reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 12 - (94-103) Credit Life and Credit Accident and Health Insurance › Rule 19-2-12.02 - Regulation of Refunds to Beneficiaries

Current through June 25, 2024
A. Each claim shall
				be settled pursuant to the insurance contract on file with the Mississippi
				Department of Insurance; this means that in cases where there is a second
				beneficiary, any excess proceeds after settling the claim with the first
				beneficiary shall be paid to the second beneficiary. If the insurance contract
				on file with the Department of Insurance does not comply with this regulation,
				then the insurance company shall file a new contract that complies with all
				provisions of this regulation.
B.
				The Mississippi Department of Insurance will consider any non-paymentto the
				second beneficiary a violation of the insurance laws and regulations of this
				State by the insurance company.
C.
				Any refund owed by the insurance company shall be calculated as the date of
				death.
D. The insurer shall make
				certain that proper documentation is maintained so that a determination can be
				made as to whether the proper refunds and claims were paid to the proper
				parties and how they were calculated.
E. Pursuant to
Miss. Code
				Ann
. §
									83-53-17(2)(Rev.
				1991), the credit life premium is fully earned upon payment of a death claim.
				The unearned credit disability premium, as well as any other credit insurance
				premiums, other than credit life, shall be refunded on a "sum of the digits"
				ratio, commonly known as "Rule of 78's", when a credit life claim is paid. The
				insurer shall calculate the refund as of the date of death. The refund of the
				credit disability premium would be necessary due to the fact that after a
				credit life claim is made the "deceased" insured would not need a "disability"
				policy.
F. Pursuant to
Miss. Code Ann
. §§
									83-53-23(2)(b)
				 and
				83-53-23(5)(Rev.1991),
				whenever a company exceeds the $.80 per $100.00 of initial insured indebtedness
				rate at any age, the said company will have to substantiate that the rates at
				all ages (i.e., each age band) produce a loss ratio of a least 50%. The fore
				mentioned rates will not be approved by the Department of Insurance until such
				time as the company substantiates a loss ratio of a least 50% on all age bands.
				Any company that is found charging rates that exceed the $.80 per annum per
				$100.00 of initial insured indebtedness after the effective date of this
				regulation, must be able to substantiate the 50% loss ratio or either be
				prepared to refund any overcharges.
Miss. Code Ann. §
										83-53-29
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 12 - (94-103) Credit Life and Credit Accident and Health Insurance › Rule 19-2-12.03 - Application

Current through June 25, 2024
If any provision or clause of this regulation or the
				  application thereof to any person or any situation is held invalid, such
				  invalidity shall not affect any other provision 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
				  severable.
Miss. Code Ann.
				  §§
										83-53-29;
				  83-5-1 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 12 - (94-103) Credit Life and Credit Accident and Health Insurance › Rule 19-2-12.04 - Effective Date

Current through June 25, 2024
This Regulation shall take effect on the 1st day of March,
				  1995.
Miss. Code Ann.
				  25-43-3.113 (Rev. 2010)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 13 - (98-2) Life Insurance Model Illustrations › Rule 19-2-13.01 - Purpose

Current through June 25, 2024
The purpose of this regulation is to provide rules for life
				  insurance policy illustrations that will protect consumers and foster consumer
				  education. This regulation provides illustration formats, prescribes standards
				  to be followed when illustrations are used, and specifies the disclosures that
				  are required in connection with illustrations. The goals of this regulation are
				  to ensure that illustrations do not mislead purchasers of life insurance and to
				  make illustrations more understandable. Insurer will, as far as possible,
				  eliminate the use of footnotes and caveats and define terms used in the
				  illustration in language that would be understood by a typical person within
				  the segment of the public to which the illustration is
				  directed.
Miss. Code Ann.
				  §§
										83-53-29;
				  83-5-1 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 13 - (98-2) Life Insurance Model Illustrations › Rule 19-2-13.02 - Authority

Current through June 25, 2024
This regulation is issued based upon the authority granted
				  the Commissioner under Miss. Code Ann. Sections 25-43-5, 25-43-7, 25-43-9,
				  83-5-1,
				  83-5-29,
				  83-5-33,
				  83-5-35,
				  83-5-45,
				  and 83-17-129; as well as Mississippi Department of Insurance Regulation
				  88-101.VIII-IX.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 13 - (98-2) Life Insurance Model Illustrations › Rule 19-2-13.03 - Applicability and Scope

Current through June 25, 2024
This regulation applies to all group and individual life
				  insurance policies and certificates except:
A. Variable life insurance;
B. Individual and group annuity
				contracts;
C. Credit life
				insurance; or
D. Life insurance
				policies whose death benefits on any individual will not exceed $10,000 during
				the term of the policy.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 13 - (98-2) Life Insurance Model Illustrations › Rule 19-2-13.05 - Policies to be Illustrated

Current through June 25, 2024
A. Each insurer
				marketing policies to which this regulation is applicable shall notify the
				Commissioner whether a policy form is to be marketed with or without
				illustration. For all policy forms being actively marketed on the effective
				date of this regulation, the insurer shall identify in writing those forms and
				whether or not an illustration will be used with them. For policy forms filed
				after the effective date of this regulation, the identification shall be made
				at the time of tiling. Any previous identification may be changed by notice to
				the Commissioner.
B. If the insurer
				identifies a policy form as one to be marketed without an illustration, any use
				of an illustration for any policy using that form prior to the first policy
				anniversary is prohibited.
C. If a
				policy form is identified by the insurer as one to be marketed with an
				illustration, a basic illustration prepared and delivered in accordance with
				this regulation is required, except that a basic illustration need not be
				provided to individual members of a group or to individuals insured under
				multiple lives coverage issued to a single applicant unless the coverage
				ismarketed to these individuals.
D.
				Potential enrollees of non-term group life subject to this regulation shall be
				furnished a quotation with the enrollment materials. The quotation shall show
				potential policy values for sample ages and policy years on a guaranteed and
				non-guaranteed basis appropriate to the group and the coverage. This quotation
				shall not be considered an illustration for purposes of this regulation, but
				all information provided shall be consistent with the illustrated scale. A
				basic illustration shall be provided at delivery of the certificate to
				enrollees for non-term group life who enroll for more than the minimum premium
				necessary to provide pure death benefit protection. In addition, the insurer
				shall make a basic illustration available to any non-term group life enrollee
				who request it.
Miss. Code Ann.
				  §§
										83-5-37;
				  83-5-1 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 13 - (98-2) Life Insurance Model Illustrations › Rule 19-2-13.06 - General Rules and Prohibitions

Current through June 25, 2024
A. An illustration
				used in the sale of a life insurance policy shall satisfythe applicable
				requirements of this regulation, be clearly labeled "lifeinsurance
				illustration" and contain the following basic information;
1. Name of insurer;
2. Name and business address of producer or
				insurer's authorized representative, if any;
3. Name, age and sex of proposed insured,
				except where a composite Illustration is permitted under this
				regulation;
4. Underwriting or
				rating classification ;upon which the illustration is Based;
5. Generic name of policy, the company
				product name, if different, form number;
6. Initial death benefit; and
7. dividend option election or application of
				non-guaranteed elements, if applicable.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 13 - (98-2) Life Insurance Model Illustrations › Rule 19-2-13.08 - Standards for Supplemental Illustrations

Current through June 25, 2024
A. A supplemental
				illustration may be provided so long as:
1.
				It is appended to, accompanied by or preceded by as basicIllustration that
				complies with this regulation.
2.
				The non-guaranteed elements shown are not more favorable to the policy owner
				that the corresponding elements based on the scaleused in the basic
				illustration.
3. It contains the
				same statement required of a basic illustration that non-guaranteed elements
				are not guaranteed; and
4. For a
				policy that has a contract premium, the contract premiumunderlying the
				supplemental illustration is equal to the contractpremium shown in the basic
				illustration. For policies that do notrequire a contract premium, the premium
				outlay underlying the supplemental illustration shall be equal to the premium
				outlayshown in the basic illustration.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 13 - (98-2) Life Insurance Model Illustrations › Rule 19-2-13.10 - Annual Report; Notice to Policy Owners

Current through June 25, 2024
A. In the case of a
				policy designated as one for which illustrations will be used, the insurer
				shall provide each policy owner with an annual report on the status of the
				policy that shall contain at least the following information:
1. For universal life policies, the report
				shall include the following:
a. The beginning
				and end date of the current report period;
b. The policy value at the end of the
				previous report period and at the end of the current report period;
c. The total amounts that have been credited
				or debited to the Policy value during the current report period, identifying
				each by type (e.g., interest, mortality, expense and riders);
d. The current death benefit at the end of
				the current report period on each life covered by the policy;
e. The net cash surrender value of the policy
				as of the end of the current report period;
f. The amount of outstanding loans, if any,
				as of the end of the current report period; and
g. For fixed premium policies:
If, assuming guaranteed interest, mortality and expense loads
				  and continued scheduled premium payments, the policy's net cash surrender value
				  is such that it would not maintain insurance in force until the end of the next
				  reporting period, a notice to this effect shall be included in the report;
				  or
h. For flexible premium
				polices:
If, assuming guaranteed interest, mortality and expense
				  loads, the policy's net cash surrender value will not maintain insurance in
				  force until the end of the next reporting period unless further premium
				  payments are made, a notice to this effect shall be included in the
				  report.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 13 - (98-2) Life Insurance Model Illustrations › Rule 19-2-13.11 - Annual Certifications

Current through June 25, 2024
A. The board of
				directors of each insurer shall appoint one or moreillustration
				actuaries.
B. The illustration
				actuary shall certify that the disciplined current scale used in illustrations
				is in conformity with the Actuarial Standard of Practice for compliance with
				the NAIC Model Regulation on Life Insurance Illustrations promulgated by the
				Actuarial Standards Board, and that theillustrated scales used in the
				insurer-authorized illustrations meet the requirements of this
				regulation.
C. The illustration
				actuary shall:
1. Be a member in good standing
				of the American Academy of Actuaries;
2. Be familiar with the standard of practice
				regarding life insurance policy illustrations;
3. Not have been found by the Commissioner,
				following appropriate notice and hearing to have:
a. Violated any provision of, or any
				obligation imposed by, the insurance law or other law in the course of his or
				herdealings as an illustration actuary;
b. Been found guilty of fraudulent or
				dishonest practices;
c.
				Demonstrated his or her incompetence, lack of cooperation, or untrustworthiness
				to act as an illustration actuary; or
d. Resigned or been removed as an
				illustration actuary within the past five (5) years as a result of acts or
				omissions indicated in any adverse report on examination or as a result of a
				failure to adhere to generally acceptable actuarial standards;
4. Not fail to notify the
				Commissioner of any action taken by a commissioner of another state similar to
				that under Paragraph (3) above;
5.
				Disclose in the annual certifications whether, since the last certification, a
				currently payable scale applicable for business issued within the previous five
				(5) years and within the scope of the certification has been reduced for
				reasons other than changes in the experience factors underlying the disciplined
				current scale. If non-guaranteed elements illustrated for new policies are not
				consistent with those illustrated for similar in force policies, this must be
				disclosed in the annual certification. If non-guaranteed elements illustrated
				for both new and in force policies are not consistent with the non-guaranteed
				elements actually being paid, charged or credited to the same or similar forms,
				this must be disclosed in the annual certification; and
6. Disclose in the annual certification the
				method used to allocate overhead expenses for all illustrations.
a. Fully allocated expenses;
b. Marginal expenses; or
c. A generally recognized expense table based
				on fully allocated expenses representing a significant portion of insurance
				companies and approved by the National Association of Insurance
				Commissioners.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 13 - (98-2) Life Insurance Model Illustrations › Rule 19-2-13.12 - Penalties

Current through June 25, 2024
In addition to any other penalties provided by the laws of
				  this state, an insurer or producer that violates a requirement of this
				  regulation shall be guilty of a violation of
Miss. Code
				  Ann.
Sections
				  83-5-29
				  to
				  83-5-51.
Miss. Code Ann.
				  §§
										83-5-29;
				  83-5-51; 83-5-1 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 13 - (98-2) Life Insurance Model Illustrations › Rule 19-2-13.13 - Separability

Current through June 25, 2024
If any provision of this regulation or its application to any
				  person or circumstance is for any reason held to be invalid by any court of
				  law, the remainder of the regulation and its application to other persons or
				  circumstances shall not be affected.
Miss. Code Ann. §
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 13 - (98-2) Life Insurance Model Illustrations › Rule 19-2-13.14 - Effective Date

Current through June 25, 2024
This regulation shall become effective on July 1, 1999, and
				  shall apply to policiessold on or after the effective date.
Miss. Code Ann. §
										25-43-3.113
				  (Rev. 2010)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 14 - (99-2) Life Insurance and Annuities Replacement Regulation (As Amended) › Rule 19-2-14.01 - Purpose and Scope

Current through June 25, 2024
A. The purpose of
				this regulation is:
1. To regulate the
				activities of insurers and producers with respect to the replacement of
				existing life insurance and annuities.
2. To protect the interests of life insurance
				and annuity purchasers by establishing minimum standards of conduct to be
				observed in replacement or financed purchase transactions. It will:
a. Assure that purchasers receive information
				with which a decision can be made in his or her own best interest;
b. Reduce the opportunity for
				misrepresentation and incomplete disclosure; and
c. Establish penalties for failure to comply
				with requirements of this regulation.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 14 - (99-2) Life Insurance and Annuities Replacement Regulation (As Amended) › Rule 19-2-14.03 - Duties of Producers

Current through June 25, 2024
A. A producer who
				initiates an application shall submit to the insurer, with or as part of the
				application, a statement signed by both the applicant and the producer as to
				whether the applicant has existing policies or contracts. If the answer is
				"no," the producer's duties with respect to replacement are complete.
B. If the applicant answered "yes" to the
				question regarding existing coverage referred to in Subsection A, the producer
				shall present and read to the applicant, not later than at the time of taking
				the application, a notice regarding replacements in the form as described in
				Appendix A or other substantially similar form approved by the commissioner.
				However, no approval shall be required when amendments to the notice are
				limited to the omission of references not applicable to the product being sold
				or replaced. The notice shall be signed by both the applicant and the producer
				attesting that the notice has been read aloud by the producer or that the
				applicant did not wish the notice to be read aloud (in which case the producer
				need not have read the notice aloud) and left with the applicant.
C. The notice shall list all life insurance
				policies or annuities proposed to be replaced, properly identified by name of
				insurer, the insured or annuitant, and policy or contract number if available;
				and shall include a statement as to whether each policy or contract will be
				replaced or whether a policy will be used as a source of financing for the new
				policy or contract. If a policy or contract number has not been issued by the
				existing insurer, alternative identification, such as an application or receipt
				number, shall be listed.
D. In
				connection with a replacement transaction the producer shall leave with the
				applicant at the time an application for a new policy or contract is completed
				the original or a copy of all sales material. With respect to electronically
				presented sales material, it shall be provided to the policy or contract owner
				in printed form no later than at the time of policy or contract
				delivery.
E. Except as provided in
				Section 5C, in connection with a replacement transaction the producer shall
				submit to the insurer to which an application for a policy or contract is
				presented, a copy of each document required by this section, a statement
				identifying any preprinted or electronically presented company approved sales
				materials used, and copies of any individualized sales materials, including any
				illustrations related to the specific policy or contract purchased.
Miss. Code Ann.
				  §§
										83-5-1;
				  83-5-37 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 14 - (99-2) Life Insurance and Annuities Replacement Regulation (As Amended) › Rule 19-2-14.04 - Duties of All Insurers that Use Producers

Current through June 25, 2024
Each insurer shall:
A. Maintain a system of supervision and
				control to insure compliance with the requirements of this regulation that
				shall include at least the following:
1.
				Inform its producers of the requirements of this regulation and incorporate the
				requirements of this regulation into all relevant producer training manuals
				prepared by the insurer;
2. Provide
				to each producer a written statement of the company's position with respect to
				the acceptability of replacements providing guidance to its producer as to the
				appropriateness of these transactions;
3. A system to review the appropriateness of
				each replacementtransaction that the producer does not indicate is in accord
				with Paragraph (2) above;
4.
				Procedures to confirm that the requirements of this regulation have been met;
				and
5. Procedures to detect
				transactions that are replacements of existing policies or contracts by the
				existing insurer, but that have not been reported as such by the applicant or
				producer. Compliance with this regulation may include, but shall not be limited
				to, systematic customer surveys, interviews, confirmation letters, or programs
				of internal monitoring;
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 14 - (99-2) Life Insurance and Annuities Replacement Regulation (As Amended) › Rule 19-2-14.05 - Duties of Replacing Insurers that Use Producers

Current through June 25, 2024
A.
				Where a replacement is involved in the transaction, the replacing insurer
				shall:
1. Verify that the required forms are
				received and are in compliance with this regulation;
2. Notify any other existing insurer that may
				be affected by the proposed replacement within five (5) business days of
				receipt of a completed application indicating replacement or when the
				replacement is identified if not indicated on the application, and mail a copy
				of the available illustration or policy summary for the proposed policy or
				available disclosure document for the proposed contract within five (5)
				business days of a request from an existing insurer;
3. Be able to produce copies of the
				notification regarding replacement required in Section 3B, indexed by producer,
				for at least five (5) years or until the next regular examination by the
				insurance department of a company's state of domicile, whichever is later;
				and
4. Provide to the policy or
				contract owner notice of the right to return the policy or contract within
				thirty (30) days of the delivery of the contract and receive an unconditional
				full refund of all premiums or considerations paid on it, including any policy
				fees or charges or, in the case of a variable or market value adjustment policy
				or contract, a payment of the cash surrender value provided under the policy or
				contract plus the fees and other charges deducted from the gross premiums or
				considerations or imposed under such policy or contract; such notice may be
				included in Appendix A or
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 14 - (99-2) Life Insurance and Annuities Replacement Regulation (As Amended) › Rule 19-2-14.06 - Duties of the Existing Insurer

Current through June 25, 2024
Where a replacement is involved in the transaction, the
				  existing insurer shall:
A. Retain and
				be able to produce all replacement notifications received, indexed by replacing
				insurer, for at least five (5) years or until the conclusion of the next
				regular examination conducted by the Insurance Department of its state of
				domicile, whichever is later.
B.
				Send a letter to the policy or contract owner of the right to receive
				information regarding the existing policy or contract values including, if
				available, an in force illustration or policy summary if an in force
				illustration cannot be produced within five (5) business days of receipt of a
				notice that an existing policy or contract is being replaced. The information
				shall be provided within five (5) business days of receipt of the request from
				the policy or contract owner.
C.
				Upon receipt of a request to borrow, surrender or withdraw any policy values,
				send a notice, advising the policy owner that the release of policy values may
				affect the guaranteed elements, non-guaranteed elements, face amount or
				surrender value of the policy from which the values are released. The notice
				shall be sent separate from the check if the check is sent to anyone other than
				the policy owner. In the case of consecutive automatic premium loans, the
				insurer is only required to send the notice at the time of the first
				loan.
Miss. Code Ann.
				  §§
										83-5-1;
				  83-5-37 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 14 - (99-2) Life Insurance and Annuities Replacement Regulation (As Amended) › Rule 19-2-14.07 - Duties of Insurers with Respect to Direct Response Solicitations

Current through June 25, 2024
A. In the case of an application that is
				initiated as a result of a direct response solicitation, the insurer shall
				require, with or as part of each completed application for a policy or
				contract, a statement asking whether the applicant, by applying for the
				proposed policy or contract, intends to replace, discontinue or change an
				existing policy or contract. If the applicant indicates a replacement or change
				is not intended or if the applicant fails to respond to the statement, the
				insurer shall send the applicant, with the policy or contract, a notice
				regarding replacement in Appendix B, or other substantially similar form
				approved by the commissioner.
B. If
				the insurer has proposed the replacement or if the applicant indicates a
				replacement is intended and the insurer continues with the replacement, the
				insurer shall:
1. Provide to applicants or
				prospective applicants with the policy or contract a notice, as described in
				Appendix C, or other substantially similar form approved by the commissioner.
				In these instances the insurer may delete the references to the producer,
				including the producer's signature, and references not applicable to the
				product being sold or replaced, without having to obtain approval of the form
				from the commissioner. The insurer's obligation to obtain the applicant's
				signature shall be satisfied if it can demonstrate that it has made a diligent
				effort to secure a signed copy of the notice referred to in this paragraph. The
				requirement to make a diligent effort shall be deemed satisfied if the insurer
				includes in the mailing a self-addressed postage prepaid envelope with
				instructions for the return of the signed notice referred to in this section;
				and
2. Comply with the requirements
				of Section 5A(2), if the applicant furnishes the names of the existing
				insurers, and the requirements of Sections 5A(3), 5A(4) and 5B.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 14 - (99-2) Life Insurance and Annuities Replacement Regulation (As Amended) › Rule 19-2-14.08 - Violations and Penalties

Current through June 25, 2024
A. Any failure to
				comply with this regulation shall be considered a violation of Mississippi
				Insurance Department, Regulation 37-1. Examples of violations include:
1. Any deceptive or misleading information
				set forth in sales material;
2.
				Failing to ask the applicant in completing the application the pertinent
				questions regarding the possibility of financing or replacement;
3. The intentional incorrect recording of an
				answer;
4. Advising an applicant to
				respond negatively to any question regarding replacement in order to prevent
				notice to the existing insurer; or
5. Advising a policy or contract owner to
				write directly to the company in such a way as to attempt to obscure the
				identity of the replacing producer or company.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 14 - (99-2) Life Insurance and Annuities Replacement Regulation (As Amended) › Rule 19-2-14.09 - Severability

Current through June 25, 2024
If any section or portion of a section of this regulation, or
				  its applicability to any person or circumstances, is held invalid by a court,
				  the remainder of this regulation, or the applicability of its provisions to
				  other persons, shall not be affected.
Miss. Code Ann.
				  §§
										83-5-1
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 14 - (99-2) Life Insurance and Annuities Replacement Regulation (As Amended) › Rule 19-2-14.10 - Effective Date

Current through June 25, 2024
This regulation shall be effective July 1,
				  2001
Miss. Code Ann. §
										25-43-3.113
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 14 - (99-2) Life Insurance and Annuities Replacement Regulation (As Amended) › Rule 19-2-14.12 - Appendix B- Notice Regarding Replacements for Direct Response Insurers

Current through June 25, 2024
APPENDIX B
NOTICE REGARDING REPLACEMENT REPLACING YOUR LIFE
				  INSURANCE POLICY OR ANNUITY?
Are you thinking about buying a new life insurance policy or
				  annuity and discontinuing or changing an existing one? If you are, your
				  decision could be a good oneor a mistake. You will not know for sure unless you
				  make a careful comparison of your existing benefits and the proposed policy or
				  contract's benefits.
Make sure you understand the facts. You should ask the
				  company or agent that sold you your existing policy or contract to give you
				  information about it.
Hear both sides before you decide. This way you can be sure
				  you are making a decision that is in your best interest.
Miss. Code Ann.
				  §§
										83-5-1;
				  83-5-37 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 15 - (2000-1) Viatical Settlements Regulations › Rule 19-2-15.01 - Authority

Current through June 25, 2024
This regulation is adopted by the Commissioner pursuant to
				  the authority in
Miss.Code Ann.
§
									83-7-201
et.seq
.
Miss. Code Ann. §
										83-7-201,
				  et seq. (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 15 - (2000-1) Viatical Settlements Regulations › Rule 19-2-15.02 - Definitions

Current through June 25, 2024
In addition to the definitions in
Miss. Code
				  Ann
. §
									83-7-203,
				  the following definitions apply to this regulation:
A. "Chronically ill" means:
1. Being unable to perform at least two (2) activities of
				  daily living (i.e. eating, toileting, transferring, bathing, dressing, or
				  continence);
2. Requiring substantial supervision to protect the
				  individual from threats to health and safety due to severe cognitive
				  impairment; or
3. Having a level of disability similar to that described in
				  (1) above as determined by the Secretary of Health and Human Services;
B. "Insured" mean the person covered under the policy being
				  considered for viatication;
C. "Financing Entity" means an underwriter, placement agent,
				  lender, purchaser of securities, purchaser of a policy or certificate from a
				  viatical settlement provider, credit enhancer, or any person that may be a
				  party to a viatical settlement contract and that has a direct ownership in a
				  policy or certificate that is the subject of a viatical settlement contract but
				  whose sole activity related to the transaction is providing funds to effect the
				  viatical settlement and who has an agreement in writing with a licensed
				  viatical settlement provider to act as a participant in a financing
				  transaction;
D. "Life expectancy" means the mean of the number of months
				  the individual insured under the life insurance policy to be viaticated can be
				  expected to live as determined by the viatical settlement provider considering
				  medical records and appropriate experiential data;
E. "Life settlement" means when a person, who does not have a
				  terminal or chronic illness, sells a life insurance policy to a third party,
				  usually a viatical settlement provider, for less than the face value of the
				  policy. For purposes of this regulation and the Viatical Settlements Act there
				  is no difference between a life settlement and a viatical settlement;
F. "Net death benefit" means the amount of the life insurance
				  policy or certificate to be viaticated less any outstanding debts or
				  liens;
G. "Patient identifying information" means an insured's
				  address, telephone number, facsimile number, electronic mail address,
				  photograph or likeness, employer, employment status, social security number, or
				  any other information that is likely to lead to the identification of the
				  insured; and
H. "Terminally ill" means having an illness or sickness that
				  can reasonably be expected to result in death in twenty-four (24) months or
				  less.
Miss. Code Ann. §
										83-7-203
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 15 - (2000-1) Viatical Settlements Regulations › Rule 19-2-15.03 - License Requirements

Current through June 25, 2024
A. In addition to
				the information required in Miss Code Ann.§
									83-7-205,
				the Commissioner may ask for other information necessary to determine whether
				the applicant for a license as a viatical settlement provider, viatical
				settlement broker, or viatical settlement representative complies with the
				requirements of
Miss. Code Ann
.§
									83-7-205.
B. The application shall be accompanied by a
				fee specified in
Miss. Code Ann
.§
									83-7-205
				and a current copy of a letter of good standing obtained from the filing
				officer of the applicant's state of domicile. If a viatical settlement
				provider, viatical settlement broker or viatical settlement representative
				fails to pay the renewal fee within the time prescribed, or a viatical
				settlement provider fails to submit the reports required in of
Miss
				Code Ann
.§
									83-7-205(6),
				such nonpayment or failure to submit therequired reports shall result in lapse
				of the license. If a viatical settlement provider has, at the time of renewal,
				viatical settlements where the insured has not died, it shall do one of the
				following:
1. Renew or maintain its current
				license status until the earlier of the following events:
a. The date the viatical settlement provider
				properly assigns, sells, or otherwise transfers the viatical settlements where
				the insured hasnot died; or
b. The
				date that the last insured covered by viatical settlement transaction has
				died.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 15 - (2000-1) Viatical Settlements Regulations › Rule 19-2-15.04 - Appointment Requirements for Viatical Settlement Representatives

Current through June 25, 2024
A viatical settlement representative, as defined in Miss.
				  Code Ann. §
									83-7-203(2) shallnot
				  solicit a viatical settlement contract without first obtaining an appointment
				  from a licensed viatical settlement provider or licensed viatical settlement
				  broker.
A. The appointment shall be
				made on a form required by the Commissioner.
B. The appointment shall be accompanied by a
				fee of ten dollars ($10.00). The appointment may be renewed yearly by payment
				of a fee of ten dollars ($10.00). Failure to pay the renewal fee within the
				prescribed time may result in automatic expiration of the
				appointment.
C. If the appointment
				is revoked by either party, the appointing viatical settlement provider or
				viatical settlement broker shall notify the Commissioner of the revocation
				within thirty (30) days.
Miss. Code Ann. §
										83-7-219
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 15 - (2000-1) Viatical Settlements Regulations › Rule 19-2-15.05 - Standards for Evaluation of Reasonable Payments

Current through June 25, 2024
In order to assure that viators receive a reasonable return
				  for viaticating an insurance policy, the following shall be minimum
				  discounts:
Insured's Life Expectancy
Minimum Percentage of Face Value Less Outstanding Loans
						  Received by Viator
Less than 6 months
80%
At least 6 but less than 12 months
70%
At least 12 but less than 18 months
65%
At least 18 but less than 24 months
60%
At least 24 but less than 30 months
55%
At least 30 but less than 42 months
50%
The percentage may be reduced by five percent (5%) for
				  viaticating a policy written by an insurer rated less than the highest [4]
				  categories by A.M. Best, or a comparable ratingby another
				  agency.
Miss. Code Ann. §
										83-7-219
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 15 - (2000-1) Viatical Settlements Regulations › Rule 19-2-15.06 - Reporting Requirement

Current through June 25, 2024
On March 1 of each calendar year, each viatical settlement
				  provider licensed in this state shall make a report of all viatical settlement
				  transactions where the viator is a resident of this state and for all states in
				  the aggregate containing the following information for the previous calendar
				  year:
A. For viatical settlements
				contracted during the reporting period:
1.
				Date of viatical settlement contract;
2. Viator's state of residence at the time of
				the contract;
3. Mean life
				expectancy of the insured at time of contract in months;
4. Face amount of policy
				viaticated;
5. Net death benefit
				viaticated;
6. Estimated total
				premiums to keep policy in force for mean life expectancy;
7. New amount paid to viator;
8. Source of policy (B-Broker, D-Direct
				Purchase; SM-Secondary Market);
9.
				Type of coverage (I-Individual or G-Group)
10. Within the contestable or suicide period,
				or both, at the time of viatical settlement (yes or no);
11. Primary ICD Diagnosis Code, in numeric
				format, as defined by the International classification of diseases, as
				published by the U.S. Department of Health and Human Services; and
12. Type of funding (I-Institutional;
				P-Private)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 15 - (2000-1) Viatical Settlements Regulations › Rule 19-2-15.08 - Disclosure

Current through June 25, 2024
A. A disclosure document containing the
				disclosures required in
Miss Code Ann
. §
									83-7-215
				and this regulation shall be provided before or concurrent with taking
				anapplication for a viatical settlement contract. Said disclosure document
				shall contain all of the disclosures listed in Appendix A.
B. The disclosure document shall contain the
				following language: "All medical, financial or personal information solicited
				or obtained by a viatical settlementcompany or viatical settlement broker about
				a viator and insured, including the viator and insured's identity or the
				identity of family members, a spouse or a significant other, is confidential."
				The information shall not be disclosed in anyform to any person, unless
				disclosure:
1. Is necessary to effect the
				viatical settlement between the viator and theviatical settlement provider;
				and
2. The viator and insured have
				provided prior written consent to thedisclosure; or
3. Is provided in response to an
				investigation by the Commissioner or anyother governmental officer or
				agency.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 15 - (2000-1) Viatical Settlements Regulations › Rule 19-2-15.09 - Prohibited Practices

Current through June 25, 2024
A. A viatical
				settlement provider, viatical settlement broker, or viatical
				settlementrepresentative shall not provide patient identifying information to
				any person, unless the insured and viator provide written consent to the
				release of theinformation at or before the time of the viatical settlement
				transaction pursuant to Section 8B.
B. A viatical settlement provider, viatical
				settlement broker, or viatical settlement representative shall obtain from a
				person that is provided with patient identifying information a signed
				affirmation that the person or entity will not further divulge the information
				without procuring the express, written consent of the insured for the
				disclosure. Notwithstanding the foregoing, if a viatical settlement provider,
				viatical settlement broker or viatical settlement representative is served with
				a subpoena and, therefore, compelled to produce records containing patient
				identifying information, it shall notify the viator and the insured in writing
				at their last known addresses within five (5) business days after receiving
				notice of the subpoena.
C. A
				viatical settlement provider shall not act also as a viatical settlement
				broker, whether entitled to collect a fee directly or indirectly, in the same
				viatical settlement.
D. A viatical
				settlement broker shall not, without the written agreement of the
				viatorobtained prior to performing any services in connection with a viatical
				settlement, seek or obtain any compensation from the viator.
E. A viatical settlement provider shall not
				use a longer life expectancy than is realistic in order to reduce the payout to
				which the viator is entitled.
Miss. Code Ann. §
										83-7-219
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 15 - (2000-1) Viatical Settlements Regulations › Rule 19-2-15.10 - Insurance Company Practices

Current through June 25, 2024
A. Life insurance
				companies authorized to do business in this state shall respond to a request
				verification of coverage from a viatical settlement provider or a
				viaticalsettlement broker within thirty (30) calendar days of the date a
				request is received, subject to the following conditions:
1. A current authorization consistent with
				applicable law, signed by the policy owner or certificate holder, accompanies
				the request;
2. In the case of an
				individual policy, submission of a form substantially similar to Appendix B,
				which has been completed by the viatical settlement provider or the viatical
				settlement broker in accordance with the instructions on the form.
3. In the case of group insurance
				coverage:
4. Submission of a form
				substantially similar to Appendix C, which has been completed by the viatical
				settlement provider or viatical settlement broker in accordance with the
				instructions on the form, and
5.
				Which has previously been referred to the group policy holder and completedto
				the extent the information is available to the group policy holder.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 15 - (2000-1) Viatical Settlements Regulations › Rule 19-2-15.11 - Effective Date

Current through June 25, 2024
This regulation is effective August 1, 2000. A viatical
				  settlement provider, viatical settlement broker or viatical settlement
				  representative transacting business in this state may continue to do so pending
				  approval of the provider, broker or representative's application for a license
				  as long as the application is filed with the commissioner by July 1,
				  2000.
Miss. Code Ann. §
										25-43-3.113
				  (Rev. 2010)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 15 - (2000-1) Viatical Settlements Regulations › Rule 19-2-15.13 - Appendix B- Verification of Coverage for Individual Policies

Current through June 25, 2024
APPENDIX B
VERIFICATION OF COVERAGE FOR INDIVIDUAL
				  POLICIES
Section One:
(To be completed by the Viatical Settlement Provider or
				  Viatical Settlement Broker)
Insurance Company: _________________ Name of Policyowner
				  ________________________
Policy number: _________________ Owner's Social Security
				  Number: __________________
Name of Insured: ___________________ Policyowner's Address:
				  ______________________
(street)
Insured's date of birth: _______________
				  ________________________________________
(City/State)
______________________________________________________________________________
Please provide the information requested in Section Two
				  (below) with regard to the policy identified above and in accordance with the
				  attached authorization.
In addition, please provide the forms checked below which are
				  available from your company to complete a viatical settlement
				  transaction:
Absolute Assignment/Change of Ownership/Viatical Assignment
				  form
Change of Beneficiary
Release of Irrevocable Beneficiary (if applicable)
Waiver of Premium Claim Form
Disability Waiver of Premium Approval Letter
_______________________________
				  _____________________________________________
Date Signature of a representative of Viatical
				  Settlement
Broker or Viatical Settlement Provider
______________________________________________________________________________
______________________________________________________________________________
Full name and address of Viatical Settlement Broker or
				  Viatical Settlement Provider
______________________________________________________________________________
Section Two:
(To be completed by the life insurance
				  company)
1) Face amount of
				policy: $ ____________________
2)
				Original date of issue: ________ / _________ / __________
Month/Date/Year
)
3) Was face amount increased after original
				issue date? no yes
a) if yes, when: _______ /
				_________ / ________