No foreign insurance, indemnity or guaranty company or other insurer shall be admitted and authorized to do business in this state until: It shall deposit with the Commissioner of Insurance a certified copy of its charter, articles of incorporation, bylaws or deed of settlement, and shall pay for the filing of such document the sum […]
Any company heretofore licensed shall have its financial status reviewed upon the filing of its annual statement, and in the event of a deficiency in either capital, surplus, or reserves, the license of the company and the certificate of authority of its agents to represent said company shall be immediately revoked.
The Commissioner of Insurance shall annually promulgate a list of nonadmitted insurers found eligible for writing business in the State of Mississippi, provided each such insurer qualifies under one (1) of the following paragraphs: Has capital and surplus or its equivalent under the laws of its domiciliary jurisdiction which is the greater of: The same […]
The Commissioner of Insurance may enter into an agreement, compact, or otherwise establish procedures to allocate among the states the premium taxes paid to an insured’s home state according to the Nonadmitted and Reinsurance Reform Act of 2010 (NRRA), which was incorporated intact into the Dodd-Frank Financial Reform Bill, H.R. 4173, which provides that only […]
Surplus lines insurance may be placed by a surplus lines insurance producer if: Each insurer is an eligible surplus lines insurer; Each insurer is authorized to write the line of insurance in its domiciliary jurisdiction; and All other requirements as set forth by law are met. The Commissioner of Insurance, upon the biennial payment of […]
The Commissioner of Insurance may establish a stamping procedure for all eligible nonadmitted/surplus lines insurance policies sold on risks subject to the payment of premium taxes to the State of Mississippi. The Commissioner of Insurance may rely upon the advice and assistance of a duly constituted association of surplus lines insurance producers in carrying out […]
When any policy of personal lines insurance is procured under the authority of such license, the surplus lines insurance producer shall furnish to the insured at the time of policy deliverance an informational notice as promulgated by the commissioner. The informational notice shall address the following: The insurance procured may or may not be available […]
The surplus lines insurance producer shall report under oath to the Commissioner of Insurance, within thirty (30) days from the first of January and July of each year, the amount of gross premiums received by him for such insurance in nonadmitted insurers, and shall pay to the Commissioner of Insurance a tax of four percent […]
Nothing contained in Sections 83-21-17 through 83-21-31 shall authorize any person, firm, association, or corporation to guarantee or otherwise validate or secure the performance or legality of any agreement, instrument, or policy of insurance of any nonadmitted insurer, nor to permit or authorize any nonadmitted insurer to do any insurance business by or through any […]
A nonadmitted insurer may be sued upon any cause of action arising in this state under any contract issued by it as hereinabove authorized, in a court of competent jurisdiction in any county in which the plaintiff may reside, or in which the cause of action arose. Any such policy or contract shall contain a […]
No foreign insurance company, association, or other insurance entity, either stock, mutual, or reciprocal, shall be admitted to do business or granted a certificate of authority or license to do business in this state unless and until such company or association shall have done business for a period of at least two (2) years in […]
As to any policy or contract issued pursuant to Sections 83-21-17 through 83-21-31, and as to any claim for loss or damage arising under any such policy or contract, the cited sections shall apply. As to any such policy or contract issued by an unauthorized insurer in a manner not provided in said preceding sections, […]
No foreign company, if incorporated or organized under the laws of any government or state elsewhere than in the United States, shall be admitted until it has made a deposit with the treasurer of the state, or with the financial officer of some other states of the United States, of a sum not less than […]
Foreign insurance companies, upon complying with the conditions applicable to such companies, may be admitted to transact in this state, by constituted agents resident therein, any class of insurance authorized by the laws now or hereafter in force relative to the duties, obligations, prohibitions, and penalties of insurance companies, and shall be subject to all […]
When an insurance company organized under the laws of any state or country is prohibited by the laws of said state or country or by its charter from investing its assets other than capital stock in the bonds of this state, then and in such case the commissioner of insurance is authorized and directed to […]
