§ 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.
§ 83-7-109. Requirement that name given coverage be descriptive of coverage provided; disclosure of information; signatures
The name given the coverage must be descriptive of the coverage provided, and the terminology “accelerated benefit” shall be included in the description. Clear disclosure is required at the time of application for the policy and at the time the accelerated benefit payment request is submitted of the potential tax implications of receiving this payout. […]
§ 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 […]
§ 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.