§ 83-23-215. Powers of association
If a member insurer is an impaired insurer, the association may, in its discretion, and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer, and that are approved by the commissioner: Guarantee, assume or reinsure, or cause to be guaranteed, assumed or reinsured, any or […]
§ 83-23-217. Assessments against member insurers; classes; refunds; treatment of assessments on financial statements of member insurers; protest of assessment
For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers, separately for each account, at such time and for such amounts as the board finds necessary. Assessments shall be due not less than thirty (30) days after prior […]
§ 83-23-218. Member insurers permitted to offset assessment against taxes
From and after July 1, 1993, a member insurer may offset against its (premium, franchise or income) tax liability (or liabilities) to this state an assessment described in Section 83-23-217(8) to the extent of twenty percent (20%) of the amount of such assessment, if any, for each year over the next five (5) succeeding years. […]
§ 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 […]