reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.25 - Form A - Statement Regarding the Acquisition of Control of or Merger with a Domestic Insurer

Current through June 25, 2024
FORM A
STATEMENT REGARDING THE ACQUISITION OF CONTROL OF OR
				  MERGER WITH A DOMESTIC INSURER
____________________________________
Name of Domestic Insurer
BY
____________________________________
Name of Acquiring Person (Applicant)
Filed with the Insurance Department of
_____________________________________________________
(State of domicile of insurer being acquired)
Dated: ____________________ , 20 __________
Name, Title, address and telephone number of Individual to
				  Whom Notices and Correspondence Concerning this Statement should be
				  Addressed:
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
ITEM 1.
INSURER AND METHOD OF
				ACQUISITION
State the name and address of the domestic insurer to which
				  this application relates and a brief description of how control is to be
				  acquired.
ITEM 2.
IDENTITY AND BACKGROUND OF THE APPLICANT
A. State the name and address of the
				applicant seeking to acquire control over the insurer.
B. If the applicant is not an individual,
				state the nature of its business operations for the past five years or for such
				lesser period as such person and any predecessors thereof shall have been in
				existence. Briefly describe the business intended to be done by the applicant
				and the applicant's subsidiaries.
C. Furnish a chart or listing clearly
				presenting the identities of the inter-relationships among the applicant and
				all affiliates of the applicant. Indicate in such chart or listing the
				percentage of voting securities of each such person which is owned or
				controlled by the applicant or by any other such person. If control of any
				person is maintained other than by the ownership or control of voting
				securities, indicate the basis of such control. As to each person specified in
				such chart or listing indicate the type of organization (e.g. corporation,
				trust, partnership) and the state or other jurisdiction of domicile. If court
				proceedings involving a reorganization or liquidation are pending with respect
				to any such person, indicate which person, and set forth the title of the
				court, nature of proceedings and the date when commenced.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.28 - Form D - Prior Notice of a Transaction

Current through June 25, 2024
FORM D
PRIOR NOTICE OF A TRANSACTION
Filed with the Insurance Department of the State of
				  ____________________
BY
__________________________________________
(Name of Registrant)
On Behalf of Following Insurance Companies
Name Address
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________
Date: ________________ , 20 ______
Name, Title, Address and telephone number of Individual to
				  Whom Notices and Correspondence Concerning This Statement Should Be
				  Addressed:
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
ITEM 1.
IDENTITY OF PARTIES TO
				TRANSACTION
Furnish the following information for each of the parties to
				  the transaction:
(a) Name.
(b) Home office address.
(c) Principal executive office
				address.
(d) The organizational
				structure, i.e. corporation, partnership, individual, trust, etc.
(e) A description of the nature of the
				parties' business operations.
(f)
				Relationship, if any, of other parties to the transaction to the insurer filing
				the notice, including any ownership or debtor/creditor interest by any other
				parties to the transaction in the insurer seeking approval, or by the insurer
				filing the notice in the affiliated parties.
(g) Where the transaction is with a
				non-affiliate, the name(s) of the affiliate(s) which will receive, in whole or
				in substantial part, the proceeds of the transaction.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 20 - Insurance Holding Company Regulation with Reporting Forms and Instructions › Rule 19-1-20.29 - Form E * Pre-Acquisition Notification Form

Current through June 25, 2024
FORM E
PRE-ACQUISITION NOTIFICATION FORM REGARDING THE
				  POTENTIAL COMPETITIVE IMPACT OF A PROPOSED MERGER OR ACQUISITION BY A
				  NON-DOMICILIARY INSURER DOING BUSINESS IN THIS STATE OR BY A DOMESTIC
				  INSURER
______________________________
Name of Applicant
______________________________
Name of Other Person Involved in Merger or Acquisition
Filed with the Insurance Department of
______________________________________________________________________________
Dated: ________________________ , 20 ____________
Name, title, address and telephone number of person
				  completing this statement:
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
ITEM 1.
NAME AND ADDRESS
State the names and addresses of the persons who hereby
				  provide notice of their involvement in a pending acquisition or change in
				  corporate control.
ITEM 2.
NAME AND ADDRESSES OF AFFILIATED COMPANIES
State the names and addresses of the person affiliated with
				  those listed in Item 1. Describe their affiliations.
ITEM 3.
NATURE AND PURPOSE OF THE
				PROPOSED MERGER OR ACQUISITION
State the nature and purpose of the proposed merger or
				  acquisition.
ITEM 4.
NATURE OF BUSINESS
State the nature of the business performed by each of the
				  persons identified in response to Item 1 and Item 2.
ITEM 5.
MARKET AND MARKET SHARE
State specifically what market and market share in each
				  relevant insurance market the persons identified in Item 1 and Item 2 currently
				  enjoy in this state. Provide historical market and market share data for each
				  person identified in Item 1 and Item 2 for the past five years and identify the
				  source of such data. Provide a determination as to whether the proposed
				  acquisition or merger, if consummated, would violate the competitive standards
				  of the state as stated in Section 4 of Senate Bill 2298, 2017 Regular
				  Legislative Session. If the proposed acquisition or merger would violate
				  competitive standards, provide justification of why the acquisition or merger
				  would not substantially lessen competition or create a monopoly in the state.
For purposes of this question, market means direct written
				  insurance premium in this state for a line of business as contained in the
				  annual statement required to be filed by insurers licensed to do business in
				  this state.
Miss. Code Ann. §
										83-6-24
				  (Supp. 2013); Senate Bill 2298, 2017 Regular Legislative
				  Session
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 21 - (94-104) Prescribing Form of Certificate of Contribution for Certain Assessments Paid to Mississippi Life and Health Insurance Guaranty Association and Approving › Rule 19-1-21.01 - 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.
§§
									83-5-1
				  and
				  83-23-217
				  (Rev. 1991), and is promulgated in accordance with Mississippi Insurance
				  Department Regulation No. 88-101, said regulation being the Rules of Practice
				  and Procedure before the Mississippi Insurance Department.
Miss. Code Ann.
				  §§
										83-5-1;
				  83-23-217 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 21 - (94-104) Prescribing Form of Certificate of Contribution for Certain Assessments Paid to Mississippi Life and Health Insurance Guaranty Association and Approving › Rule 19-1-21.02 - Purpose

Current through June 25, 2024
The purpose of this Regulation is to prescribe the form of
				  the certificate of contribution to be issued by the Mississippi Life and Health
				  Insurance Guaranty Association to each member insurer paying a Class B
				  assessment to the Mississippi Life and Health Insurance Guaranty Association
				  and to approve the form and amount and period of time that a certificate of
				  contribution may be shown as an admitted asset by the member insurer in its
				  statutory financial statement.
Miss. Code Ann. §
										83-23-203
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 21 - (94-104) Prescribing Form of Certificate of Contribution for Certain Assessments Paid to Mississippi Life and Health Insurance Guaranty Association and Approving › Rule 19-1-21.03 - Definitions

Current through June 25, 2024
A. "Class B assessment" shall mean
				assessments by the Mississippi Life and Health Insurance Guaranty Association
				made to the extent necessary to carry out the powers and duties of the
				Mississippi Life and Health Insurance Guaranty Association under
Miss. Code Ann
. §
									83-23-215
				(Rev. 1991), with regard to an impaired or insolvent insurer.
B. "Impaired insurer" shall have the same
				meaning as defined in
Miss. Code Ann.
§
									83-9-209
				(Rev. 1991).
C. "Insolvent insurer"
				shall have the same meaning as defined in
Miss. Code
				Ann
.§
									83-9-209
				(Rev. 1991).
D. "Member insurer"
				shall have the same meaning as defined in Mississippi Code Annotated Section
				83-9-209.
Miss. Code Ann. §
										83-23-215
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 21 - (94-104) Prescribing Form of Certificate of Contribution for Certain Assessments Paid to Mississippi Life and Health Insurance Guaranty Association and Approving › Rule 19-1-21.04 - Form of Certificate of Contribution

Current through June 25, 2024
The Mississippi Life and Health Insurance Guaranty
				  Association shall issue to each member insurer paying a Class B assessment to
				  the Mississippi Life and Health Insurance Guaranty Association a certificate of
				  contribution for the amount of the assessment so paid. Such certificate of
				  contribution shall be in substantially the form attached hereto as Appendix A,
				  which is hereby made a part of this Regulation.
Miss. Code Ann. §
										83-23-211
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 21 - (94-104) Prescribing Form of Certificate of Contribution for Certain Assessments Paid to Mississippi Life and Health Insurance Guaranty Association and Approving › Rule 19-1-21.05 - Financial Statement Treatment of Certificate of Contribution

Current through June 25, 2024
A certificate of contribution may be shown by a member
				  insurer in its statutory financial statement as an admitted asset in such form
				  and for such amount, if any, and period of time as the commissioner may by
				  order approve, provided, that a member insurer shall in any event at its option
				  have the right to show a certificate of contribution as an admitted asset at
				  percentages of the amount assessed and paid for calendar years as
				  follows:
A. One hundred percent (100%)
				for the calendar year of issuance of the certificate of contribution;
B. Eighty percent (80%) for the first
				calendar year after the year of issuance of the certificate of
				contribution;
C. Sixty percent
				(60%) for the second calendar year after the year of issuance of the
				certificate of contribution;
D.
				Forty percent (40%) for the third calendar year after the year of issuance of
				the certificate of contribution;
E.
				Twenty percent (20%) for the fourth calendar year after the year of issuance of
				the certificate of contribution; and
F. Zero percent (0%) for the fifth calendar
				year after the year of issuance of the certificate of contribution and
				thereafter.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 21 - (94-104) Prescribing Form of Certificate of Contribution for Certain Assessments Paid to Mississippi Life and Health Insurance Guaranty Association and Approving › Rule 19-1-21.06 - 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,
				  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 21 - (94-104) Prescribing Form of Certificate of Contribution for Certain Assessments Paid to Mississippi Life and Health Insurance Guaranty Association and Approving › Rule 19-1-21.07 - Effective Date

Current through June 25, 2024
This Regulation shall become effective
December
				  31, 1994.
Miss. Code Ann. §
										25-43-3.106
				  (Rev. 2010)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.01 - Authority

Current through June 25, 2024
This Regulation is promulgated to the authority granted by
Miss. Code Ann
. § 83- 19-157.
Miss. Code Ann.
				  §
										83-19-157
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.02 - 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 law on Credit for Reinsurance,
Miss. Code Ann.
§
									83-19-151
				  ("the Act"). The actions and information required by this regulation are hereby
				  declared to be necessary and appropriate in the public interest and for the
				  protection of the ceding insurers in this state.
Miss. Code Ann.§
										83-19-157
				  Rev. 2011
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.03 - Severability

Current through June 25, 2024
If any provision of this regulation, or their application 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 separable.
Miss. Code Ann.
				  §
										83-5-1;
				  §
										83-19-151
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.04 - Credit for Reinsurance - Reinsurer Licensed in this State

Current through June 25, 2024
Pursuant to
Miss. Code Ann
. §
									83-19-151(a),
				  the commissioner shall allow credit for reinsurance ceded by a domestic insurer
				  to assuming insurers which were licensed in this state as of the date on which
				  statutory financial statement credit for reinsurance is
				  claimed.
Miss. Code Ann.
				  §
										83-19-151(a)
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.05 - Credit for Reinsurance - Accredited Reinsurers

Current through June 25, 2024
A.
				Pursuant to
Miss. Code Ann.
§
									83-19-151(b),
				the commissioner shall allow credit for reinsurance ceded by a domestic insurer
				to an assuming insurer which is accredited as a reinsurer in this state as of
				the date on which statutory financial statement credit for reinsurance is
				claimed. An accredited reinsurer must:
1. File
				a properly executed Form AR-1 (attached as an exhibit to this regulation) as
				evidence of its submission to this state's jurisdiction and to this state's
				authority to examine its books and records, and
2. File with the commissioner a certified
				copy of a letter or a certificate of authority or of compliance as evidence
				that is licensed to transact insurance or reinsurance in at least one state,
				or, in the case of a United States branch of an alien assuming insurer, is
				entered through and licensed to transact insurance or reinsurance in at least
				one state; and
3. File annually
				with the commissioner a copy of its annual statement filed with the insurance
				department of its state or domicile or, in the case of an alien assuming
				insurer, with the state through which it is entered and in which it is licensed
				to transact insurance or reinsurance, and a copy of its most recent audited
				financial statement; and
4.
				Maintain a surplus as regards policyholders in an amount not less than
				$20,000,000, or obtain the affirmative approval of the commissioner upon a
				finding that it has adequate financial capacity to meet its reinsurance
				obligations and is otherwise qualified to assume reinsurance from domestic
				insurers.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.06 - Credit for Reinsurance - Reinsurer Domiciled in Another State

Current through June 25, 2024
A. Pursuant to
Miss. Code
				Ann
. §
									83-19-151(c)
				the commissioner shall allow credit for reinsurance ceded by a domestic insurer
				to an assuming insurer as of any date on which statutory financial statement
				credit for reinsurance is claimed:
1. Is
				domiciled and licensed in (or, in the case of a United States branch of an
				alien assuming insurer, is entered through) a state which employs standards
				regarding credit for substantially similar to those applicable under the Act
				and this regulation
2. Maintains a
				surplus as regards policyholders in an amount not less than $20,000,000;
				and
3. Files a properly executed
				Form AR-1 with the commissioner as evidence of its submission to this state's
				authority to examine its books and records.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.08 - Credit for Reinsurance - Certified Reinsurers

Current through June 25, 2024
Pursuant to
Miss. Code Ann
. §
									83-19-151(e),
				  the commissioner shall allow credit for reinsurance ceded by a domestic insurer
				  to an assuming insurer that has been certified as a reinsurer in this state at
				  all times for which statutory financial statement credit for reinsurance is
				  claimed under this section. The credit allowed shall be based upon the security
				  held by or on behalf of the ceding insurer in accordance with a rating assigned
				  to the certified reinsurer by the commissioner. The security shall be in a form
				  consistent with the provisions of
Miss. Code Ann
. §
									83-19-151(e)
				  and Rules
				  22.12,
				  22.13 or
				  22.14 of this Regulation. The amount
				  of security required in order for full credit to be allowed shall correspond
				  with the following requirements:
(1)
Ratings
Security Required
Secure - 1
0%
Secure - 2
10%
Secure - 3
20%
Secure - 4
50%
Secure - 5
75%
Vulnerable - 6
100%
(2)
				Affiliated reinsurance transactions shall receive the same opportunity for
				reduced security requirements as all other reinsurance transactions.
(3) The commissioner shall require the
				certified reinsurer to post one hundred percent (100%), for the benefit of the
				ceding insurer or its estate, security upon the entry of an order of
				rehabilitation, liquidation or conservation against the ceding
				insurer.
(4) In order to facilitate
				the prompt payment of claims, a certified reinsurer shall not be required to
				post security for catastrophe recoverables for a period of one year from the
				date of the first instance of a liability reserve entry by the ceding company
				as a result of a loss from a catastrophic occurrence as recognized by the
				commissioner. The one year deferral period is contingent upon the certified
				reinsurer continuing to pay claims in a timely manner. Reinsurance recoverables
				for only the following lines of business as reported on the NAIC annual
				financial statement related specifically to the catastrophic occurrence will be
				included in the deferral:
Line 1: Fire
(a)
				Line 2: Allied Lines
(b) Line 3:
				Farmowners multiple peril
(c) Line
				4: Homeowners multiple peril
(d)
				Line 5: Commercial multiple peril
(e) Line 9: Inland Marine
(f) Line 12: Earthquake
(g) Line 21: Auto physical damage
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.10 - Credit for Reinsurance Required by Law

Current through June 25, 2024
Pursuant to
Miss. Code Ann.
§
									83-19-151(g),
				  the commissioner shall allow credit for reinsurance ceded by a domestic insurer
				  to an assuming insurer not meeting the requirements of
Miss. Code
				  Ann
. §§
									83-19-151(a),
				  (b), (c), (d), (e), or (f) but only as to the
				  insurance of risks located in jurisdictions where the reinsurance is required
				  by the applicable law or regulation of that jurisdiction. As used in this
				  section, "jurisdiction" means state, district or territory of the United States
				  and any lawful national government.
Miss. Code Ann. §
										83-19-151(f)
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.11 - Asset or Reduction from Liability for Reinsurance Ceded to an Unauthorized Assuming Insurer not Meeting the Requirements of Rules 22.04 through 22.10

Current through June 25, 2024
A. Pursuant to
Miss. Code Ann
. §
									83-19-153,
				the commissioner shall allow a reduction from liability for reinsurance ceded
				by a domestic insurer to an assuming insurer not meeting the requirements of
Miss. Code Ann
. §
									83-19-151
				in an amount not exceeding the liabilities carried by the ceding insurer. Such
				reduction shall be in the amount of funds held by or on behalf of the ceding
				insurer, including funds held in trust for the exclusive benefit of the ceding
				insurer, under a reinsurance contract with such assuming insurer as security
				for the payment of obligations under the reinsurance contract. Such security
				must be held in the United States subject to withdrawal solely by, and under
				the exclusive control of, the ceding insurer or, in the case of a trust, held
				in a qualified United States financial institution as defined in
Miss.
				Code Ann
. §
									83-19-155.
				This security may be in the form of any of the following:
1. Cash.
2. Securities listed by the Securities
				Valuation Office of the National Association of Insurance Commissioners,
				including those deemed exempt from filing as defined by the Purposes and
				Procedures Manual of the Securities Valuation Office, and qualifying as
				admitted assets.
3. Clean,
				irrevocable, unconditional and "evergreen" letters of credit issued or
				confirmed by a qualified United States institution, as defined in
Miss.
				Code Ann
. §
										83-19-155(a),
				effective no later than December 31 of the year for which filing is being made,
				and in the possession of, or in trust for, the ceding company on or before the
				filing date of its annual statement. Letters of credit meeting applicable
				standards of issuer acceptability as of the dates of their issuance (or
				confirmation) shall, notwithstanding the issuing (or confirming) institution's
				subsequent failure to meet applicable standards of issuer acceptability,
				continue to be acceptable as security until their expiration, extension,
				renewal, modification or amendment, whichever first occurs.
4. Any other form of security acceptable to
				the Commissioner.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.12 - Trust Agreements Qualified Under Rule 22.11

Current through June 25, 2024
A. As
				used in this section:
1. "Beneficiary" means
				the entity for whose sole benefit the trust has been established and any
				successor of the beneficiary by operation of law. If a court of law appoints a
				successor in interest to the named beneficiary, then the name beneficiary
				includes and is limited to the court appointed domiciliary receiver (including
				conservator, rehabilitator or liquidator).
2. "Grantor" means the entity that has
				established a trust for the sole benefit of the beneficiary. When established
				in conjunction with a reinsurance agreement, the grantor is the unlicensed,
				unaccredited assuming insurer.
3.
				"Obligations", as used in Subsection (B)(11) of this section, means:
a. Reinsured losses and allocated loss
				expenses paid by the ceding company, but not recovered from the assuming
				insurer;
b. Reserves for reinsured
				losses reported and outstanding;
c.
				Reserves for reinsured losses incurred but not reported; and
d. Reserves for allocated reinsured loss
				expenses and unearned premiums.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.14 - Other Security

Current through June 25, 2024
A ceding insurer may take credit for unencumbered funds
				  withheld by the ceding insurer in the United States subject to withdrawal
				  solely by the ceding insurer and under its exclusive control.
Miss. Code Ann. §
										83-19-157
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.15 - Reinsurance Contract

Current through June 25, 2024
Credit will not be granted to a ceding insurer for
				  reinsurance effected with assuming insurers meeting the requirements of Rules
				  22.04,
				  22.05. 22.06, 22.07, 22.08, 22.09 or
				  22.11 of this regulation or otherwise in compliance with
Miss. Code
				  Ann
. §
									83-19-151
				  after the adoption of this regulation unless the reinsurance agreement:
A. Includes a proper insolvency clause, which
				stipulates that reinsurance is payable directly to the liquidator or successor
				without diminution regardless of the status of the ceding company, pursuant to
Miss. Code Ann
. §
									83-6-38;
				and
B. Includes a provision
				pursuant to
Miss. Code Ann
. §
									83-19-151(f)
				whereby the assuming insurer, if an unauthorized assuming insurer, has
				submitted to the jurisdiction of an alternate dispute resolution panel or court
				of competent jurisdiction within the United States, has agreed to comply with
				all requirements necessary to give such court or panel jurisdiction, has
				designated an agent upon whom service of process may be effected, and has
				agreed to abide by the final decision of such court or panel, and
C. Includes a proper reinsurance intermediary
				clause, if applicable, which stipulates that the credit risk for the
				intermediary is carried by the assuming insurer.
Miss. Code Ann. §
										83-19-151
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.16 - Contracts Affected

Current through June 25, 2024
All new and renewal reinsurance transactions entered into on
				  or after July 1, 2017, shall conform to the requirements of the Act and this
				  Regulation, as amended, if credit is to be given to the ceding insurer for such
				  reinsurance.
Miss. Code Ann. §
										83-19-157
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.18 - Form CR-1: Certificate of Certified Reinsurer

Current through June 25, 2024
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				  To View Image
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Miss. Code Ann. §
										83-19-157
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.20 - Form CR-F

Current through June 25, 2024
Form CR-F - PART 1
Assumed Reinsurance as of December 31, Current Year (000
				  Omitted)
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Form CR-F - PART 2
Ceded Reinsurance as of December 31, Current Year (000
				  Omitted)
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Miss. Code Ann. §
										83-19-157
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 22 - Credit for Reinsurance › Rule 19-1-22.21 - Form CR-S

Current through June 25, 2024
Form CR-S - PART 1 - SECTION 1
Reinsurance Assumed Life Insurance, Annuities, Deposit Funds
				  and Other Liabilities Without Life or Disability Contingencies, and Related
				  Benefits Listed by Reinsured Company as of December 31, Current Year
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Form CR-S - PART 1 - SECTION 2
Reinsurance Assumed Accident and Health Insurance Listed by
				  Reinsured Company as of December 31, Current Year
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Form CR-S - PART 2
Reinsurance Recoverable on Paid and Unpaid Losses Listed by
				  Reinsuring Company as of December 31, Current Year
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Form CR-S - PART 3 - SECTION 1
Reinsurance Ceded Life Insurance, Annuities, Deposit Funds
				  and Other Liabilities Without Life or Disability Contingencies, and Related
				  Benefits Listed by Reinsuring Company as of December 31, Current Year
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Form CR-S - PART 3 - SECTION 2
Reinsurance Ceded Accident and Health Insurance Listed by
				  Reinsuring Company as of December 31, Current Year
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Miss. Code Ann. §
										83-19-157
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.01 - 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.
§§ 25-43-1
et seq.
, 83-5-1 and
				  83-17-211, and is promulgated in accordance with Mississippi Department of
				  Insurance Regulation No. 88-101, said regulation being the Rules of Practice
				  and Procedure before the Mississippi Department of Insurance.
Miss. Code Ann. §
				  25-43-1 et seq.; §
										83-5-1
				  and § 83-17-211 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.02 - Purpose

Current through June 25, 2024
The purpose of this regulation is to provide guidelines under
				  which financial institutions may sell insurance in the State of Mississippi and
				  to protect the interests of the insurance policyholders of this
				  state.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.03 - Definitions

Current through June 25, 2024
A. "Financial institution" shall mean a bank,
				savings bank, savings and loan association, trust company, credit union or any
				depository institution as defined by the Federal Deposit Insurance Act, and any
				other individual, corporation, partnership or association engaged in the taking
				or brokering of deposits or in the making or brokering of loans in this state.
				The term "financial institution" shall also include any person, including an
				insurance company that is soliciting the sale or purchase of insurance
				recommended or sponsored by, on the premises of, or in connection with a
				product offering of, a financial institution, regardless of whether the
				financial institution is located in the state. Except as otherwise set forth in
				this Section 3(A), the term "financial institution" does not include an
				insurance company.
B. The term
				"insurance" includes all products defined or regulated as insurance by Title
				83, Mississippi Code of 1972, except:
1.
				Credit property as defined in
Miss. Code Ann.
§
										83-17-1,
				credit life, accident and health; credit involuntary unemployment insurance,
				mortgage life; and mortgage accident and health;
2. Insurance placed by a financial
				institution in connection with collater alpledged as security for a loan when
				the debtor breaches the contractual obligation to provide that
				insurance;
3. Private mortgage
				insurance;
4. Land Title;
				and
5. Travel Accident and
				Baggage.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.04 - Regulatory Authority

Current through June 25, 2024
All financial institutions that are authorized to engage in
				  the solicitation and sale of insurance products are subject to the insurance
				  laws of the State of Mississippi and all other regulations of the Mississippi
				  Department of Insurance and other applicable provisions of
				  law.
Miss. Code Ann. §
										83-5-1;
				  § 83-17-15 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.05 - Licensure Requirement

Current through June 25, 2024
Solicitation for the purchase or sale of any insurance
				  products shall be conducted only by persons or entities who have complied with
				  all applicable state insurance licensing, appointment laws and regulations and
				  who have been issued an agent or broker's license pursuant to
Miss.
				  Code Ann.
§
									83-17-1,
				  et seq. However, employees of financial institutions who are not licensed as an
				  agent or broker may make referrals of financial institution customers or
				  prospects to licensed agents and receive a one-time nominal fee per referral of
				  a fixed dollar amount for each customer consistent to referral fees received in
				  other non-deposit investment products. The term "nominal fee" means an amount
				  not to exceed Twenty Dollars ($20.00). The payment of this referral fee cannot
				  depend on whether the referral results in the sale or issuance of an insurance
				  product or service.
Miss. Code Ann. §
										83-17-19;
				  §
										83-17-25
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.06 - Separate Transactions, Records and Documents

Current through June 25, 2024
It is strongly recommended that insurance sales activities be
				  conducted through separate divisions or subsidiaries. However, whether the
				  financial institution obtains an agency license or operates through a
				  subsidiary, division or affiliated agency, separate records must be maintained
				  for all insurance transactions distinct from any other activities in connection
				  with a loan or other credit transaction. These records shall be made available
				  to the Mississippi Department of Insurance for inspection. The credit and
				  insurance transactions must be completed separately and through separate
				  documents.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.07 - Extensions of Credit

Current through June 25, 2024
No person shall delay or impede the completion of a loan
				  transaction or other transactions involving the extension of credit for the
				  purpose of influencing a customer to purchase insurance from them or through
				  any affiliated entity.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.08 - Insurance and Financial Institution Products

Current through June 25, 2024
A. No
				person may offer banking products or services, or fix or vary the consideration
				of the offer, on a condition or requirement that the customer obtain insurance
				from the financial institution or any affiliate of the financial
				institution.
B. A financial
				institution that offers banking products or services in conformity with the
				provisions of 106 of the Bank Holding Company Act Amendments of 1970 (
				12
				U.S.C. 1972 ), shall be deemed to be in
				compliance with the provisions of subsection (A) of this section.
C. No person shall require that a customer or
				prospective customer purchase an insurance product from any particular
				insurance agent as a condition for the lending of money or extension of credit,
				the establishment or maintenance of a checking, savings, or other deposit
				account, the establishment or maintenance of a trust account, or the provision
				of services related to any such activities.
D. No person may offer an insurance product
				in combination with banking products unless the insurance products and banking
				products are available separately.
E. No person may include the expense of
				insurance premiums in the primary credit transaction without the express
				written consent of the customer.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.09 - Rebating and Discounting

Current through June 25, 2024
A. No person may
				offer a rebate on an insurance product in violation of
Miss. Code
				Ann.
§
									83-3-121 (Rev.
				1991).
B. No person may offer a
				discount on a loan or extension of credit for the purpose of inducing the
				customer to purchase insurance required in connection with the loan or
				extension of credit.
Miss. Code Ann. §
										83-3-121 (Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.10 - Discrimination

Current through June 25, 2024
No financial institution may:
A. Require as a condition of providing any
				product or service or renewal of any contract for providing a product or
				service to any customer, that the customer acquire, finance, or negotiate any
				policy or contract of insurance through a particular insurer or insurance
				agent.
B. In connection with a loan
				or extension of credit that requires a borrower to obtain insurance, reject an
				insurance policy solely because the policy has been issued or underwritten by
				any person who is not associated with a particular entity;
C. Impose any requirement or additional
				charge for any insurance purchased from an agent who is not associated with a
				financial institution that is not imposed on any insurance agent who is
				associated with the financial institution.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.11 - Disclosure

Current through June 25, 2024
A. A financial institution shall prominently
				disclose in writing, in clear and concise language, to customers, including in
				any advertisement or promotional material, and orally during any customer
				contact, that the insurance product offered, recommended, sponsored, or sold:
1. Is not a deposit;
2. Is not insured by the Federal Deposit
				Insurance Corporation, or in the case of a credit union, by the National Credit
				Union Share Insurance Fund;
3. Is
				not guaranteed by the insured financial institution or an affiliated insured
				depository institution; and
4.
				Where appropriate, involves investment risk, including potential loss of
				principal.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.12 - Misleading Advertising

Current through June 25, 2024
No person may employ any advertisement that would mislead or
				  otherwise cause a reasonable person to believe mistakenly that the State of
				  Mississippi or the federal government is responsible for the insurance sales
				  activities of the financial institution or stands behind the financial
				  institution's credit, or that the financial institution, the State of
				  Mississippi, or the federal government guarantees any returns on insurance
				  products or is a source of payment of any insurance obligation of or sold by
				  the financial institution.
Miss. Code Ann. §
										83-49-19
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.13 - Commissions and Compensation

Current through June 25, 2024
No person shall pay directly or indirectly, any commission,
				  service fee, brokerage or other valuable consideration to any person for
				  services as an insurance agent, unless the person performing the service holds
				  a valid license for the class of insurance as to which the service is rendered.
				  No person or agency shall accept any commission, service fee, brokerage or
				  other valuable consideration for such services unless properly licensed in
				  accordance with the Mississippi Department of Insurance. However, referral fees
				  as provided in Section 5 are authorized.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.14 - Confidential Customer Information

Current through June 25, 2024
A. A financial
				institution may not release a customer's insurance information to any person
				other than an officer, director, employee, agent, or affiliate of the financial
				institution without the written consent of the customer. For the purposes of
				this Section, "insurance information" means information concerning the
				premiums, terms and conditions of insurance coverage, insurance claims, and the
				insurance history of a customer contained in the financial institution's
				records.
B. Subsection (A) of this
				section shall not apply to:
1. Names,
				addresses and telephone numbers derived in any manner from the financial
				institution's records; or
2. The
				release of insurance information as otherwise authorized or prohibited by State
				or federal law.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.15 - 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,
				  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 23 - (98-3) Guidelines for Sale of Insurance by Financial Institutions in the State of Mississippi › Rule 19-1-23.16 - Effective Date

Current through June 25, 2024
This regulation shall become effective March 31,
				  1999.
Miss. Code Ann. §
										25-43-3.106
				  (Rev. 2010)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 24 - Prescribing Mississippi Life and Health Insurance Guaranty Association Summary Document and Requiring Delivery of Summary Document to Policy or Contract Owner at Time of Delivery of Policy or Contract › Rule 19-1-24.01 - 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.
§§
									83-5-1
				  and
				  83-23-235
				  in order to implement the provisions of the Mississippi Life and Health
				  Insurance Guaranty Association Act, as Amended , and is promulgated in
				  accordance with 19 Miss. Admin. Code, Part 1, Chpt. 15 (formerly 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.
				  §§
										83-5-1;
				  83-23-235 (Rev. 2011); Senate Bill 2227, 2020 Regular
				  Session.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 24 - Prescribing Mississippi Life and Health Insurance Guaranty Association Summary Document and Requiring Delivery of Summary Document to Policy or Contract Owner at Time of Delivery of Policy or Contract › Rule 19-1-24.02 - Purpose

Current through June 25, 2024
The purpose of this Regulation is to implement
Miss.
				  Code Ann.
§
									83-23-235
				  by prescribing the form and content of the summary document describing the
				  general purposes and current limitations of the Mississippi Life and Health
				  Insurance Guaranty Association Act.
Miss. Code Ann. §
										83-23-235
				  (Rev. 2011)