The Legislature finds that an adequate market for fire and extended coverage insurance is necessary to the economic welfare of the State of Mississippi and that without adequate and affordable insurance the orderly growth and development of the State of Mississippi is severely impeded; that insurance upon residential property in Mississippi is necessary; that while […]
All members of the association shall participate in its writings, expenses, profits, and losses in the proportion that the net direct premium of such member written in this state during the preceding calendar year bears to the aggregate net direct premiums written in this state by all members of the association, as certified to the […]
The directors of the association shall maintain a plan of operation to carry out the purposes of this chapter. Such plan shall grant proper credit annually to each member of the association for essential property insurance voluntarily written in the rural and coastal areas of the state, shall provide for a method of computing rates […]
Any person having an insurable interest in insurable property is entitled to apply to the association for such coverage and for an inspection of the property. Such application may be made on behalf of the applicant by a broker or agent licensed in Mississippi authorized by him. Every such application shall be submitted on forms […]
The forms, rates, rating plans, and rating rules applicable to the insurance written by the association shall be those approved for use of the association by the commissioner. Surcharges may be used as approved by the commissioner. Rates shall be actuarially sound and nondiscretionary as to the same class of risk.
Any person insured pursuant to this chapter, or his representative, or any affected insurer who may be aggrieved by an act, ruling, or decision of the association, within thirty (30) days after such ruling, is entitled to appeal to the commissioner. A hearing before the commissioner upon such appeal shall be in accordance with the […]
All reports of inspection performed by or on behalf of the association are available to the members of the association, applicants, agents, brokers and the commissioner.
There shall be no liability on the part of and no cause of action of any nature shall arise against the Commissioner of Insurance or any of his staff, the association or its directors, agents or employers, or against any participating insurer for any inspections made hereunder or any statements made in good faith by […]
The association shall file in the office of the commissioner on or before March 1 of each year a statement which summarizes the transactions, conditions, operations and affairs of the association during the preceding fiscal year ending December 31. The statement shall contain such matters and information and be in a form prescribed by the […]
The commissioner may make an examination into the affairs of the association at any time. In undertaking such examination, the commissioner is empowered to hold a public hearing. The expenses of such examination shall be borne and paid by the association.
The commissioner is empowered to make reasonable rules and regulations, not inconsistent with law, to enforce, carry out, and make effective the provisions of this chapter.
In this chapter, unless the context otherwise requires: “Essential property insurance,” in all counties of the state except the coastal area as defined in paragraph (i), means insurance against direct loss to residential property as provided by a standard fire policy and extended coverage endorsement thereon, with terms, limits, deductibles, endorsements and exclusions as approved […]
The Mississippi Rural Risk Insurance Association is modified and expanded as provided in this chapter and shall hereafter be known as the Mississippi Residential Property Insurance Underwriting Association. The Mississippi Residential Property Insurance Underwriting Association shall consist of all insurers authorized to write and engaged in writing property insurance within this state on a direct […]
The association, pursuant to the provisions of this chapter and the plan of operation and with respect to essential property insurance on insurable property, shall have the power on behalf of its members: To cause to be issued policies of insurance to applicants; To assume reinsurance from its members; To cede reinsurance to its members […]
The Board of Directors of the Mississippi Rural Risk Underwriting Association serving on July 1, 2003, shall serve as the Board of Directors of the Mississippi Residential Property Insurance Underwriting Association until such time as new directors are elected or appointed as provided in the plan of operation. The permanent board shall consist of five […]
