or more of the following characteristics: some or
				  all of the assets used to secure the reinsurance treaty or to capitalize the
				  reinsurer (1) are issued by the ceding insurer or its affiliates; or (2) are
				  not unconditionally available to satisfy the general account obligations of the
				  ceding insurer; or (3) create a reimbursement, indemnification or other similar
				  obligation on the part of the ceding insurer or any if its affiliates (other
				  than a payment obligation under a derivative contract acquired in the normal
				  course and used to support and hedge liabilities pertaining to the actual risks
				  in the policies ceded pursuant to the reinsurance treaty).
Miss. Code
				  Ann. §§
										83-5-1 and  83-19-157 (Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 20 - Term and Universal Life Insurance Reserve Financing Model Regulation › Rule 19-2-20.03 - Applicability

Current through June 25, 2024
This regulation shall apply to reinsurance treaties that cede
				  liabilities pertaining to Covered Policies, as that term is defined in Rule
				  20.05(B), issued by any life insurance company domiciled in this state. This
				  regulation and shall both apply to such reinsurance treaties; provided, that in
				  the event of a direct conflict between the provisions of this regulation and 19
				  Miss. Admin. Code, Part 1, Chapter 22, "Credit for Reinsurance", the provisions
				  of this regulation shall apply, but only to the extent of the
				  conflict.
Miss. Code
				  Ann. §§
										83-5-1 and  83-19-157 (Rev. 2011); 19 Miss. Admin. Code, Part
				  1, Chapter 22, "Credit for Reinsurance"
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 20 - Term and Universal Life Insurance Reserve Financing Model Regulation › Rule 19-2-20.04 - Exemptions from this Regulation

Current through June 25, 2024
This regulation does not apply to the situations described in
				  Subsections A through F.
A.
				Reinsurance of:
(1) Policies that satisfy the
				criteria for exemption set forth in 19 Miss. Admin. Code, Pt. 2, R. 19.06(F) or
				R. 19.06(G); and which are issued before the later of:
(a) The effective date of this regulation,
				and
(b) The date on which the
				ceding insurer begins to apply the provisions of VM-20 to establish the ceded
				policies' statutory reserves, but in no event later than Jan 1, 2020;