reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 17 - (89-101) Guidelines To Be Followed When Lending Institutions Enter Into Agreements with Insurance Companies To Lease Space in Retail Areas › Rule 19-1-17.04 - Relationships

Current through June 25, 2024
No insurance company, agent, agency or representative of
				  same, shall enter into any contract, lease or other agreement with a lending
				  institution which results in:
A. any
				activity reasonably leading a person to believe that his credit-worthiness, or
				that extension of credit or renewal thereof, is conditioned upon the purchase
				of insurance through a particular insurance company, agent, agency or
				representative of same:
B. the
				lending institution or its employees, either directly or indirectly, soliciting
				insurance for or acting on behalf of an insurance company, agent, agency or
				representative of same, in the sale or negotiation of insurance.
The dollar amount of rent paid by an insurance company,
				  agent, agency or representative of same, to a lending institution shall be on a
				  strict square footage basis, and shall not be based on a percentage of premium
				  income.
Any compensation, rental fee and/or expense reimbursement
				  paid by the insurance company, agent, agency or representative of same, to the
				  lending institution or its employees must be commercially reasonable
				  considering all material and relevant circumstances and must meet the
				  requirements of all applicable law.
No insurance company, agent, agency or representative of
				  same, may enter into any agreement which requires a lending institution or its
				  employees to provide support services which are prohibited by applicable law.
				  By way of illustration and not limitation, the following support services are
				  specifically prohibited: adjustment and payment of losses; amendment of
				  insurance contracts to keep coverages current; collection of premiums; issuance
				  of policies, certificates and other documents; return of unearned premiums;
				  payment of cash values; and transmittal of applications for insurance
				  contract.
Miss. Code Ann. §
										83-5-29
				  et seq. (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 17 - (89-101) Guidelines To Be Followed When Lending Institutions Enter Into Agreements with Insurance Companies To Lease Space in Retail Areas › Rule 19-1-17.05 - Physical Facilities

Current through June 25, 2024
The direct or indirect solicitation or transaction of
				  insurance business by an insurance company, agent, agency or representative of
				  same, shall be restricted to the leased area. Accordingly, any insurance
				  company, agent, agency or representative of same, entering into any contract,
				  lease or other agreement with a lending institution shall abide by the
				  following:
A. All signs displayed in
				connection with the operation of the insurance company, agent, agency or
				representative of same shall have no indication of any relationship with the
				lending institution. A sign with the following disclaimer must appear at or
				directly adjacent to the Leased Area:
"Insurance is offered by (name of Insurance Company, agency
				  or agent). The (name of the Lending Institution) is neither an insurance
				  company nor agency, and the insurance products offered are not FDIC/FSLIC
				  insured."
Other signs may appear in the general banking area directing
				  interested customers to the designated insurance area. The Commissioner of
				  Insurance may order the removal of any signs or other promotional or
				  advertising materials, the location, size, color or content of which violate
				  the provisions of this regulation.
B. The leased area by an insurance company,
				agent, agency or representative of same must be situated and individually
				identified from the other retail area of the lending institution who are
				conducting normal banking activities from express or implied intimidation or
				interference with the customers' free choice regarding the purchase of
				insurance.
Miss. Code Ann. §
										83-5-29
				  et seq. (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 17 - (89-101) Guidelines To Be Followed When Lending Institutions Enter Into Agreements with Insurance Companies To Lease Space in Retail Areas › Rule 19-1-17.06 - Advertising

Current through June 25, 2024
Any advertisement, promotional material, sales literature or
				  public announcement of insurance products must be filed with the Mississippi
				  Insurance Department at least thirty (30) days prior to distribution or
				  announcement. If, within thirty (30) days after filing, the Commissioner
				  notifies the insurance company in writing that such filing is disapproved,
				  stating the reason therefor, it will be unlawful for the insurance company to
				  use the filing. Otherwise, the insurance company will be allowed to use any
				  such filing not disapproved within thirty (30) days after filing. Each
				  insurance company shall be responsible for the compliance with this requirement
				  by its agents, agencies and the lending institution which is a party to the
				  lease agreement.
Any use of the name of the lending institution by an
				  insurance company, agent, agency or representative of same in promoting,
				  announcing or advertising its insurance products, other than strictly as an
				  address referencing the location of the insurance company, agent, agency or
				  representative of same, is prohibited. Further, the use of the name of the
				  lending institution in identifying the address of the insurance company, agent,
				  agency or representative of same, cannot be made in such a manner as to
				  indicate any other relationship with the lending institution to the insurance
				  product being advertised. Advertising and sale literature, taken as a whole,
				  shall not be misleading or deceptive such as to cause a reader to reasonably
				  conclude that the insurance product is endorsed or offered by the lending
				  institution.
No insurance company, agent, agency or representative of same
				  shall use a lending institution's logo in any advertisement, promotional
				  material, sales literature or public announcement of insurance
				  products.
Miss. Code Ann. §
										83-5-29
				  et seq. (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 17 - (89-101) Guidelines To Be Followed When Lending Institutions Enter Into Agreements with Insurance Companies To Lease Space in Retail Areas › Rule 19-1-17.07 - Severability

Current through June 25, 2024
If any provision of any section of this regulation or the
				  application thereof to any circumstance or insurance company, agent, agency or
				  representative of same, nor any other person or entity, is held 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 this regulation are declared to
				  be severable.
This regulation shall become effective thirty (30) days after
				  its adoption and filing with the Mississippi Secretary of State's Office, as
				  required by law.
Miss. Code Ann.
				  §§
										83-5-1;
				  83-5-29 to 83-5-51 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 18 - (89-105) Regulation of Corporation Allocations With Respect to Credit Insurers and Certain Insurance Holding Companies and Bank Deposits › Rule 19-1-18.01 - Statutory Authority

Current through June 25, 2024
This Regulation is promulgated by the Commissioner of
				  Insurance pursuant to authority granted by
Mississippi Code of
				  1972, Annotated
, Title 83, Chapter 53, Section 25(4) and
Mississippi Code of 1972, Annotated
, Title 83, Chapter
				  53, Section 29 and in accordance with the Mississippi Administrative Procedures
				  Law.
Mississippi Code of 1972, Annotated
,
				  Title 83, Chapter 53, Section 47 states that "nothing in this Chapter shall be
				  construed to relieve any person from compliance with any other applicable law
				  of this State."
Mississippi Code of 1972, Annotated
,
				  Title 83, Chapter 53, Section 29 grants to the Commissioner authority to "issue
				  any regulations that he deems necessary to effectuate the purposes of this
				  chapter (the credit insurance chapter of the Mississippi Code
				  Annotated).
Mississippi Code of 1972, Annotated
,
				  Title 83, Chapter 53, Section 25(4) provides that: the Commissioner "is hereby
				  vested with full authority as provided by
Mississippi Code of 1972,
				  Annotated
, Title 83, Chapter 53, Section 29 to regulate, reduce
				  and/or adjust experience refunds or corporate allocations in accordance with
				  the provisions of paragraphs (c) and (d) of subsection (3) of this section."
				  This Regulation is promulgated by the Commissioner pursuant to his full
				  authority to regulate corporation allocations, and payments to agents in
				  connection with the sale of credit insurance.
Miss. Code Ann. §
										83-53-25;
				  §
										83-53-29
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 18 - (89-105) Regulation of Corporation Allocations With Respect to Credit Insurers and Certain Insurance Holding Companies and Bank Deposits › Rule 19-1-18.03 - Definitions

Current through June 25, 2024
Terms used herein shall be defined as follows:
A. "Creditor" shall mean a creditor as defined in Mississippi
				  Code of 1972, Annotated, Title 83, Chapter 53, Section 3(2)(d), any person or
				  entity licensed as an agent to write credit insurance and any person,
				  partnership, corporation, association or other entity affiliated in any manner
				  with or related to a creditor, including an affiliation arising by virtue of
				  being designated by a creditor as a holder of stock which will benefit in any
				  manner, directly or indirectly, from credit insurance written by the
				  creditor.
B. "Credit insurance" shall mean credit life insurance as
				  defined in Mississippi Code of 1972, Annotated, Title 83, Chapter 53, Section
				  3(2) (b) and credit disability insurance as defined in Mississippi Code of
				  1972, Annotated, Title 83, Chapter 53, Section 3(2)(c).
C. "Insurer" shall have the same meaning as defined in
				  Mississippi Code of 1972, Annotated, Title 83, Chapter 53, Section 3(2)
				  (g).
D. "Credit insurance holding company" shall be defined as any
				  corporation or other legal entity which controls an insurer engaged in the
				  business of writing credit insurance. "Control" shall have the same meaning as
				  defined in Mississippi Code of 1972, Annotated, Title 83, Chapter 6, Section
				  1(c).
E. "Corporate allocation" shall mean the apportionment of any
				  part of the assets, income, earnings, profits or losses of any corporation,
				  insurer or other legal entity with respect to any class or series of stock, or
				  other equity interest, in an insurer or credit insurance holding
				  company.
F. "Compensating balances" and/or "special deposit accounts"
				  shall mean the deposit of premiums or money to the account of the insurer with
				  a creditor through which the insurer writes credit insurance, when such account
				  is either non-interest bearing or at a rate less than that which is usually
				  paid on similar accounts or is controlled by the creditor.
Miss. Code Ann.
				  §§
										83-53-3;
				  83-53-29; 83-6-1(c) (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 18 - (89-105) Regulation of Corporation Allocations With Respect to Credit Insurers and Certain Insurance Holding Companies and Bank Deposits › Rule 19-1-18.04 - Applicability

Current through June 25, 2024
This Regulation shall apply to all insurers engaged in the
				  business of writing credit insurance and the shareholders thereof, all credit
				  insurance holding companies and the shareholders thereof, and all
				  creditors.
Miss. Code Ann.
				  §§
										83-53-1;
				  83-5-3 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 18 - (89-105) Regulation of Corporation Allocations With Respect to Credit Insurers and Certain Insurance Holding Companies and Bank Deposits › Rule 19-1-18.06 - Prohibition on Compensating Balances or Other Special Deposit Accounts

Current through June 25, 2024
Compensating balances and special deposit accounts by an
				  insurer with a creditor through which the insurer issues credit insurance are
				  to be considered in violation of Title 83, Chapter 53, Section 25(1) of the in
Mississippi Code of 1972, Annotated
. This prohibition
				  applies regardless of whether premiums are due the insurer on the single
				  premium basis or on the monthly premium outstanding balance basis. Nothing
				  herein shall prevent an insurer from making deposits in financial institutions
				  in the normal course of business.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 18 - (89-105) Regulation of Corporation Allocations With Respect to Credit Insurers and Certain Insurance Holding Companies and Bank Deposits › Rule 19-1-18.07 - Severability

Current through June 25, 2024
If any provision of any section of this Regulation or the
				  application thereof to any circumstance or person or entity is held invalid by
				  any court, 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 this Regulation are
				  declared to be severable.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 18 - (89-105) Regulation of Corporation Allocations With Respect to Credit Insurers and Certain Insurance Holding Companies and Bank Deposits › Rule 19-1-18.08 - Effective Date

Current through June 25, 2024
This Regulation shall become effective
April 1,
				  1990
.
Miss. Code Ann. §
										25-43-3.113(2010)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 19 - (92-102) Life and Health Reinsurance Agreements › Rule 19-1-19.01 - Authority

Current through June 25, 2024
This Regulation is adopted and promulgated by the
				  Commissioner of Insurance pursuant to
Miss. Code Ann
.
				  §§
									83-1-29,
				  83-1-165,
				  83-5-1,
				  83-6-31
				  and
				  83-19-157,
				  and in accordance with the provisions of Miss. Code Ann. Chapter 43, Title 25,
				  and Mississippi Insurance Department Regulation No. 88-101, said Regulation
				  being the Rules of Practice and Procedure before the Mississippi Insurance
				  Department.
Miss. Code Ann.
				  §§
										83-1-29;
				  83-1-165; 83-5-1; 83-6-31;83-19-157 (Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 19 - (92-102) Life and Health Reinsurance Agreements › Rule 19-1-19.02 - Preamble

Current through June 25, 2024
A. The Mississippi Insurance Department
				recognizes that licensed insurers routinely enter into reinsurance agreements
				that yield legitimate relief to the ceding insurer from strain to
				surplus.
B. However, it is improper
				for a licensed insurer, in the capacity of ceding insurer, to enter into
				reinsurance agreements for the principal purpose of producing significant
				surplus aid for the ceding insurer, typically on a temporary basis, while not
				transferring all of the significant risks inherent in the business being
				reinsured. In substance or effect, the expected potential liability to the
				ceding insurer remains basically unchanged by the reinsurance transaction,
				notwithstanding certain risk elements in the reinsurance agreement, such as
				catastrophic mortality or extraordinary survival. The terms of such agreements
				referred to herein and described in Section 4 violate:
1. Sections
				83-5-35(e),
				83-5-55
				and
				83-5-69
				relating to financial statements which do not properly reflect the financial
				condition of the ceding insurer;
2.
				Sections
				83-19-151,
				83-19-153
				and
				83-19-155
				relating to reinsurance reserve credits, thus resulting in a ceding insurer
				improperly reducing liabilities or establishing assets for reinsurance ceded;
				and
3. Sections
				83-1-29,
				83-1-155(1)(a),
				83-5-17
				and
				83-23-1
				relating to creating a situation that may be hazardous to policyholders and the
				people of this State.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 19 - (92-102) Life and Health Reinsurance Agreements › Rule 19-1-19.03 - Scope

Current through June 25, 2024
This regulation shall apply to all domestic life and accident
				  and health insurers and to all other licensed life and accident and health
				  insurers which are not subject to a substantially similar regulation in their
				  domiciliary state. This regulation shall also similarly apply to licensed
				  property and casualty insurers with respect to their accident and health
				  business. This regulation shall not apply to assumption reinsurance, yearly
				  renewable term reinsurance or certain non-proportional reinsurance such as stop
				  loss or catastrophe reinsurance.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 19 - (92-102) Life and Health Reinsurance Agreements › Rule 19-1-19.05 - Written Agreements

Current through June 25, 2024
A. No reinsurance
				agreement or amendment to any agreement may be used to reduce any liability or
				to establish any asset in any financial statement filed with the Department,
				unless the agreement, amendment or a binding letter of intent has been duly
				executed by both parties no later than the "as of date" of the financial
				statement.
B. In the case of a
				letter of intent, a reinsurance agreement or an amendment to a reinsurance
				agreement must be executed within a reasonable period of time, not exceeding
				ninety (90) days from the execution date of the letter of intent, in order for
				credit to be granted for the reinsurance ceded.
C. The reinsurance agreement shall contain
				provisions which provide that:
1. The
				agreement shall constitute the entire agreement between the parties with
				respect to the business being reinsured thereunder and that there are no
				understandings between the parties other than as expressed in the agreement;
				and
2. Any change or modification
				to the agreement shall be null and void unless made by amendment to the
				agreement and signed by both parties.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 19 - (92-102) Life and Health Reinsurance Agreements › Rule 19-1-19.06 - Existing Agreements

Current through June 25, 2024
Insurers subject to this regulation shall reduce to zero by
				  December 31, 1996 any reserve credits or assets established with respect to
				  reinsurance agreements entered into prior to the effective date of this
				  regulation which, under the provisions of this regulation would not be entitled
				  to recognition of the reserve credits or assets; provided, however, that the
				  reinsurance agreements shall have been in compliance with laws or regulations
				  in existence immediately preceding the effective date of this
				  regulation.
Miss. Code Ann. §
										83-5-35
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 19 - (92-102) Life and Health Reinsurance Agreements › Rule 19-1-19.07 - Effective Date

Current through June 25, 2024
This regulation shall become effective December 31, 1996 and
				  after filing with the office of the Secretary of State.
Miss. Code Ann. §
										25-43-3.106
				  (Rev. 2010)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.01 - Authority

Current through June 25, 2024
This regulation is adopted and promulgated pursuant to the
				  authority granted by
Miss. Code Ann
. Section
				  83-6-31(1972),
				  and in accordance with the provisions of Miss Code Ann. Chapter 43, Title 25,
				  and the Mississippi Insurance Department Regulation 19 Miss. Admin. Code, Part
				  1, Chapter 15, said regulation being the "Rules of Practice and Procedure
				  before the Mississippi Insurance Department".
Miss. Code Ann. §
										83-6-31
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.02 - Purpose

Current through June 25, 2024
The purpose of this regulation is to set forth rules and
				  procedural requirements which the Commissioner deems necessary to carry out the
				  provisions of the Insurance Holding Company System Regulatory Act,
Miss. Code Ann
. Section
				  83-6-1 et
				  seq. (
Supp. 2013
), hereinafter referred to as "the
				  Act". The information called for by this regulation is hereby declared to be
				  necessary and appropriate in the public interest and for the protection of the
				  policyholders in this State.
Miss. Code Ann. §
										83-6-31
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.03 - Severability Clause

Current through June 25, 2024
If any provision of this regulation, or the application
				  thereof to any person or circumstance, is held invalid, such determination
				  shall not affect other provisions or applications of this regulation which can
				  be given effect without the invalid provision or application, and to that end
				  the provisions of this regulation are severable.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.04 - Forms - General Requirements

Current through June 25, 2024
A. Forms A, B, C,
				D, E and F are intended to be guides in the preparation of the statements
				required by Sections
				83-6-24,
				83-6-5,
				83-6-21,
				and
				83-6-24
				of the Act. They are not intended to be blank forms which are to be filled in.
				These statements filed shall contain the numbers and captions of all items, but
				the text of the items may be omitted provided the answers thereto are prepared
				in such a manner as to indicate clearly the scope and coverage of the items.
				All instructions, whether appearing under the items of the form or elsewhere
				therein, are to be omitted. Unless expressly provided otherwise, if any item is
				inapplicable or the answer thereto is in the negative, an appropriate statement
				to that effect shall be made.
B.
				One (1) complete copy of each statement including exhibits and all other papers
				and documents filed as a part thereof, shall be filed with the Commissioner by
				personal delivery or mail addressed to: Insurance Commissioner of the State of
				Mississippi, Attention: Commissioner. The copy shall be manually signed in the
				manner prescribed on the form. If the signature of any person is affixed
				pursuant to a power of attorney or other similar authority, a copy of such
				power of attorney or other authority shall also be filed with the statement.
C. If an applicant requests a
				hearing on a consolidated bases under Section
				83-6-24(4)(d)
				of the Act, in addition to filing the Form A with the commissioner, the
				applicant shall file a copy of Form A with the National Association of
				Insurance Commissioners (NAIC) in electronic form.
D. Statements should be prepared
				electronically. Statements shall be easily readable and suitable for review and
				reproduction. Debits in credit categories and credits in debit categories shall
				be designated so as to be clearly distinguishable as such on photocopies.
				Statements shall be in the English language and monetary values shall be stated
				in United States currency. If any exhibit or other paper or document filed with
				the statement is in a foreign language, it shall be accompanied by a
				translation into the English language and any monetary value shown in a foreign
				currency normally shall be converted into United States currency.
Miss. Code Ann.
				  §§
										83-6-5;
				  83-6-21; 83-6-24; 83-6-31 (Supp. 2013)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.05 - Forms - Incorporation by Reference, Summaries and Omissions

Current through June 25, 2024
A. Information required by any item of Form
				A, Form B, Form C, Form D, Form E or Form F may be incorporated by reference in
				answer or partial answer to any other item. Information contained in any
				financial statement, annual report, proxy statement, statement filed with a
				governmental authority, or any other document may be incorporated by reference
				in answer or partial answer to any item of Form A, Form B, Form C, Form D, Form
				E or Form F provided such document or paper is filed as an exhibit to the
				statement. Excerpts of documents may be filed as exhibits if the documents are
				extensive. Documents currently on file with the Commissioner which were filed
				within three years need not be attached as exhibits. References to information
				contained in exhibits or in documents already on file shall clearly identify
				the material and shall specifically indicate that such material is to be
				incorporated by reference in answer to the item. Matter shall not be
				incorporated by reference in any case where such incorporation would render the
				statement incomplete, unclear or confusing.
B. Where an item requires a summary or
				outline of the provisions of any document, only a brief statement shall be made
				as to the pertinent provisions of the document. In addition to such statement,
				the summary or outline may incorporate by reference particular parts of any
				exhibit or document currently on file with the Commissioner which was filed
				within three years and may be qualified in its entirety by such reference. In
				any case where two or more documents required to be filed as exhibits are
				substantially identical in all material respects except as to the parties
				thereto, the dates of execution, or other details, a copy of only one of such
				documents need be filed with a schedule identifying the omitted documents and
				setting forth the material details in which such documents differ from the
				documents a copy of which is filed.
Miss. Code Ann.
				  §§
										83-6-5;
				  83-6-21; 83-6-24; 83-6-31 (Supp. 2013)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.06 - Forms - Information Unknown or Unavailable and Extension of Time to Furnish

Current through June 25, 2024
If it is impractical to furnish any required information,
				  document or report at the time it is required to be filed, there may be filed
				  with the Commissioner as a separate document a statement:
A. Identifying the information, document or
				report in question;
B. Stating why
				the filing thereof at the time required is impractical; and,
C. Requesting an extension of time for filing
				the information, document or report to a specified date. The request for
				extension shall be deemed granted unless the Commissioner within 60 days after
				receipt thereof enters an order denying the request.
Miss. Code Ann.
				  §§
										83-6-5;
				  83-6-21; 83-6-24 (Supp. 2013)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.07 - Forms - Additional Information and Exhibits

Current through June 25, 2024
In addition to the information expressly required to be
				  included in Form A, Form B, Form C, Form D, Form E and Form F, there shall be
				  added such further material information, if any, as may be necessary to make
				  the information contained therein not misleading. The person filing may also
				  file such exhibits as it may desire in addition to those expressly required by
				  the statement. Such exhibits shall be so marked as to indicate clearly the
				  subject matters to which they refer. Changes to Forms A, B, C, D, E or F shall
				  include on the top of the cover page the phrase: "Change No. (insert number)
				  to" and shall indicate the date of the change and not the date of the original
				  filing.
Miss. Code Ann.
				  §§
										83-6-5;
				  83-6-21; 83-6-24; 83-6-31 (Supp. 2013)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.08 - Definitions

Current through June 25, 2024
A. "Executive officer" means chief executive
				officer, chief operating officer, chief financial officer, treasurer,
				secretary, controller, and any other individual performing functions
				corresponding to those performed by the foregoing officers under whatever
				title.
B. "Ultimate controlling
				person" means that person which is not controlled by any other
				person.
C. Unless the context
				otherwise requires, other terms found in those regulations and in Section
				83-6-1 of
				the Act are used as defined in the Act. Other nomenclature or terminology is
				according to the Industry Code or industry usage if not defined by the
				Code.
Miss. Code Ann.
				  §§
										83-6-1;
				  83-6-31 (Supp. 2013)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.09 - Subsidiaries of Domestic Insurers

Current through June 25, 2024
The authority to invest in subsidiaries under Section
				  83-6-2(2)
				  of the Act is in addition to any authority to invest in subsidiaries which may
				  be contained in any other provision of the Insurance Code.
Miss. Code Ann. §
										83-6-2
				  (Supp. 2013)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.10 - Acquisition of Control - Statement Filing (Form A)

Current through June 25, 2024
A person required to file a statement pursuant to Section
				  83-6-24
				  of the Act shall furnish the required information on Form A, hereby made a part
				  of this regulation. Such person shall also furnish the required information on
				  Form E, hereby made a part of this regulation and described in Rule
				  20.14 of this
				  regulation.
Miss. Code Ann. §
										83-6-24;
				  83-6-31 (Supp. 2013)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.11 - Amendments to Form A

Current through June 25, 2024
The applicant shall promptly advise the Commissioner of any
				  changes in the information so furnished on Form A arising subsequent to the
				  date upon which such information was furnished but prior to the Commissioner's
				  disposition of the application.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.12 - Acquisition

Current through June 25, 2024
If the person being acquired is deemed to be a "domestic
				  insurer" solely because of the provisions of Section
				  83-6-24
				  of the Act, the name of the domestic insurer on the cover page should be
				  indicated as follows:
"ABC Insurance Company, a subsidiary of XYZ Holding
				  Company".
Where a Section
				  83-6-24
				  insurer is being acquired, references to "the insurer" contained in Form A
				  shall refer to both the domestic subsidiary insurer and the person being
				  acquired.
Miss. Code Ann.
				  §§
										83-6-24;
				  83-6-31 (Supp. 2013)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.13 - Pre-Acquisition Notification

Current through June 25, 2024
If a domestic insurer, including any person controlling
				  domestic insurer, is proposing a merger or acquisition pursuant to Section
				  83-6-24(1)
				  of the Act, that person shall file a pre-acquisition notification form, Form E,
				  which was developed pursuant to Section
				  83-6-24
				  of the Act.
Additionally, if a non-domiciliary insurer licensed to do
				  business in this state is proposing a merger or acquisition pursuant to Section
				  83-6-24
				  of the Act, that person shall file a pre-acquisition notification form, Form E.
				  No pre-acquisition notification form need be filed if the acquisition is beyond
				  the scope of Subsection 2(b) of Section 4, Senate Bill 2298, 2017 Regular
				  Legislative Session.
In addition to the information required by Form E, the
				  commissioner may wish to require an expert opinion as to the competitive impact
				  of the proposed acquisition.
Miss. Code Ann. §
										83-6-24
				  (Rev. 2011); Senate Bill 2298, 2017 Regular Legislative
				  Session
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.14 - Annual Registration of Insurers - Statement Filing (Form B)

Current through June 25, 2024
An insurer required to file a registration statement pursuant
				  to Section
				  83-6-5
				  of the Act shall file such statement on an annual basis and shall furnish the
				  required information on Form B, hereby made a part of this
				  regulation.
Miss. Code Ann.
				  §§
										83-6-5;
				  83-6-31 (Supp. 2013)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.15 - Summary of Registration - Statement Filing (Form C)

Current through June 25, 2024
An insurer required to file an annual registration statement
				  pursuant to Section
				  83-6-3
				  is also required to furnish information required on Form C, hereby made a part
				  of these regulations. An insurer shall file a copy of Form C in each state in
				  which the insurer is authorized to do business, if requested by the
				  Commissioner of that state.
Miss. Code Ann.
				  §§
										83-6-3
				  (Supp. 2013)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.16 - Amendments to Form B

Current through June 25, 2024
A. An amendment to
				Form B shall be filed within 15 days after the end of any month in which there
				is a material change to the information provided in the annual registration
				statement.
B. Amendments shall be
				filed in the Form B format with only those items which are being amended
				reported. Each such amendment shall include at the top of the cover page
				"Amendment No. (insert number) to Form B for (insert Year)" and shall indicate
				the date of the change and not the date of the original filings.
Miss. Code Ann.
				  §§ 8§
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.17 - Alternative and Consolidated Registration

Current through June 25, 2024
A. Any
				authorized insurer may file a registration statement on behalf of any
				affiliated insurer or insurers which are required to register under Section
				83-6-3
				of the Act. A registration statement may include information not required by
				the Act regarding any insurer in the insurance holding company system even if
				such insurer is not authorized to do business in this State. In lieu of filing
				a registration statement on Form B, the authorized insurer may file a copy of
				the registration statement or similar report which it is required to file in
				its State of domicile, provided:
1. the
				statement or report contains substantially similar information required to be
				furnished on Form B; and
2. the
				filing insurer is the principal insurance company in the insurance holding
				company system.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.18 - Disclaimers and Termination of Registration

Current through June 25, 2024
A. A
				disclaimer of affiliation or a request for termination of registration claiming
				that a person does not, or will not upon the taking of some proposed action,
				control another person (hereinafter referred to as the "subject") shall contain
				the following information:
1. the number of
				authorized, issued and outstanding voting securities of the subject;
2. with respect to the person whose control
				is denied and all affiliates of such person, the number and percentage of
				shares of the subject's voting securities which are held of record or known to
				be beneficially owned, and the number of such shares concerning which there is
				a right to acquire, directly or indirectly;
3. all material relationships and bases for
				affiliation between the subject and the person whose control is denied and all
				affiliates of such person;
4. A
				statement explaining why such person should not be considered to control the
				subject.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.19 - Transactions Subject to Prior Notice - Notice Filing (Form D)

Current through June 25, 2024
A. An insurer required to give notice of a
				proposed transaction pursuant to Section
				83-6-21
				of the Act shall furnish the required information on Form D, hereby made a part
				of this regulation.
B. Agreements
				for cost sharing services and management services shall at a minimum and as
				applicable:
1. Identify the person providing
				services and the nature of such services;
2. Set forth the methods to allocate
				costs;
3. Require timely
				settlement, not less frequently than on a quarterly basis, and compliance with
				the requirements in the Accounting Practices and Procedures Manual.
4. Prohibit advancement of funds by the
				insurer to the affiliate except to pay for services defined in the
				agreement;
5. State that the
				insurer will maintain oversight for functions provided to the insurer by the
				affiliate and that the insurer will monitor services annually for quality
				assurance;
6. Define Books and
				records of the insurer to include all books and records developed or maintained
				under or related to the agreement;
7. Specify that all books and records of the
				insurer are and remain the property of the insurer and are subject to control
				of the insurer;
8. State that all
				funds and invested assets of the insurer are the exclusive property of the
				insurer, held for the benefit of the insurer and are subject to the control of
				the insurer;
9. Include standards
				for termination of the agreement with and without cause;
10. Include provisions for indemnification of
				the insurer in the event of gross negligence or willful misconduct on the part
				of the affiliate providing the services;
11. Specify that, if the insurer is placed in
				receivership or seized by the commissioner under the Insurer Rehabilitation and
				Liquidation Act, Section
				83-34-1,
				et seq. (Supp. 2013).
i. All of the rights of
				the insurer under the agreement extend to the receiver or commissioner;
				and
ii. All books and records will
				immediately be made available to the receiver or the commissioner, and shall be
				turned over to the receiver or commissioner immediately upon the receiver or
				the commissioner's request;
12. Specify that the affiliate has no
				automatic right to terminate the agreement if the insurer is placed in
				receivership pursuant to the Insurer Rehabilitation and Liquidation Act,
				Section
				83-34-1,
				et seq. (Supp. 2013); and,
13.
				Specify that the affiliate will continue to maintain any systems, programs, or
				other infrastructure notwithstanding a seizure by the commissioner under
				Section the Insurer Rehabilitation and Liquidation Act, Section
				83-34-1,
				et seq. (Supp. 2013), and will make them available to the receiver, for so long
				as the affiliate continues to receive timely payment for services
				rendered.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.20 - Enterprise Risk Report

Current through June 25, 2024
The ultimate controlling person of an insurer required to
				  file an enterprise risk report pursuant to Section
				  83-6-5(5)
				  of the Act shall furnish the required information on Form F, hereby made a part
				  of these regulations.
Miss. Code Ann.
				  §§
										83-6-5;
				  83-6-31 (Supp. 2013)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.21 - Extraordinary Dividends and Other Distributions

Current through June 25, 2024
A.
				Requests for approval of extraordinary dividends or any other extraordinary
				distribution to shareholders shall include the following:
1. The amount of the proposed dividend;
2. The date established for
				payment of the dividend;
3. A
				statement as to whether the dividend is to be in cash or other property and, if
				in property, a description thereof, its cost, and its fair market value
				together with an explanation of the basis for valuation;
4. A copy of the calculations determining
				that the proposed dividend is extraordinary. The work paper shall include the
				following information:
i. The amounts, dates
				and form of payment of all dividends or distributions (including regular
				dividends but excluding distributions of the insurers own securities) paid
				within the period of twelve (12) consecutive months ending on the date fixed
				for payment of the proposed dividend for which approval is sought and
				commencing on the day after the same day of the same month in the last
				preceding year.
ii. Surplus as
				regards policyholders (total capital and surplus) as of the 31st day of
				December next preceding;
iii. If
				the insurer is a life insurer, the net gain from operations for the 12-month
				period ending the 31 st day of December next
				preceding;
iv. If the insurer is
				not a life insurer, the net income less realized capital gains for the 12-month
				period ending the 31st day of December next preceding and the two preceding
				12-months periods; and
v. If the
				insurer is not a life insurer, the dividends paid to stockholders excluding
				distributions of the insurer's own securities in the preceding two calendar
				years.
5. A balance sheet
				and statement of income for the period intervening from the last annual
				statement filed with the Commissioner and the end of the month preceding the
				month in which the request for dividend approval is submitted; and
6. A brief statement as to the effect of the
				proposed dividend upon the insurer's surplus and the reasonableness of surplus
				in relation to the insurer's outstanding liabilities and the adequacy of
				surplus relative to the insurer's financial needs.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.22 - Adequacy of Surplus

Current through June 25, 2024
The factors set forth in Section
				  83-6-23
				  of the Act are not intended to be an exhaustive list. In determining the
				  adequacy and reasonableness of an insurer's surplus no single factor is
				  necessarily controlling. The Commissioner, instead, will consider the net
				  effect of all of these factors plus other factors bearing on the financial
				  condition of the insurer. In comparing the surplus maintained by other
				  insurers, the Commissioner will consider the extent to which each of these
				  factors varies from company to company and in determining the quality and
				  liquidity of investments in subsidiaries, the Commissioner will consider the
				  individual subsidiary and may discount or disallow its valuation to the extent
				  that the individual investments so warrant.
Miss. Code Ann. §
										83-6-23
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.23 - Effective date

Current through June 25, 2024
This Regulation, as amended, shall be effective on and after
				  July 1, 2017.
Miss. Code Ann.
				  §§
										25-43-3.112;
				  83-5-1 (Rev. 2011)