§ 83-7-31. Crediting of income or charging of losses on separate accounts
The income, gains and losses, realized or unrealized, from assets allocated to a separate account shall be credited to or charged against the account without regard to other income, gains or losses of the company.
§ 83-7-33. Valuation of assets allocated to separate accounts
Unless otherwise approved by the commissioner of insurance, assets allocated to a separate account shall be valued at their market value on the date of valuation, or if there is not readily available market, then in accordance with the terms of the contract or the rules or other written agreement applicable to such separate account; […]
§ 83-7-35. Ownership of amounts allocated to separate accounts
The amounts allocated to a separate account in the exercise of the power granted by Sections 83-7-27 through 83-7-49 shall be owned by the company, and the company shall not be, or hold itself out to be, a trustee with respect to such amounts. To the extent so provided under the applicable contracts, that portion […]
§ 83-7-37. Powers of domestic companies establishing separate accounts
To the extent any domestic life company deems it necessary to comply with any applicable federal or state law, such company, with respect to any separate account, including without limitation any separate account which is a management investment company or a unit investment trust, may provide for persons having an interest therein appropriate voting and […]
§ 83-7-39. Reserve liability for variable contracts
The reserve liability for variable contracts shall be established in accordance with actuarial procedures which recognize the variable nature of the benefits to be provided and any mortality guarantees.
§ 83-7-13. Application of insured to be filed with policy of insurance
All life insurance companies doing business in the State of Mississippi shall deliver to the insured with the policy, certificate, or contract of insurance in any form a copy of the insured’s application; and in default thereof, said life insurance company shall not be permitted in any court of this state to deny that any […]
§ 83-7-15. Misstatement of age not to invalidate policy
Any misstatement of age in any policy, certificate, or contract of life insurance in any form shall not invalidate said policy, certificate, or contract of life insurance; but in such a case when a loss occurs, the beneficiaries shall recover on said policy, certificate, or contract of insurance such an amount of insurance as the […]
§ 83-7-17. Policies to show plainly on face kind and character; fees for commissioner’s approval; expedited form and rate review procedure
All life insurance companies other than fraternal beneficiary associations, authorized to do the business of life insurance in this state, are hereby required to print or stamp in conspicuous type on the face or first page of each and every policy sold to citizens of this state words indicating correctly and fully the kind and […]
§ 83-7-19. Minors may make insurance contract
Any minor of the age of fifteen (15) years nearest birthday or more may, notwithstanding such minority, contract for life, health, and accident insurance on his own life for the benefit of his father, mother, husband, wife, child, brother, sister, or any person having an insurable interest in the life of such minor and may, […]
§ 83-7-21. Reserve liabilities
The reserve liabilities for all policies in force in any domestic company being ascertained in the manner provided in Section 83-7-23, the Insurance Commissioner shall notify it of the amount. The officers of such company shall deposit with the State Treasurer for the security and benefit of all the policyholders the sum of One Hundred […]