§ 83-7-205. Viatical settlement providers, representatives and brokers to be licensed by Commissioner of Insurance; licensing requirements
A person shall not operate as a viatical settlement provider, viatical settlement representative or viatical settlement broker without first having obtained a license from the commissioner. Application for a viatical settlement representative or viatical settlement broker license shall be made to the commissioner by the applicant on a form prescribed by the commissioner, and these […]
§ 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.
§ 83-7-41. 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 […]
§ 83-7-51. 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 […]
§ 83-7-101. Definitions
“Accelerated benefits” are benefits payable under a life insurance contract: To a policy owner, during the lifetime of the insured, in anticipation of death or upon the occurrence of specified life-threatening or catastrophic conditions as defined by the policy or rider; Which reduce the death benefit otherwise payable under the life insurance contract (excluding accidental […]