§ 83-23-221. Duties of commissioner; enforcement of assessments against member insurers; appeal
In addition to the duties and powers enumerated elsewhere in this article, the commissioner shall: Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer; and When an impairment is declared and the amount of the impairment is […]
§ 83-23-223. Detection and prevention of insurer insolvencies or impairments
To aid in the detection and prevention of insurer insolvencies or impairments: It shall be the duty of the commissioner; To notify the commissioners of all the other states, territories of the United States and the District of Columbia within thirty (30) days following the action taken or the date the action occurs, when the […]
§ 83-23-225. Liability of insolvent or impaired insurer for assessments
This article shall not be construed to reduce the liability for unpaid assessments of the insureds of an impaired or insolvent insurer operating under a plan with assessment liability. Records shall be kept of all meetings of the board of directors to discuss the activities of the association in carrying out its powers and duties […]
§ 83-23-201. Citation of article
This article shall be known and may be cited as the “Mississippi Life and Health Insurance Guaranty Association Act”.
§ 83-23-203. Purpose
The purpose of this article is to protect, subject to certain limitations, the persons specified in Section 83-23-205(1) against failure in the performance of contractual obligations, under life and health insurance policies and annuity contracts specified in Section 83-23-205(2), because of the impairment or insolvency of the member insurer that issued the policies or contracts. […]
§ 83-23-205. Applicability of article
This article shall provide coverage for the policies and contracts specified in subsection (2)(a) of this section: To persons who, regardless of where they reside (except for nonresident certificate holders under group policies or contracts), are the beneficiaries, assignees or payees of the persons covered under paragraph (b); To persons who are owners of or […]
§ 83-23-207. Construction of article
This article shall be construed to effect the purpose under Section 85-23-203.
§ 83-23-209. Definitions
As used in this article: “Account” means either of the two (2) accounts created under Section 83-23-211. “Association” means the Mississippi Life and Health Insurance Guaranty Association created under Section 83-23-211. “Authorized assessment” or the term “authorized” when used in the context of assessments means a resolution by the board of directors has been passed […]
§ 83-23-211. Mississippi Life and Health Insurance Guaranty Association; member insurers; functions; accounts
There is created a nonprofit legal entity to be known as the Mississippi Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under the plan of operation established and […]
§ 83-23-213. Board of directors; selection; compensation
The board of directors of the association shall consist of not less than five (5) nor more than nine (9) member insurers serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner. Vacancies on the board shall be […]