Department of Insurance

A viatical settlement representative, as defined in Miss. Code Ann. § 83-7-203(2) shallnot solicit a viatical settlement contract without first obtaining an appointment from a licensed viatical settlement provider or licensed viatical settlement broker. A. The appointment shall b…

In order to assure that viators receive a reasonable return for viaticating an insurance policy, the following shall be minimum discounts: Insured's Life Expectancy Minimum Percentage of Face Value Less Outstanding Loans Received by Viator Less than 6 months 80% At least 6 but le…

On March 1 of each calendar year, each viatical settlement provider licensed in this state shall make a report of all viatical settlement transactions where the viator is a resident of this state and for all states in the aggregate containing the following information for the pre…

A. With respect to policies containing a provision for double or additional indemnity for accidental death, the additional payment shall remain payable to the beneficiary last named by the viator prior to entering into the viatical settlement contract, or to such other beneficiar…

A. A disclosure document containing the disclosures required in Miss Code Ann. § 83-7-215 and this regulation shall be provided before or concurrent with taking anapplication for a viatical settlement contract. Said disclosure document shall contain all of the disclosures listed …

A. A viatical settlement provider, viatical settlement broker, or viatical settlementrepresentative shall not provide patient identifying information to any person, unless the insured and viator provide written consent to the release of theinformation at or before the time of the…

A. Life insurance companies authorized to do business in this state shall respond to a request verification of coverage from a viatical settlement provider or a viaticalsettlement broker within thirty (30) calendar days of the date a request is received, subject to the following …

This regulation is effective August 1, 2000. A viatical settlement provider, viatical settlement broker or viatical settlement representative transacting business in this state may continue to do so pending approval of the provider, broker or representative's application for a li…

APPENDIX A Selling Your Life Insurance Policy Today it is possible for you to sell your life insurance policy to someone else (a viatical settlement provider) for an immediate cash payment. This financial arrangement, known as a viatical settlement, is best suited for people who …

APPENDIX B VERIFICATION OF COVERAGE FOR INDIVIDUAL POLICIES Section One: (To be completed by the Viatical Settlement Provider or Viatical Settlement Broker) Insurance Company: _________________ Name of Policyowner ________________________ Policy number: _________________ Owner's …

APPENDIX C VERIFICATION OF GROUP LIFE INSURANCE BENEFITS ______________________________________________________________________________ Section One: (To be completed by the viatical settlement provider or viatical settlement broker) Insurance Company Name of Employee/member _____…

This regulation is promulgated by the Commissioner of Insurance pursuant to the authority granted to him in Miss. Code Ann§ 83-7-23 (Rev. 1999) and § 83-7-25(Rev. 1999); as well as the provisions of the Mississippi Department of InsuranceRegulation No. 88-101, said regulation bei…

The purpose of this regulation is to recognize, permit and prescribe the use of the 2001Commissioners Standard Ordinary (CSO) Mortality Table in accordance with Miss. Code Ann.§§ 83-7-23(3)(a)(iii) and 83-7-25 (5-c)(h)(vi). Notes 19 Miss. Code. R. 2-16.02 Miss. Code Ann. §§ 83-7-…

A. "2001 CSO Mortality Table" means that mortality table, consisting of separate rates of mortality for male and female lives, developed by theAmerican Academy of Actuaries CSO Task Force from the ValuationBasic Mortality Table developed by the Society of Actuaries IndividualLife…

A. At the election of the company for any one or more specified plans of insurance and subject to the conditions stated in this regulation, the 2001 CSO Mortality Table may be used as the minimum standard for policies issued on or after August 1, 2004, and before the date specifi…

A. For each plan of insurance with separate rates for smokers and nonsmokers an insurer may use: 1. Composite mortality tables to determine minimum reserve liabilities and minimum cash surrender values and amounts of paid-up nonforfeiture benefits; 2. Smoker and nonsmoker mortali…

A. For any ordinary life insurance policy delivered or issued for delivery in this state on and after August 1, 2004, that utilizes the same premium rates and charges for male and female lives or is issued in circumstances where applicable law does not permit distinctions on the …

If any provision of this regulation or its application to any person or circumstance is for any reason held to be invalid, the remainder of the regulation and the application of the provision to other persons or circumstances shall not be affected. Notes 19 Miss. Code. R. 2-16.07…

The effective date of this regulation is August 1, 2004. Notes 19 Miss. Code. R. 2-16.08 Miss. Code Ann. § 24-43-3.113 (Rev. 2010)

The purpose of this regulation is to prescribe: A. Requirements for statements of actuarial opinion that are to be submitted in accordance with Miss.Code Ann§ 83-7-23 and for memoranda in support thereof; B. Rules applicable to the appointment of an appointed actuary; and C. Guid…

This regulation is promulgated by the Commissioner of Insurance pursuant to the authority granted to him by Miss. Code Ann§ 83-7-23 (Rev. 1999), as well as the provisions of Mississippi Department of Insurance Regulation No. 88-101, said regulation being the Rules of Practice and…

This regulation shall apply to all life insurance companies and fraternal benefit societies doing business in the State and to all life insurance companies and fraternal benefit societies that are authorized to reinsure life insurance, annuities or accident and health insurance b…

A. "Actuarial Opinion" means the opinion of an appointed actuary regarding the adequacy of the reserves and related actuarial items based on an asset adequacy analysis in accordance with Section 6 of this regulation and with applicable Actuarial Standards of Practice. B. "Actuari…

A. Submission of Statement of Actuarial Opinion1. There is to be included on or attached to Page 1 of the annual statement for each year beginning with the year in which this regulation becomes effective the statement of an appointed actuary, entitled "Statement of Actuarial Opin…

A. General Description The statement of actuarial opinion submitted in accordance with this section shall consist of: 1. A paragraph identifying the appointed actuary and his or her qualifications (see Subsection B(1)); 2. A scope paragraph identifying the subjects on which an op…

A. General 1. In accordance with Miss. Code Ann. § 83-7-23, the appointed actuary shall prepare a memorandum to the company describing the analysis done in support of his or her opinion regarding the reserves. The memorandum shall be made available for examination by the commissi…

Regulation 96-104 is hereby repealed and replaced by this regulation. Notes 19 Miss. Code. R. 2-17.08 Miss. Code Ann. §§ 83-5-1; 83-7-23 (Rev. 2011)

If any section or portion of a section of this regulation or the application thereof is held by a court to be invalid, such invalidity shall not affect any other provision of that section or application of the regulation which can be given effect without the invalid provision or …

The Effective Date of this regulation shall be December 31, 2008. Notes 19 Miss. Code. R. 2-17.10 Miss. Code Ann. § 25-43-3.113 (Rev. 2011)

A. The purpose of this regulation is to require producers, as defined in this regulation, to act in the best interest of the consumer when making a recommendation of an annuity and to require insurers to establish a system to supervise recommendations to set forth standards and p…

This regulation shall apply to any sale or recommendation of an annuity. Notes 19 Miss. Code. R. 2-18.02 Miss. Code Ann. §§ 83-5-29 to 83-5-51 (Rev. 2011) Amended 1/1/2022

This regulation is issued under the authority of Miss. Code Ann. §§ 83-5-29 through 83-5-51. Notes 19 Miss. Code. R. 2-18.03 Miss. Code Ann. §§ 83-5-29 to 83-5-51 (Rev. 2011) Amended 1/1/2022

Unless otherwise specifically included, this regulation shall not apply to recommendations involving: A. Direct response solicitations where there is no recommendation based on information collected from the consumer pursuant to this regulation; B. Contracts used to fund:(1) An e…

A. "Annuity" means an annuity that is an insurance product under State law that is individually solicited, whether the product is classified as an individual or group annuity. B. "Cash compensation" means any discount, concession, fee, service fee, commission, sales, charge, loan…

A. Best Interest Obligations. A producer, when making a recommendation of an annuity, shall act in the best interest of the consumer under the circumstances known at the time the recommendation is made without placing the producer's or the insurer's financial interest ahead of th…

A. An insurance producer shall not solicit the sale of an annuity product unless the insurance producer has adequate knowledge of the product to recommend the annuity and the insurance producer is in compliance with the insurer's standards for product training. An insurance produ…

A. An insurer is responsible for compliance with this regulation. If a violation occurs, either because of the action or inaction of the insurer or its insurance producer, the commissioner may order:(1) An insurer to take reasonably appropriate corrective action for any consumer …

A. Insurers, general agents, independent agencies and insurance producers shall maintain or be able to make available to the commissioner records of the information collected from the consumer, disclosures made to the consumer, including summaries of oral disclosures, and other i…

If any provision of these sections or the application thereof to any person or circumstance is held invalid for any reason, the invalidity shall not affect the other provisions or any other application of these sections which can be given effect without the invalid provisions or …

This Amended Regulation shall become effective on January 1, 2022, and shall apply to acts or practices committed on or after July 1, 2022. Notes 19 Miss. Code. R. 2-18.11 Miss. Code Ann. §§ 83-5-29 to 83-5-51 (Rev. 2011) Amended 1/1/2022

A. The purpose of this regulation is to provide:(1) Tables of select mortality factors and rules for their use; (2) Rules concerning a minimum standard for the valuation of plans with nonlevel premiums or benefits; and (3) Rules concerning a minimum standard for the valuation of …

This regulation is adopted and promulgated by the Commissioner of Insurance pursuant to Section 83-7-23 of the Code of Mississippi (1972). Notes 19 Miss. Code. R. 2-19.02 Miss. Code Ann. §§ 83-5-1 and 83-7-23 (Rev. 2011) Adopted 8/29/2022

This regulation shall apply to all life insurance policies, with or without nonforfeiture values, issued on or after the effective date of this regulation, subject to the following exceptions and conditions. A. Exceptions (1) This regulation shall not apply to any individual life…

For purposes of this regulation: A. "Basic reserves" means reserves calculated in accordance with Miss. Code Ann. § 83-7 23(4). B. "Contract segmentation method" means the method of dividing the period from issue to mandatory expiration of a policy into successive segments, with …

A. At the election of the company for any one or more specified plans of life insurance, the minimum mortality standard for basic reserves may be calculated using the 1980 CSO valuation tables with select mortality factors (or any other valuation mortality table adopted by the NA…

A. Basic Reserves Basic reserves shall be calculated as the greater of the segmented reserves and the unitary reserves. Both the segmented reserves and the unitary reserves for any policy shall use the same valuation mortality table and selection factors. At the option of the ins…

A. General (1) Policies with a secondary guarantee include:(a) A policy with a guarantee that the policy will remain in force at the original schedule of benefits, subject only to the payment of specified premiums; (b) A policy in which the minimum premium at any duration is less…