§ 83-23-201. Citation of article
This article shall be known and may be cited as the “Mississippi Life and Health Insurance Guaranty Association Act”.
§ 83-23-203. Purpose
The purpose of this article is to protect, subject to certain limitations, the persons specified in Section 83-23-205(1) against failure in the performance of contractual obligations, under life and health insurance policies and annuity contracts specified in Section 83-23-205(2), because of the impairment or insolvency of the member insurer that issued the policies or contracts. […]
§ 83-23-205. Applicability of article
This article shall provide coverage for the policies and contracts specified in subsection (2)(a) of this section: To persons who, regardless of where they reside (except for nonresident certificate holders under group policies or contracts), are the beneficiaries, assignees or payees of the persons covered under paragraph (b); To persons who are owners of or […]
§ 83-23-207. Construction of article
This article shall be construed to effect the purpose under Section 85-23-203.
§ 83-23-209. Definitions
As used in this article: “Account” means either of the two (2) accounts created under Section 83-23-211. “Association” means the Mississippi Life and Health Insurance Guaranty Association created under Section 83-23-211. “Authorized assessment” or the term “authorized” when used in the context of assessments means a resolution by the board of directors has been passed […]
§ 83-23-211. Mississippi Life and Health Insurance Guaranty Association; member insurers; functions; accounts
There is created a nonprofit legal entity to be known as the Mississippi Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance in this state. The association shall perform its functions under the plan of operation established and […]
§ 83-23-213. Board of directors; selection; compensation
The board of directors of the association shall consist of not less than five (5) nor more than nine (9) member insurers serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commissioner. Vacancies on the board shall be […]
§ 83-23-215. Powers of association
If a member insurer is an impaired insurer, the association may, in its discretion, and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer, and that are approved by the commissioner: Guarantee, assume or reinsure, or cause to be guaranteed, assumed or reinsured, any or […]
§ 83-23-217. Assessments against member insurers; classes; refunds; treatment of assessments on financial statements of member insurers; protest of assessment
For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers, separately for each account, at such time and for such amounts as the board finds necessary. Assessments shall be due not less than thirty (30) days after prior […]
§ 83-23-218. Member insurers permitted to offset assessment against taxes
From and after July 1, 1993, a member insurer may offset against its (premium, franchise or income) tax liability (or liabilities) to this state an assessment described in Section 83-23-217(8) to the extent of twenty percent (20%) of the amount of such assessment, if any, for each year over the next five (5) succeeding years. […]
§ 83-23-219. Plan of operation; approval by commissioner; contents of plan
The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable administration of the association. The plan of operation and any amendments thereto shall become effective upon the commissioner’s written approval or unless it has not been disapproved within thirty (30) […]
§ 83-23-221. Duties of commissioner; enforcement of assessments against member insurers; appeal
In addition to the duties and powers enumerated elsewhere in this article, the commissioner shall: Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer; and When an impairment is declared and the amount of the impairment is […]
§ 83-23-223. Detection and prevention of insurer insolvencies or impairments
To aid in the detection and prevention of insurer insolvencies or impairments: It shall be the duty of the commissioner; To notify the commissioners of all the other states, territories of the United States and the District of Columbia within thirty (30) days following the action taken or the date the action occurs, when the […]
§ 83-23-225. Liability of insolvent or impaired insurer for assessments
This article shall not be construed to reduce the liability for unpaid assessments of the insureds of an impaired or insolvent insurer operating under a plan with assessment liability. Records shall be kept of all meetings of the board of directors to discuss the activities of the association in carrying out its powers and duties […]
§ 83-23-227. Regulation by commissioner; annual report
The association shall be subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner, each year not later than one hundred twenty (120) days after the association’s fiscal year, a financial report in a form approved by the commissioner and a report of its activities during the preceding […]
§ 83-23-229. Tax status of association
The association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on real property.
§ 83-23-231. Immunity of member insurers, employees, directors of association and similar organizations
There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer or its agents or employees, the association or its agents or employees, members of the board of directors, or the commissioner or his representatives, for any action or omission by them in […]
§ 83-23-233. Stay of judicial proceedings upon order of liquidation, rehabilitation, or conservation
All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed one hundred and eighty (180) days from the date an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the association on any matters germane to its powers or duties. As […]
§ 83-23-235. Use of association’s name in insurance advertisements or solicitations; association to prepare document describing general purposes and limitations of association
No person, including an insurer, agent or affiliate of an insurer shall make, publish, disseminate, circulate or place before the public, or cause directly or indirectly, to be made, published, disseminated, circulated or placed before the public in any newspaper, magazine or other publication, or in the form of a notice, circular, pamphlet, letter or […]
§ 83-23-237. Applicability of amendments by Chapter 358, Laws of 2014
The amendments made to this article by this act during the 2014 Regular Session of the Legislature shall not apply to any member insurer that, before March 17, 2014, has been placed under an order of liquidation with a finding of insolvency.