§ 83-7-223. Continuation of viatical settlement business pending approval or disapproval of license application filed on or before July 1, 2000
A viatical settlement provider, viatical settlement representative or viatical settlement broker transacting business in this state may continue to do so pending approval or disapproval of the provider’s, representative’s or broker’s application for a license if the application is filed with the commissioner by July 1, 2000.
§ 83-7-301. Short title
Sections 83-7-301 through 83-7-313 shall be known as the “Unclaimed Life Insurance Benefits Act.”
§ 83-7-303. Purpose
Sections 83-7-301 through 83-7-313 confirm the applicability of the escheat and unclaimed property statutes of Mississippi to any method of payment for life insurance death benefits regulated by the Mississippi Department of Insurance, and establish the sole standards by which such escheat and unclaimed property statutes are applicable to such payments.
§ 83-7-305. Definitions
As used in Sections 83-7-301 through 83-7-313: “Account owner” means the owner of a retained asset account who is a resident of this state. “Annuity” means an annuity contract issued in this state. The term “annuity” shall not include any annuity contract used to fund an employment-based retirement plan or program where the insurer takes […]
§ 83-7-207. Suspension, revocation, and refusal to renew license; hearing
The commissioner may suspend, revoke or refuse to renew the license of a viatical settlement provider, viatical settlement representative or viatical settlement broker if the commissioner finds that: There was any material misrepresentation in the application for the license; The licensee or any officer, partner or key management personnel has been convicted of fraudulent or […]
§ 83-7-209. Settlement application, contract and disclosure statement forms to be filed with and approved by Commissioner of Insurance
A person shall not provide a viator a viatical settlement application, contract or disclosure statement form in this state unless it has been filed with and approved by the commissioner. The commissioner shall disapprove a viatical settlement application, contract or disclosure statement form if, in the commissioner’s opinion, the contract or provisions contained therein are […]
§ 83-7-111. Effective date of accelerated benefit
The accelerated benefit shall be effective on the effective date of the policy or rider.
§ 83-7-113. Waiver of premium
The accelerated benefit provision may or may not provide for the waiver of premium in the absence of a regular waiver of premium provision being in effect. At the time the benefit is claimed, the company shall explain any continuing premium requirement to keep the policy in force.
§ 83-7-115. Discrimination amongst insureds prohibited
Insurers shall not unfairly discriminate among insureds with differing qualifying events or among insureds with similar qualifying events. Insurers shall not apply further conditions on the payment of the accelerated benefits other than those conditions specified in the policy or rider.
§ 83-7-117. Disclosure to consumer of any separate identifiable premium for accelerated benefit; options; examples; pro rata reduction in cash value; non-interest bearing lien against death benefit of policy; accidental death benefit not affected by accelerated benefit
The company shall disclose to the consumer any separate identifiable premium for the accelerated benefit. Those companies indicating that this accelerated benefit is offered without additional premium shall furnish a written explanation to the State Insurance Department when filing the product. Two (2) options are available to finance the benefit: The insured may make an […]