Any number of persons not less than three (3), a majority of whom shall be bona fide residents of this state, by complying with the provisions of this chapter, may become, together with others who may hereafter be associated with them or their successors, a body corporate for the purpose of carrying on the business […]
Whenever the period of existence of a mutual insurance company created with a life of fifty (50) years expires before March 4, 1993, then every such mutual company that continues to do business for ninety (90) days after March 4, 1993, by the doing of such business shall be deemed to have accepted an extension […]
Any company organized under the provisions of this chapter is empowered and authorized to make contracts of insurance or to reinsure or accept reinsurance, or any portion thereof, to the extent specified in its articles of association for the kinds of insurance following: Fire insurance. – Against loss or damage to property and loss of […]
A mutual company transacting fire, casualty, or multiple line insurance business under the laws of this state, with the approval of the commissioner of insurance, may reinsure all risks undertaken by it in any company authorized to transact a similar class of insurance business in this state, and may transfer to the company assuming such […]
Any fraternal benefit society organized under the laws of this state may be converted into a mutual life or mutual life and disability insurance company, so as to come within the provisions of all laws governing mutual companies and operate under this chapter upon the terms and conditions as follows: Whenever the supreme governing legislative […]
Any mutual life insurance company may acquire, own, or maintain a principal office, by and with the written consent of the insurance commissioner, in any state in which said company is admitted to do business, and may provide that the meetings of its board of directors or governing body may be held at said principal […]
The provisions of this chapter shall not apply to foreign mutual reserve insurance companies doing business in this state upon the legal reserve plan.
No such company shall issue policies or transact any business of insurance unless it shall hold a license from the commissioner authorizing the transaction of such business. Such license shall not be issued until and unless the company shall have in paid-up or contributed surplus the amount required in Section 83-19-73.
Any public or private corporation, board, or association in this state or elsewhere may make application, enter into agreements for, and hold policies in any such mutual insurance company. Any officer, stockholder, trustee, or legal representative of any such corporation, board, association, or estate may be recognized as acting for or on its behalf for […]
Every member of the company shall be entitled to one vote, or to a number of votes based upon the insurance in force, the number of policies held, or the amount of premiums paid, as may be provided in the bylaws.
The maximum premium payable by any member shall be expressed in the policy or in the application for the insurance. Such maximum premium may be a cash premium and an additional contingent premium not less than the cash premium, or may be solely a cash premium. No policy shall be issued for a cash premium […]
No such company shall invest any of its assets except in accordance with the laws of this state relating to the investment of the assets of domestic stock companies transacting the same kind of insurance.
Any persons proposing to form any such company shall subscribe and acknowledge articles of association specifying: The name, the purpose for which formed, and the location of its principal or home office; The names and addresses of those composing the board of directors in which the management shall be vested until the first meeting of […]
Such company shall maintain unearned premium and other reserves separately for each kind of insurance, upon the same basis as that required of domestic stock insurance companies transacting the same kind of insurance; provided, that any reserve for losses or claims based upon the premium income shall be computed upon the net premium after deducting […]
Such company not possessed of assets at least equal to the unearned premium reserve and other liabilities shall make an assessment upon its members liable to assessment to provide for such deficiency, such assessment to be against each such member in proportion to such liability as expressed in his policy. The commissioner may, by written […]
Any director, officer, or member of any such company, or any other person, may advance to such company any sum or sums of money necessary for the purpose of its business or to enable it to comply with any of the requirements of the law. Such moneys and such interest thereon as may have been […]
Such mutual company shall comply with the provisions of any law applicable to any stock insurance companies effecting the same kind of insurance requiring that policies be countersigned and delivered through a licensed agent. This requirement shall not apply to any policy of such mutual company on which no commission shall be paid to any […]
Any mutual insurance company organized outside of this state and authorized to transact the business of insurance on the mutual plan in any state, district, or territory, except foreign mutual life insurance companies doing business upon the legal reserve plan, shall be admitted and licensed to transact the kinds of insurance authorized by its charter […]
Every such mutual insurance company shall make its annual report in such form and submit to such examinations as may be required by the commissioner of insurance. As far as practicable, such examinations of foreign mutual insurance companies shall be made in co-operation with the insurance departments of other states, and the forms of annual […]
Except as expressly exempted by this chapter, all mutual companies organized or admitted to do business in this state shall be subject to any and all other laws of this state governing insurance companies. All laws enacted whereby the Commissioner of Insurance of the State of Mississippi is granted general authority as to reports, audits, […]
