Department of Insurance

This directive shall be effective as of November 1, 1967. WITNESS MY HAND this the 25th day of October, 1967. Notes 19 Miss. Code. R. 2-1.05 Miss. Code Ann. § 25-43-3.113 (Rev. 2010)

All life insurance companies doing business in this State shall indicate in writing to this office their receipt of these RULES AND REGULATIONS and their acknowledgement that they will strictly comply therewith and will immediately advise all of their agents of the provisions her…

This Regulation is promulgated by the Commissioner of Insurance pursuant to the authority granted by Mississippi Code Annotated, Sections 83-53-29, 83-17-229 and in accordance with the Mississippi Administrative Procedures Law. Section 83-53-29 grants the Commissioner authority t…

The Commissioner is aware of the decision of the Mississippi Supreme Court in Tew vs. Dixieland Finance, Inc.,527 So. 2d 665 (Miss. 1988), in which the Court addressed certain issues concerning the licensing of agents to write credit life and credit disability insurance and payme…

This Regulation shall apply to all insurers and agents licensed to sell credit life and credit disability insurance and to the employers and affiliates of such agents acting as creditors, including lending institutions and other entities covered by the Lending Institutions Act (M…

A. "Creditor" shall have the same meaning as defined in Mississippi Code Annotated, Section 83-53-3(2)(d). B. "Credit insurance" shall mean the credit life insurance as defined in Mississippi Code Annotated, Section 83-53-3(2)(b) and credit disability insurance as defined in Miss…

Compensation paid in connection with the purchase or sale of credit insurance may be paid (i) by an insurer to a person or other entity licensed as an agent to write credit insurance, (ii) by an insurer to the creditor in the transaction in connection with which the credit insura…

If any provision of any section of this regulation or the application thereof to any circumstance or person or entity is held invalid, such invalidity shall not affect any other provision of that section or application of the regulation which can be given effect without the inval…

This Regulation shall become effective July 1, 1989. Notes 19 Miss. Code. R. 2-10.07 Miss. Code Ann. § 25-43-3.113 (Rev. 2010)

This Regulation is promulgated by the Commissioner of Insurance pursuant to the authority granted by Miss. Code Ann., Section 83-53-29 and 83-53-25(4) as amended, and in accordance with the Mississippi Administrative Procedures law. Notes 19 Miss. Code. R. 2-11.01 Miss. Code Ann.…

Miss. Code Ann., Section 83-53-25(3)(c) as amended, permits the payment, allocation or accrual of experience refunds by an insurer pursuant to a written experience refund agreement which are paid only with respect to earned premium produced by or attributable to the creditor or l…

This Regulation shall apply to all insurers selling credit insurance and their agents. Notes 19 Miss. Code. R. 2-11.03 Miss. Code Ann. § 83-53-29 (Rev. 2011) Amended 12/25/2014

Experience Refunds may be paid, allocated or accrued by an insurer pursuant to a written experience refund agreement and may be paid only with respect to earned premiums produced by or attributable to the creditor or licensed agent designated to receive such experience refund; pr…

This Regulation shall become effective thirty (30) days after filing with the Office of the Secretary of State. Notes 19 Miss. Code. R. 2-11.05 Miss. Code Ann. § 25-43-3.113 (Rev. 2010) Amended 12/25/2014

The Agent shall be entitled to receive an Experience Refund on the underwriting profit attributable to the credit insurance account covered by the Agency Agreement between the Agent and the Company. The Experience Refund shall be calculated according to the following formula: At …

EXPERIENCE REFUND AGREEMENT 1. Net written premiums _______________________ 2. Premium Reserves - beginning of period _______________________ 3. Premium Reserves - end of period _______________________ 4. Earned premiums [1+2-3] _______________________ 5. Claims paid ____________…

As a result of some concerns that the Mississippi Department of Insurance has relating to the credit life and credit accident and health insurance industry in the State of Mississippi, the Commissioner of Insurance believes that it would be in the best interest of the public of t…

A. Each claim shall be settled pursuant to the insurance contract on file with the Mississippi Department of Insurance; this means that in cases where there is a second beneficiary, any excess proceeds after settling the claim with the first beneficiary shall be paid to the secon…

If any provision or clause of this regulation or the application thereof to any person or any situation is held invalid, such invalidity shall not affect any other provision or application of the regulation which can be given effect without the invalid provision or application, a…

This Regulation shall take effect on the 1st day of March, 1995. Notes 19 Miss. Code. R. 2-12.04 Miss. Code Ann. 25-43-3.113 (Rev. 2010)

The purpose of this regulation is to provide rules for life insurance policy illustrations that will protect consumers and foster consumer education. This regulation provides illustration formats, prescribes standards to be followed when illustrations are used, and specifies the …

This regulation is issued based upon the authority granted the Commissioner under Miss. Code Ann. Sections 25-43-5, 25-43-7, 25-43-9, 83-5-1, 83-5-29, 83-5-33, 83-5-35, 83-5-45, and 83-17-129; as well as Mississippi Department of Insurance Regulation 88-101.VIII-IX. Notes 19 Miss…

This regulation applies to all group and individual life insurance policies and certificates except: A. Variable life insurance; B. Individual and group annuity contracts; C. Credit life insurance; or D. Life insurance policies whose death benefits on any individual will not exce…

For the purposes of this regulation: A. "Actuarial Standards Board" means the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice. B. "Contract premium" means the gross premium that is required to be paid under a fixed …

A. Each insurer marketing policies to which this regulation is applicable shall notify the Commissioner whether a policy form is to be marketed with or without illustration. For all policy forms being actively marketed on the effective date of this regulation, the insurer shall i…

A. An illustration used in the sale of a life insurance policy shall satisfythe applicable requirements of this regulation, be clearly labeled "lifeinsurance illustration" and contain the following basic information; 1. Name of insurer; 2. Name and business address of producer or…

A. Format. A basic illustration shall conform with the following requirements: 1. The illustration shall be labeled with the date on which it was prepared; 2. Each page, including any explanatory notes or pages, shall be numbered and show its relationship to the total number of p…

A. A supplemental illustration may be provided so long as: 1. It is appended to, accompanied by or preceded by as basicIllustration that complies with this regulation. 2. The non-guaranteed elements shown are not more favorable to the policy owner that the corresponding elements …

A. If a basic illustration is used by an insurance producer or otherauthorized representative of the insurer in the sale of a life insurance policy and the policy is applied for as illustrated, a copy of that illustration, signed in accordance with this regulation, shall be submi…

A. In the case of a policy designated as one for which illustrations will be used, the insurer shall provide each policy owner with an annual report on the status of the policy that shall contain at least the following information: 1. For universal life policies, the report shall…

A. The board of directors of each insurer shall appoint one or moreillustration actuaries. B. The illustration actuary shall certify that the disciplined current scale used in illustrations is in conformity with the Actuarial Standard of Practice for compliance with the NAIC Mode…

In addition to any other penalties provided by the laws of this state, an insurer or producer that violates a requirement of this regulation shall be guilty of a violation of Miss. Code Ann. Sections 83-5-29 to 83-5-51. Notes 19 Miss. Code. R. 2-13.12 Miss. Code Ann. §§ 83-5-29; …

If any provision of this regulation or its application to any person or circumstance is for any reason held to be invalid by any court of law, the remainder of the regulation and its application to other persons or circumstances shall not be affected. Notes 19 Miss. Code. R. 2-13…

This regulation shall become effective on July 1, 1999, and shall apply to policiessold on or after the effective date. Notes 19 Miss. Code. R. 2-13.14 Miss. Code Ann. § 25-43-3.113 (Rev. 2010)

A. The purpose of this regulation is:1. To regulate the activities of insurers and producers with respect to the replacement of existing life insurance and annuities. 2. To protect the interests of life insurance and annuity purchasers by establishing minimum standards of conduct…

A. "Direct-response solicitation" means a solicitation through a sponsoring or endorsing entity or individually solely through mails, telephone, the Internet or other mass communication media. B. "Existing insurer" means the insurance company whose policy or contract is or will b…

A. A producer who initiates an application shall submit to the insurer, with or as part of the application, a statement signed by both the applicant and the producer as to whether the applicant has existing policies or contracts. If the answer is "no," the producer's duties with …

Each insurer shall: A. Maintain a system of supervision and control to insure compliance with the requirements of this regulation that shall include at least the following: 1. Inform its producers of the requirements of this regulation and incorporate the requirements of this reg…

A. Where a replacement is involved in the transaction, the replacing insurer shall: 1. Verify that the required forms are received and are in compliance with this regulation; 2. Notify any other existing insurer that may be affected by the proposed replacement within five (5) bus…

Where a replacement is involved in the transaction, the existing insurer shall: A. Retain and be able to produce all replacement notifications received, indexed by replacing insurer, for at least five (5) years or until the conclusion of the next regular examination conducted by …

A. In the case of an application that is initiated as a result of a direct response solicitation, the insurer shall require, with or as part of each completed application for a policy or contract, a statement asking whether the applicant, by applying for the proposed policy or co…

A. Any failure to comply with this regulation shall be considered a violation of Mississippi Insurance Department, Regulation 37-1. Examples of violations include: 1. Any deceptive or misleading information set forth in sales material; 2. Failing to ask the applicant in completin…

If any section or portion of a section of this regulation, or its applicability to any person or circumstances, is held invalid by a court, the remainder of this regulation, or the applicability of its provisions to other persons, shall not be affected. Notes 19 Miss. Code. R. 2-…

This regulation shall be effective July 1, 2001 Notes 19 Miss. Code. R. 2-14.10 Miss. Code Ann. § 25-43-3.113 (Rev. 2011)

APPENDIX A IMPORTANT NOTICE: REPLACEMENT OF LIFE INSURANCE OR ANNUITIES This document must be signed by the applicant and the producer, if there is one, and a copy left with the applicant You are contemplating the purchase of a life insurance policy or annuity contract. In some c…

APPENDIX B NOTICE REGARDING REPLACEMENT REPLACING YOUR LIFE INSURANCE POLICY OR ANNUITY? Are you thinking about buying a new life insurance policy or annuity and discontinuing or changing an existing one? If you are, your decision could be a good oneor a mistake. You will not kno…

APPENDIX C IMPORTANT NOTICE: REPLACEMENT OF LIFE INSURANCE OR ANNUITIES You are contemplating the purchase of a life insurance policy or annuity contract. In some cases this purchase may involve discontinuing or changing an existing policy or contract. If so, a replacement is occ…