Mississippi Administrative Code

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…

This regulation is adopted by the Commissioner pursuant to the authority in Miss.Code Ann. § 83-7-201et.seq. Notes 19 Miss. Code. R. 2-15.01 Miss. Code Ann. § 83-7-201, et seq. (Rev. 2011)

In addition to the definitions in Miss. Code Ann. § 83-7-203, the following definitions apply to this regulation: A. "Chronically ill" means: 1. Being unable to perform at least two (2) activities of daily living (i.e. eating, toileting, transferring, bathing, dressing, or contin…

A. In addition to the information required in Miss Code Ann.§ 83-7-205, the Commissioner may ask for other information necessary to determine whether the applicant for a license as a viatical settlement provider, viatical settlement broker, or viatical settlement representative c…

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)