§ 83-7-51. Notice of right to return policy; effect of return
Every individual life insurance policy or contract issued for delivery in the State of Mississippi on or after July 1, 1989, by an insurance company or association shall have printed thereon or attached thereto a notice stating, in substance, that the person to whom the policy or contract is issued shall be permitted to return […]
§ 83-7-41. Contents of contract delivered or issued for delivery in state providing for benefits in variable amounts
If any contract delivered or issued for delivery in this state provides for payment of benefits in variable amounts, it shall contain a statement of the essential features of the procedure to be followed by the insurance company in determining the dollar amounts of such variable benefits. Any such contract under which the benefits vary […]
§ 83-7-43. Authority to deliver or issue for delivery within state contracts providing for benefits in variable amounts
No domestic life insurance company and no other life insurance company shall deliver or issue for delivery within this state, variable contracts unless it is licensed or organized to do a life insurance or annuity business in this state, and has satisfied the commissioner of insurance that its condition or method of operation in connection […]
§ 83-7-45. Authority of commissioner to regulate issuance and sale of contracts for separate accounts and those who issue and sell them
Notwithstanding any other provision of law, the commissioner of insurance shall have sole and exclusive authority to regulate the issuance and sale of contracts for which separate accounts may be established, the insurers which issue them and the agents or other persons who sell them. The commissioner of insurance also shall have the sole authority […]
§ 83-7-49. Application of insurance laws to separate accounts; contents of individual variable life insurance contracts
Except for Section 83-7-25 of the insurance law in the case of a variable life insurance policy and except as otherwise provided in Sections 83-7-27 through 83-7-49, all pertinent provisions of the insurance laws of this state shall apply to separate accounts and contracts issued in connection therewith. Any individual variable life insurance contract, delivered […]
§ 83-7-23. Standard valuation law
Title and definitions: This section shall be known as the Standard Valuation Law. For the purposes of this section, the following definitions shall apply on or after the operative date of the valuation manual: The term “accident and health insurance” means contracts that incorporate morbidity risk and provide protection against economic loss resulting from accident, […]
§ 83-7-25. Standard nonforfeiture law
Title:This section shall be known as the standard nonforfeiture law for life insurance. (1-a) Definitions: The term “operative date of the valuation manual” means the January 1 of the first calendar year that the valuation manual as defined in Section 83-7-23 is effective. Nonforfeiture provisions:In the case of policies issued on or after the operative […]
§ 83-7-26. Maximum rate of interest on policy loans; determination; changes in rates; notification to policyholder
A life insurance policy which provides for policy loans shall contain a provision concerning maximum policy loan interest rates as follows: A provision permitting a maximum interest rate of not more than eight percent (8%) per annum; or A provision permitting an adjustable maximum interest rate established from time to time by the life insurer […]
§ 83-7-27. Separate accounts to fund pension or profit sharing plans or to provide for life insurance or annuities
Any domestic life insurance company may establish one (1) or more separate accounts, and may allocate thereto amounts (including without limitation proceeds applied under optional modes of settlement or under dividend options) to fund pension or profit sharing plans or to provide for life insurance or annuities (and benefits incidental thereto), payable in fixed or […]
§ 83-7-29. Investment of amounts allocated to separate accounts
Except as may be provided with respect to reserves for guaranteed benefits and funds referred to in subsection (2) of this section: amounts allocated to any separate account and accumulations 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 […]