§ 83-7-201. Short title
Sections 83-7-201 through 83-7-223 shall be known and may be cited as the “Viatical Settlements Act.”
§ 83-7-203. Definitions
The following words and phrases shall have the meanings ascribed herein unless the context clearly requires otherwise: “Person” means a legal entity including, but not limited to, an individual, partnership, limited liability company, association, trust, corporation or other legal entity. “Viatical settlement representative” means a person who is a licensed agent and acts or aids […]
§ 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 […]
§ 83-7-49. 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 […]
§ 83-7-103. Accelerated benefit provisions as not representing morbidity risks
Accelerated benefit riders and life insurance policies with accelerated benefit provisions do not represent morbidity risks.
§ 83-7-105. Acknowledgement of concurrence for payout prior to payment
Prior to the payment of the accelerated benefit, the insurer shall receive from any assignee or irrevocable beneficiary a signed acknowledgement of concurrence for payout.
§ 83-7-107. Options for payment; minimum amounts
The benefit shall be paid in a lump sum, or in periodic payments for a fixed period of time, or in a fixed amount for an indefinite period of time, at the option of the insured. Companies may set minimums on the face amount of contracts for which the benefit shall be offered.