reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 43 - Corporate Governance Annual Disclosure Regulation › Rule 19-1-43.05 - Contents of Corporate Governance Annual Disclosure

Current through June 25, 2024
A. The
				insurer or insurance group shall be as descriptive as possible in completing
				the CGAD, with inclusion of attachments or example documents that are used in
				the governance process, since these may provide a means to demonstrate the
				strengths of their governance framework and practices.
B. The CGAD shall describe the insurer's or
				insurance group's corporate governance framework and structure including
				consideration of the following.
(1) The Board
				and various committees thereof ultimately responsible for overseeing the
				insurer or insurance group and the level(s) at which that oversight occurs
				(e.g., ultimate control level, intermediate holding company, legal entity,
				etc.). The insurer or insurance group shall describe and discuss the rationale
				for the current Board size and structure; and
(2) The duties of the Board and each of its
				significant committees and how they are governed (e.g., bylaws, charters,
				informal mandates, etc.), as well as how the Board's leadership is structured,
				including a discussion of the roles of Chief Executive Officer (CEO) and
				Chairman of the Board within the organization.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 43 - Corporate Governance Annual Disclosure Regulation › Rule 19-1-43.06 - Severability Clause

Current through June 25, 2024
If any provision of this regulation, or the application
				  thereof to any person or circumstance, is held invalid, such determination
				  shall not affect other provisions or applications of these regulations which
				  can be given effect without the invalid provision or application, and to that
				  end the provisions of these regulations are severable.
Miss. Code Ann.
				  §§ 83-5-7-1 through 83-5-717
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 43 - Corporate Governance Annual Disclosure Regulation › Rule 19-1-43.07 - Effective Date

Current through June 25, 2024
This regulation shall be effective on and after January 1,
				  2020.
Miss. Code Ann.
				  §§ 83-5-7-1 through 83-5-717
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 45 - Insurance Flexible Rating System › Rule 19-1-45.01 - 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. Sections
				  83-5-1 and 83-2-1 et seq. (Rev. 2011), as well as the provisions of the
				  Mississippi Insurance Department ("MID") Regulation entitled "Rules of Practice
				  and Procedure before the Mississippi Insurance Department", 19 Miss. Admin.
				  Code, Part 1, Chapter 15.
Miss. Code
				  Ann. Sections 83-5-1; 83-2-1 et seq. (Rev. 2011); 19 Miss. Admin. Code, Part 1,
				  Chapter 15.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 45 - Insurance Flexible Rating System › Rule 19-1-45.02 - Purpose

Current through June 25, 2024
The purpose of this Regulation is to implement a more
				  efficient, reasonable and competitive property and casualty insurance market
				  and regulatory environment that benefits Mississippi consumers by establishing
				  a Flexible Rating System applicable to certain lines of business as specified
				  below.
Miss. Code
				  Ann. Sections 83-5-1; 83-2-1 et seq. (Rev.
				  2011).
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 45 - Insurance Flexible Rating System › Rule 19-1-45.03 - Scope

Current through June 25, 2024
The Flexible Rating System set forth in this Regulation shall
				  be allowed for any residential or commercial earthquake policies, residential
				  or commercial flood insurance policies that are not written through the
				  National Flood Insurance Program, commercial liability and cybersecurity
				  coverages, whether the insurance policies/coverages are endorsed to, or
				  otherwise made a part of, another kind of insurance policy, or sold as a
				  stand-alone policy.
This Regulation shall not apply to workers' compensation
				  insurance, medical malpractice insurance, assigned risk/residual market plans
				  or the Mississippi Windstorm Underwriting Association.
Rate service organizations, as defined in Miss. Code Ann.
				  § 83-2-1(d), shall not be eligible to submit filings pursuant to the
				  Flexible Rating System as set forth in this Regulation.
Miss. Code
				  Ann. Sections 83-5-1; 83-2-1 et seq. (Rev.
				  2011).
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 45 - Insurance Flexible Rating System › Rule 19-1-45.04 - Definition of Flexible Rating System

Current through June 25, 2024
For purposes of this Regulation, the term "Flexible Rating
				  System" shall mean a proposed rate plan filed with MID pursuant to Section
				  83-2-1 et seq., which allows for an automatic ability on the part of the
				  insurer to raise in the aggregate or lower in the aggregate rates by 15%
				  without the need for approval by MID so long as the change is within the
				  overall approved +/- 15% range.
Miss. Code
				  Ann. Sections 83-5-1; 83-2-1 et seq. (Rev.
				  2011).
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 45 - Insurance Flexible Rating System › Rule 19-1-45.05 - Filing Requirements

Current through June 25, 2024
A Flexible Rating System filing made pursuant to this
				  Regulation shall be in compliance with all applicable provisions in Section
				  83-2-1 et seq., and shall include the rate, rating plans and rating systems
				  used by the insurer. Supporting actuarial data shall accompany every filing and
				  shall be in sufficient detail to justify the rate.
At the point that aggregate rate changes by the insurer under
				  the Flexible Rating System approved by MID total either an aggregate increase
				  of 15%, or an aggregate decrease of 15%, a new rate filing shall be required
				  pursuant to the provisions of Section 83-2-1 et seq. prior to making any
				  further rate adjustments. There is no annual reset for the 15% flexible rating
				  band.
Miss. Code
				  Ann. Sections 83-5-1; 83-2-1 et seq. (Rev.
				  2011).
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 45 - Insurance Flexible Rating System › Rule 19-1-45.06 - Notice to Department

Current through June 25, 2024
An insurer shall notify MID of any change in rates
				  implemented under the Flexible Rating System within thirty (30) days after the
				  effective date of the change. The notice must include the name of the insurer
				  and the average percentage change in rates statewide and by zone or territory.
				  Any rate change made pursuant to the Flexible Rating System may only be applied
				  to a policy at the beginning of the policy period.
Should the Commissioner determine that any change in rates
				  implemented pursuant to this Regulation is excessive, inadequate or unfairly
				  discriminatory, he shall disapprove the change in rates pursuant to the
				  procedure provided in Section 83-2-11(2)(b).
No more than one (1) rate adjustment may be made by an
				  insurer during a twelve (12) month period pursuant to the Flexible Rating
				  System set forth in this Regulation; however, upon written application by the
				  insurer, the Commissioner may authorize more than one (1) rate adjustment
				  during any twelve (12) month period, subject to the percentage limitations
				  prescribed herein,
Miss. Code
				  Ann. Sections 83-5-1; 83-2-3; 83-2-7; 83-2-11(2)(b) (Rev.
				  2011).
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 45 - Insurance Flexible Rating System › Rule 19-1-45.07 - Policy Forms

Current through June 25, 2024
With respect to policy form filings for coverages subject to
				  this Regulation, insurers must comply with Section 83-2-7 prior to the use of
				  any policy form.
Miss. Code
				  Ann. Sections 83-5-1; 83-2-7 (Rev. 2011).
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 45 - Insurance Flexible Rating System › Rule 19-1-45.08 - Rating Modification on Individual Commercial Risks

Current through June 25, 2024
Insurers are still allowed to follow established procedures
				  allowing for a debit or credit to be recognized regarding the special
				  characteristics of an
individual
commercial risk which may not
				  fully be reflected in the basic company premium or rates. Filings of this
				  nature are distinct from filings made under the Flexible Rating System as set
				  forth in this Regulation, as Flexible Rating System filings are applicable to
				  all policies within the subject line of insurance, whereas the rating
				  modification referenced within this section is applicable only to an individual
				  risk.
Miss. Code
				  Ann. Section 83-5-1 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 45 - Insurance Flexible Rating System › Rule 19-1-45.09 - Severability

Current through June 25, 2024
If any provision of any section of this Regulation or the
				  application thereof is held by a court to be invalid, such invalidity shall not
				  affect any other provision of that section or application of the Regulation
				  which can be given effect without the invalid provision or application, and to
				  this end, the provisions of the Regulation are declared to be
				  severable.
Miss. Code
				  Ann. Section 83-5-1 (Rev. 2011).
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 1 - General › Chapter 45 - Insurance Flexible Rating System › Rule 19-1-45.10 - Effective Date

Current through June 25, 2024
The effective date of this Regulation shall be thirty days
				  after filing for final adoption with the Office of the Secretary of State.
				  Filings made on and after this date may contain a Flexible Rating System
				  component.
Miss. Code
				  Ann. Sections 25-43-3.113(2)(b)(i) (Rev. 2018); 83-5-1; 83-2-3; 83-2-7 (Rev.
				  2011).
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 1 - (LA&H 67-1) Special Policies › Rule 19-2-1.01 - Prohibitions and Restrictions On Certain Type Life Insurance And Annuity Policies › Section 19-2-1.01.2 - Coupon Policies Or Policies With Pure Endowment Benefits

Current through June 25, 2024
No policy containing more than one pure endowment benefit
					 (whether or not evidenced by coupons, passbooks or other material generally
					 identified with savings, banking or investment institutions) shall be sold or
					 approved for sale in Mississippi after the effective date of these rules,
					 unless it meets the following requirements:
A. Contains, clearly and prominently
				  displayed on the face of the policy contract, a statement that the premium
				  includes an extra charge for the coupon (or pure endowment, whichever is
				  applicable) benefits.
B. The amount
				  of each of the pure endowment benefits shall be separately expressed in dollar
				  amounts and not as percentage of any premium or benefit.
C. Payment of any pure endowment benefits
				  shall not be made contingent upon payment of premiums falling due after the
				  policy year in which the pure endowment benefit has matured.
D. Participating policies shall be permitted
				  to contain coupons or pure endowment benefits only if they conform to the
				  requirements of Paragraphs 2 (a) and (b).
E. The terminology and language of a policy
				  which has one or more pure endowment benefits therein, shall not purport to
				  represent the pure endowmentbenefit of the policy to be anything other than a
				  guaranteed insurance benefit for which a premiumis being paid by the
				  policyholder, and such endowment shall not be referred to as a
				  dividend.
F. This section shall not
				  apply to any policy in which the amount of any pure endowment or periodic
				  benefit or benefits actually due and payable during any policy year is greater
				  than the total annual premium on the policy for such years.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 1 - (LA&H 67-1) Special Policies › Rule 19-2-1.01 - Prohibitions and Restrictions On Certain Type Life Insurance And Annuity Policies › Section 19-2-1.01.3 - Certain Other Special Policies

Current through June 25, 2024
A. No policy shall
				  be sold or approved for use in Mississippi after the effectivedate of these
				  rules which provides that any part of the company profits, premiums, dividends,
				  excess interest, savings on mortality, loadings, lapses, or the earnings and or
				  accumulations therefrom are to be payable only to those of a group of
				  policyholders who live and persist in premium payments to the end of a period
				  of time stated in the policy, or to those of a group of policyholders who live
				  and persist in premium payments to the end of such stated period of time and
				  the beneficiaries of those who die prior theretowhile their policies are in
				  force. The purpose of the foregoing provision is to emphasize and implement
				  Section 5642,
Mississippi Code
of 1942.
B. No policy shall be sold or approved for
				  use in Mississippi after the effective date of these rules which uses a policy
				  name which implies or may be reasonably construed as implying that only a
				  limited number of persons or some limited grouping or classification of persons
				  will be eligible to buy such policy unless the limitation is related toage,
				  occupation, health, sex or some other classification which recognized
				  underwriting practices indicate is directly related to expectation of
				  life.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 1 - (LA&H 67-1) Special Policies › Rule 19-2-1.01 - Prohibitions and Restrictions On Certain Type Life Insurance And Annuity Policies › Section 19-2-1.01.1 - Profit- Sharing Policies

Current through June 25, 2024
A. No policy shall
				  be sold or approved for use in Mississippi after the effective date of these
				  rules which provides that the policyholder will be eligible to participate in
				  any future distribution of general corporate profit or that the policyholder
				  will receive any special advantage not available to all persons of the same
				  class holding all other participating types of policies which have been issued
				  and which may be issued by the company.
B. This section is not intended to restrict
				  or prohibit the sale in this State of policies both of the participating and
				  non-participating type.
C. The
				  phrase "same class" which appears in this section and in Chapter II is defined
				  to relate only to those recognized underwriting classifications such as age,
				  occupation, sex, health or similar groupings which have a direct bearing upon
				  expectation of life of the person so classified and it shall not include any
				  classification based in anywise upon the date of purchase or the name given
				  bythe company to the policy purchased by any particular policyholder or group
				  of policyholders.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 1 - (LA&H 67-1) Special Policies › Rule 19-2-1.02 - Misleading Policy Terms Prohibited › Section 19-2-1.02.1 - Section 1

Current through June 25, 2024
A life insurance policy or annuity contract issued or
					 delivered in this State shall not contain language or words in the context or
					 description that have the tendency to mislead a purchaser or prospective
					 purchaser to believe he will receive a benefit not in the policy or some
					 benefit not available to other persons of the same class and equalexpectation
					 of life.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 1 - (LA&H 67-1) Special Policies › Rule 19-2-1.02 - Misleading Policy Terms Prohibited › Section 19-2-1.02.2 - Section 2

Current through June 25, 2024
No company or person shall deliver within this State, or
					 issue for deliverywithin this State, any life insurance policy or contract of
					 annuity or other printed material describing premium payments in language which
					 states the payment is a "Deposit", unless:
A. The payment establishes a debtor-creditor
				  relationship between the insurancecompany and the policyholder; or
B. The term is used in conjunction with the
				  word "Premium" in such a manner as to clearly indicate the true character of
				  the payment.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 1 - (LA&H 67-1) Special Policies › Rule 19-2-1.02 - Misleading Policy Terms Prohibited › Section 19-2-1.02.3 - Section 3

Current through June 25, 2024
Any policies of life insurance or contracts of annuity
					 which have heretofore been approved by the Insurance Department but which do
					 not conform to anyrequirement or requirements of Chapters 1 and 2 hereof shall
					 be discontinued on or before July 1, 1968, or the same shall then become
					 violations of these rules.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 1 - (LA&H 67-1) Special Policies › Rule 19-2-1.03 - Misleading Sales Presentation & Solicitation Statements, Representations and Illustrations Prohibited › Section 19-2-1.03.1 - Section 1

Current through June 25, 2024
No company or person shall in the sale or offering for sale
					 of any life insurance policy or contract of annuity do any of the following
					 things:
A. Make any reference to a
				  policy in such a manner as to misrepresent the true nature of the life
				  insurance or annuity contract involved.
B. State or represent that the prospective
				  policyholder will receive the right to benefits which are not a part of the
				  policy itself or made an effective part of that contract by rider, unless the
				  statement or representation is accompanied by an adequate explanation as to:
1. The nature and source of the benefits to
				  be proven at such time;
2. The
				  conditions under which this would occur;
3. And the consideration therefor.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 1 - (LA&H 67-1) Special Policies › Rule 19-2-1.03 - Misleading Sales Presentation & Solicitation Statements, Representations and Illustrations Prohibited › Section 19-2-1.03.2 - Section 2

Current through June 25, 2024
No insurance company, insurance agent, solicitor, nor
					 insurance company representative shall as a competitive or "twisting device",
					 inform any policyholder or prospective policyholder that any insurance company
					 was required to change a policyform or related material to comply with the
					 provisions of this regulation.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 1 - (LA&H 67-1) Special Policies › Rule 19-2-1.03 - Misleading Sales Presentation & Solicitation Statements, Representations and Illustrations Prohibited › Section 19-2-1.03.3 - Section 3

Current through June 25, 2024
This chapter shall apply to acts and practices in the
					 advertising, promotion, solicitation, negotiation of or effecting the sale of
					 life insurance. This chapter shall alsoapply to any act or practice whether
					 they involve the use of language disseminated by means of sales kits, policy
					 jackets or covers, letters, personal presentations, visual aids or any other
					 sales media. This regulation is not intended to be a determination that any act
					 or practice not specified herein is in conformance with any statutory
					 provisions of this State.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 1 - (LA&H 67-1) Special Policies › Rule 19-2-1.04 - Penalties › Section 19-2-1.04.1 - Section 1

Current through June 25, 2024
A. Willful
				  violation of these regulations by a company shall be deemed an unfair method of
				  competition or an unfair and deceptive act or practice in the business of
				  insurance and grounds for revocation of a company license, which shall be in
				  addition to any other penalty provided by statute.
B. Willful violation of these regulations by
				  any agent or other representative of an insurer shall be deemed to be grounds
				  for revocation of his license in the manner specified in Section 5722-12 of the
				  Mississippi Code of 1942 (Laws of 1960, Chapter 367, Section 12.)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 1 - (LA&H 67-1) Special Policies › Rule 19-2-1.05 - Effective Date

Current through June 25, 2024
This directive shall be effective as of November 1,
				  1967.
WITNESS MY HAND this the 25th day of October,
				  1967.
Miss. Code Ann. §
										25-43-3.113
				  (Rev. 2010)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 1 - (LA&H 67-1) Special Policies › Rule 19-2-1.06 - Note

Current through June 25, 2024
All life insurance companies doing business in this State
				  shall indicate in writing to this office their receipt of these RULES AND
				  REGULATIONS and their acknowledgement that they will strictly comply therewith
				  and will immediately advise all of their agents of the provisions
				  hereof.
Miss. Code Ann. §
										83-5-1(Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.01 - Notes Of Minors

Current through June 25, 2024
If the insured is a minor and executes a promissory note for
				  the payment of part or all of the first year's premium, such note must be
				  co-signed by the insured's parent, legal guardian, or adult
				  spouse.
Miss. Code Ann. §
										83-5-1(Rev.
				  2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.02 - Application To Contain Certain Information

Current through June 25, 2024
The fact that a promissory note is to be executed by the
				  insured must be set forth in the application preceding the applicant's
				  signature, showing the amount of the note, the rate of interest, the amount of
				  any down payment, and, if applicable, the fact that the note becomes due and
				  payable in full upon any default in premium payment.
If a note is taken to finance less than the full first year
				  premium, the balance must be paid by the applicant at the time the application
				  is taken, and the premium payment frequency must be set forth in the
				  application.
Miss. Code Ann.
				  §§
										83-5-1;
				  83-5-29 (Rev. 2011); §
										81-21-13
				  (Supp.2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.03 - Down Payment To Be Made In Cash

Current through June 25, 2024
A down payment of at least ten ($10.00) dollars must be paid
				  by the applicant at the time the application is signed. The down payment must
				  be paid by the applicant in cash and any payment made directly or indirectly by
				  the agent to or for the benefit of the applicant in connection with the sale
				  shall be presumed to be a rebate or special inducement.
Miss. Code Ann. §
										83-7-3
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.04 - Copy Of Note To Be Delivered With Policy

Current through June 25, 2024
If the payee of the note is an insurer or any affiliate
				  thereof, except the agent, a copy of the note must be delivered with the policy
				  at the time of delivery. If the payee of the note is the agent, a copy of the
				  note must be delivered with the policy at the time of delivery. Delivery must
				  be in person by a company representative. In the event that personal delivery
				  is for good reason impractical, delivery may be made by use of the United
				  States Certified Mail, Return Receipt Requested, and delivery to addressee
				  only.
Miss. Code Ann. §
										83-7-13
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.05 - Policy Receipt To Be Executed

Current through June 25, 2024
Upon delivery, a policy receipt or acceptance form must be
				  executed which recites that:
A. The
				face amount, premium payment frequency, and Periodic premium amount of the
				policy are as represented at the time of sale; and
B. The insured has examined the application
				and policy and acknowledges and understands the provisions and obligations of
				the financial indebtedness that he has incurred.
It shall be the responsibility of the company representative
				  to read the policy receipt or acceptance form to the insured. In the event that
				  delivery is made by use of the United States mail as in Rule
				  2.04 above, the company must request
				  the insured to sign and return the policy receipt or acceptance
				  form.
Miss. Code Ann.
				  §§
										83-5-1;
				  83-5-29 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.06 - Receipt Forms Not To Be Available As Supplies To Agents

Current through June 25, 2024
If the payee or intended assignee of the note is the insurer
				  or any affiliates thereof, except the agent, the receipt or acceptance form
				  (outlined in Rule
				  2.05 above) must be registered by
				  number (preferably corresponding policy number), in the home office.
A. This receipt or acceptance form must be
				sent with the policy at time of delivery only.
B. These receipts or acceptance forms shall
				not be made available as supplies to field representatives or agents, but must
				be furnished from the home office in transmittal of the policy to the writing
				agent.
Miss. Code Ann.
				  §§
										83-5-1;
				  83-5-29 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.07 - Prerequisites To Sale Or Transfer Of Note And To Payment Of Commissions

Current through June 25, 2024
If the payee or intended assignee of the note is the insurer
				  or any affiliate thereof, except the agent, the promissory note must not be
				  sold or otherwise transferred by the payee, nor any commissions paid to the
				  agent until the form outlined in Rule
				  2.05 above has been received in the
				  home office of the company.
Miss. Code Ann.
				  §§
										83-5-1;
				  83-5-29 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.08 - Maker AndCo-Makers To Be Notified If Note Is Transferred

Current through June 25, 2024
If the company or any affiliate thereof, except the agent, be
				  the payee, and there is a transfer of the note, the company must notify the
				  note-maker and all co-makers regarding such transfer after it occurs, inviting
				  any questions relative to the note, or the policy which is used as collateral
				  security for the note. Such notice may be given by the purchaser, transferee,
				  or assignee of the note. If the agent or a party other than the company or any
				  affiliate thereof, be the payee, the agent must bear the duty of notice as in
				  this section provided and must furnish the company with a copy of said
				  notice.
Miss. Code Ann.
				  §§
										83-5-1;
				  83-5-29 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.09 - Maximum Amount Of Financing Arrangement To Be In Accord With Sound Underwriting Practices

Current through June 25, 2024
The maximum amount of any financing arrangement which can be
				  executed in connection with such a transaction will be in accordance with
				  reasonable and sound underwriting practices as determined by the management of
				  the company. It is the recommendation of this office that a financed plan
				  should not be sold to an undergraduate on a basis where premiums would come due
				  prior to the anticipated date of graduation by the insured.
Miss. Code Ann.
				  §§
										83-5-1;
				  83-5-29 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.10 - Agent's Responsibility Respecting Other Pending Applications and Replacements

Current through June 25, 2024
It is the responsibility of the agent to determine if an
				  application with payment is pending with any other company and/or if
				  replacement is intended. The disturbing of any permanent insurance, including
				  the partial or total replacement of any provision of an existing policy for the
				  purpose of placing additional insurance will be cause for investigation and
				  review by this Office.
Miss. Code Ann.
				  §§
										83-5-29;
				  83-5-1 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.11 - Restriction On Agent's Use Of Special Titles

Current through June 25, 2024
Persons Other Than Licensed Agents Prohibited From
				  Participation In Solicitation
A. Agents
				or field representatives of the company who are licensed by this State to
				represent the company as licensed life agents may not represent, refer to, or
				hold themselves out to the public under any special title or as representatives
				of any special policy or company division unless otherwise identified as a
				licensed agent of the company for which they hold a license.
B. No person other than a licensed agent
				shall participate in the solicitation, negotiation, or effectuation of life
				insurance with respect to college students in this State. Solicitation includes
				but is not limited to situations where a licensed agent compensates or agrees
				to compensate certain professors, students, or administrative personnel for
				aiding him in the solicitation of prospects.
Miss. Code Ann.
				  §§
										83-5-35
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.12 - Appropriate Summaries To Be Given To Describe Exact Amount Of Policy Actually Sold

Current through June 25, 2024
If a sales presentation is made for an amount of insurance
				  greater than that sold, an appropriate summary must be given to the insured for
				  the exact amount of the policy sold not later than the time of the signing of
				  the policy receipt or acceptance form.
Miss. Code Ann.
				  §§
										83-5-1;
				  83-7-17 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.13 - Request To Cancel Insurance

Current through June 25, 2024
In the case of a request being made by an insured expressing
				  a desire to cancel such a policy and premium arrangement, this Office will
				  expect and fully appreciate the cooperation of the company and its agents in
				  bringing such matters to a satisfactory conclusion as expeditiously as
				  possible.
If, at the time the receipt or acceptance form is presented
				  with the policy to the applicant for his signature and he decides he does not
				  wish the plan, the policy will be returned to the company with his signed
				  request for release. The policy and note will be canceled and the applicant
				  released from any liability, and refund made of any down
				  payment.
Miss. Code Ann.
				  §§
										83-7-51
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.14 - Companies Must Submit All Forms Used In This Program

Current through June 25, 2024
All sales material, notes, and other forms used in the sale
				  of such programs must be submitted in duplicate with duplicate letters of
				  transmittal at the time that the policy form is submitted for approval. If
				  found acceptable, the duplicate copy of such materials will be returned as
				  "filed". No such material may be used until so "filed" with the
				  Department.
Miss. Code Ann.
				  §§
										83-7-51
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.15 - Companies Responsible For Notifying Agents Of These Rules And Regulations And For Compliance Of Said Agents

Current through June 25, 2024
Companies will be responsible for notifying their agents of
				  the requirements set forth in these rules and regulations and in addition
				  thereto, shall take appropriate steps and measures to insure full compliance
				  therewith.
Miss. Code Ann.
				  §§
										83-5-1;
				  83-17-1, et seq. (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.16 - Penalties

Current through June 25, 2024
Failure to comply with provisions of these rules and
				  regulations by any company or their agents will result in a formal hearing for
				  revocation of license.
Miss. Code Ann.
				  §§
										83-17-19;
				  83-17-71 (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 2 - (LA&H 73-3) Companies and Agents Offering Life Insurance Plans to College Students Under a Premium Financing Arrangement › Rule 19-2-2.17 - Effective Date

Current through June 25, 2024
These rules and regulations shall become effective September
				  1, 1973.
PROMULGATED AND ADOPTED, THIS the 14th day of August,
				  1973.
Miss. Code Ann. §
										25-43-3.113
				  (Rev. 2010)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 3 - (LA&H 73-5) Minimum Burial Rate Schedule (and Supplement) › Rule 19-2-3.01 - Introduction › Section 19-2-3.01.1 - Section 1

Current through June 25, 2024
As of January 1, 1974, all policy forms and rates now
					 approved and in use are hereby DISAPPROVED, and no policy form or rate can be
					 used after January 1, 1974, without approval of the Department of Insurance
					 under the provisions of the new law.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 3 - (LA&H 73-5) Minimum Burial Rate Schedule (and Supplement) › Rule 19-2-3.01 - Introduction › Section 19-2-3.01.2 - Section 2

Current through June 25, 2024
No two or more burial associations, partnerships,
					 corporations, etc. under the same ownership, management or agency shall have
					 competitive rates for the same or comparable benefits, regardless of location
					 of servicing funeral home.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 3 - (LA&H 73-5) Minimum Burial Rate Schedule (and Supplement) › Rule 19-2-3.01 - Introduction › Section 19-2-3.01.3 - Section 3

Current through June 25, 2024
No rate will be approved which is lower than the minimum
					 rates shown on the attached schedule, which lists the long-established minimum
					 rates approved by the Insurance Department many years ago. Rates above those
					 shown on the attached schedule will be considered when supporting information
					 clearly shows rates to be neither inadequate nor excessive.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 3 - (LA&H 73-5) Minimum Burial Rate Schedule (and Supplement) › Rule 19-2-3.01 - Introduction › Section 19-2-3.01.4 - Section 4

Current through June 25, 2024
Associations, partnerships, corporations, etc. writing
					 policies of varying amounts with varying rates may use a standard policy form,
					 provided the completed policy contains the inserted figures relative to name,
					 ages, benefits and rate for each person insured. Further, in the event a
					 standard form is to be used for more than $150.00 benefit, additional rate
					 schedule must be printed in the policy form. (For example, a policy issued
					 providing benefits ranging $150.00, $300.00 and $450.00, may leave the total
					 benefit in the blank, but the policy form must contain the schedule of rates
					 applicable to all three benefits).
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 3 - (LA&H 73-5) Minimum Burial Rate Schedule (and Supplement) › Rule 19-2-3.01 - Introduction › Section 19-2-3.01.5 - Section 5

Current through June 25, 2024
Submission of policy forms and rates can begin upon receipt
					 of this notice. Each form must have in the lower left hand corner some means of
					 identification such as a number, a letter and a date. (For example, A-9-73,
					 which would indicate the form A was submitted in September 1973). Please attach
					 a rate card to each form placing the same identification on the rate card.
					 Submit one copy each of the form and rate with a letter of transmittal, in
					 duplicate. Said letter of transmittal must contain a detailed description of
					 the form(s) submitted, including type of contract, form number, etc., and the
					 date you will begin using the new form(s), if prior to January 1, 1974. The
					 form and rate will be retained in the Department, and the copy of the letter of
					 transmittal will be returned to the association with the stamp of approval of
					 the Department.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 3 - (LA&H 73-5) Minimum Burial Rate Schedule (and Supplement) › Rule 19-2-3.02 - Effective Date

Current through June 25, 2024
These rules and regulations shall become effective November
				  6, 1973.
PROMULGATED AND ADOPTED, THIS THE 6TH day of November,
				  1973.
Rule 3.03
: Minimum Burial Rate Schedule
Age
$150 Benefit
$300 Benefit
$450 Benefit
1 week to 5 years, inclusive
.10
.20
.30
6 years to 15 years, inclusive
.15
.30
.45
16 years to 20 years, inclusive
.20
.40
.60
21 years to 44 years, inclusive
.25
.50
.75
45 years to 55 years, inclusive
.30
.60
.90
56 years to 60 years, inclusive
.50
1.00
1.50
61 years to 65 years, inclusive
.75
1.50
2.25
66 years to 70 years, inclusive
1.00
2.00
3.00
71 years to 75 years, inclusive
1.50
3.00
4.50
76years to 80 years, inclusive
2.00
4.00
6.00
81 years to 85 years, inclusive
5.00
10.00
15.00
Miss. Code Ann. §
				  24-43-3.113 (Rev. 2010)
Miss. Code Ann. §
										83-37-35
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 4 - (LA&H 78-2) Variable Contract Regulations › Rule 19-2-4.01 - Authority

Current through June 25, 2024
Senate Bill 2407 of the 1978 Legislative Session became
				  effective July 1, 1978. This Act permits the sale and issuance of Variable Life
				  Insurance Contracts by life insurance companies in addition to Variable Annuity
				  Contracts. It further eliminates the dual jurisdiction over variable contracts
				  by removing such jurisdiction now in the Secretary of State; vests the
				  Insurance Commissioner with sole jurisdiction thereof; repeals Section
				  83-7-47,
				  Mississippi Code of 1972, which requires the registration of Separate Funds
				  with the Secretary of State; and authorizes the Insurance Commissioner to issue
				  such reasonable rules and regulations as may be appropriate to carry out the
				  purposes and provisions of said Act.
These regulations become effective July 1, 1978 and replace
				  the Variable Contract Regulations dated February 1, 1969.
Miss. Code Ann.
				  §§
										83-7-45
				  (Rev. 2011); 25-43-3.113 (Rev. 2010)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 4 - (LA&H 78-2) Variable Contract Regulations › Rule 19-2-4.02 - Definitions

Current through June 25, 2024
A. The term "contract on a variable basis" or
				"variable contract" when used in this Regulation, shall mean any policy or
				contract which provides for insurance orannuity benefits which may vary
				according to the investment experience of any separate account or accounts
				maintained by the insurer as to such policy or contract, as provided for in
				Senate Bill 2407.
B. "Agent", when
				used in this Regulation, shall mean any person, who under the laws of this
				state is licensed as a life insurance agent.
C. "Variable contract agent", when used in
				this Regulation, shall mean an agent who shall sell or offer to sell any
				contract on a variable basis.
Miss. Code Ann. §
										83-7-45
				  (Rev. 2011)
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 4 - (LA&H 78-2) Variable Contract Regulations › Rule 19-2-4.03 - Qualifications of Insurance Companies to Issue "Variable Contracts"

Current through June 25, 2024
A. No company shall deliver or issue for
				delivery variable contracts within thisstate unless
(1) it is licensed or organized to do a life
				insurance or annuity business in this state; and
(2) the Commissioner is satisfied that its
				condition or method of operation in connection with the issuance of such
				contracts will not render its operation hazardous tothe public or its
				policyholders in this state. In this connection, the Commissioner shallconsider
				among other things:
1. The history and
				financial condition of the company;
2. The character, responsibility and fitness
				of the officers and directorsof the company; and
3. The law and regulation under which the
				company is authorized in the state of domicile to issue variable
				contracts.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 4 - (LA&H 78-2) Variable Contract Regulations › Rule 19-2-4.04 - Separate Account or Separate Accounts

Current through June 25, 2024
A. A domestic
				company issuing variable contracts shall establish one or more separate
				accounts pursuant to Senate Bill 2407 subject to the following provisions of
				this Article:
1. Except as hereinafter
				provided, amounts allocated to any separate account and accumulation thereon
				may be invested and reinvested without regard to any requirements or
				limitations prescribed by the laws of this state governing the investments of
				life insurance companies; provided, that to the extent that the company's
				reserve liability with regard to (i) benefits guaranteed as to dollar amount
				and duration, and (ii) funds guaranteed as to principal amount or stated rate
				of interest is maintained in any separate account, a portion of the assets of
				such separate account at least equal to such reserve liability shall be, except
				as the Commissioner may otherwise approve, invested in accordance with the laws
				of this state governing the investments of life insurance companies. The
				investments in such separate account or accounts shall not be taken into
				account in applying the investment limitations applicable to the investments of
				the company.
2. With respect to 75%
				of the market value of the total assets in a separate account no company shall
				purchase or otherwise acquire the securities of any issuer, other than
				securities issued or guaranteed as to principal or interest by the United
				States, if immediately after such purchase or acquisition the market value of
				such investment of such separate account in such security taken at market,
				would exceed 10% of the market value of the assets of said separate account;
				provided, however, that the Commissioner may waive such limitation if, in his
				opinion, such waiver will not render the operation of such separate account
				hazardous to the public or the policyholders in this state.
3. No company shall, whether for its separate
				accounts or otherwise, invest in the voting securities of a single issuer in an
				amount in excess of 10% of the total issued and outstanding voting securities
				of such issuer provided that the foregoing shall not apply with respect to
				securities held in separate accounts, the voting rights in which are
				exercisable only in accordance with instructions from persons having interests
				in such accounts.
4. The
				limitations provided in subparagraphs (b) and (c) above shall not apply to the
				investment with respect to a separate account in the securities of an
				investment company registered under the Investment Company Act of 1940,
				provided that the investments of such investment company comply with
				subparagraphs (b) and (c) hereof.
Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 4 - (LA&H 78-2) Variable Contract Regulations › Rule 19-2-4.05 - Filing Of Contracts

Current through June 25, 2024
The filing requirements applicable to variable contracts
				  shall be those filing requirements otherwise applicable under existing statutes
				  and regulations of this state with respect to individual and group life
				  insurance and annuity contract form filings, to the extent
				  appropriate.
Miss. Code Ann. §
										83-7-45
				  (Rev. 2011)