Mississippi Administrative Code

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Regulation 96-104 is hereby repealed and replaced by this regulation.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…

This regulation shall become effective on and after September 1, 2022. Notes 19 Miss. Code. R. 2-19.08 Miss. Code Ann. § 25-43-3.113(2)(b)(i) (Rev. 2018); and § 83-5-1 (Rev. 2011) Adopted 8/29/2022

If the insured is a minor and executes a promissory note for the payment of part or all of the first year's premium, such note must be co-signed by the insured's parent, legal guardian, or adult spouse. Notes 19 Miss. Code. R. 2-2.01 Miss. Code Ann. § 83-5-1(Rev. 2011)

The fact that a promissory note is to be executed by the insured must be set forth in the application preceding the applicant's signature, showing the amount of the note, the rate of interest, the amount of any down payment, and, if applicable, the fact that the note becomes due …

A down payment of at least ten ($10.00) dollars must be paid by the applicant at the time the application is signed. The down payment must be paid by the applicant in cash and any payment made directly or indirectly by the agent to or for the benefit of the applicant in connectio…

If the payee of the note is an insurer or any affiliate thereof, except the agent, a copy of the note must be delivered with the policy at the time of delivery. If the payee of the note is the agent, a copy of the note must be delivered with the policy at the time of delivery. De…

Upon delivery, a policy receipt or acceptance form must be executed which recites that: A. The face amount, premium payment frequency, and Periodic premium amount of the policy are as represented at the time of sale; and B. The insured has examined the application and policy and …

If the payee or intended assignee of the note is the insurer or any affiliates thereof, except the agent, the receipt or acceptance form (outlined in Rule 2.05 above) must be registered by number (preferably corresponding policy number), in the home office. A. This receipt or acc…

If the payee or intended assignee of the note is the insurer or any affiliate thereof, except the agent, the promissory note must not be sold or otherwise transferred by the payee, nor any commissions paid to the agent until the form outlined in Rule 2.05 above has been received …

If the company or any affiliate thereof, except the agent, be the payee, and there is a transfer of the note, the company must notify the note-maker and all co-makers regarding such transfer after it occurs, inviting any questions relative to the note, or the policy which is used…

The maximum amount of any financing arrangement which can be executed in connection with such a transaction will be in accordance with reasonable and sound underwriting practices as determined by the management of the company. It is the recommendation of this office that a financ…

It is the responsibility of the agent to determine if an application with payment is pending with any other company and/or if replacement is intended. The disturbing of any permanent insurance, including the partial or total replacement of any provision of an existing policy for …

Persons Other Than Licensed Agents Prohibited From Participation In Solicitation A. Agents or field representatives of the company who are licensed by this State to represent the company as licensed life agents may not represent, refer to, or hold themselves out to the public und…

If a sales presentation is made for an amount of insurance greater than that sold, an appropriate summary must be given to the insured for the exact amount of the policy sold not later than the time of the signing of the policy receipt or acceptance form. Notes 19 Miss. Code. R. …

In the case of a request being made by an insured expressing a desire to cancel such a policy and premium arrangement, this Office will expect and fully appreciate the cooperation of the company and its agents in bringing such matters to a satisfactory conclusion as expeditiously…

All sales material, notes, and other forms used in the sale of such programs must be submitted in duplicate with duplicate letters of transmittal at the time that the policy form is submitted for approval. If found acceptable, the duplicate copy of such materials will be returned…

Companies will be responsible for notifying their agents of the requirements set forth in these rules and regulations and in addition thereto, shall take appropriate steps and measures to insure full compliance therewith. Notes 19 Miss. Code. R. 2-2.15 Miss. Code Ann. §§ 83-5-1; …

Failure to comply with provisions of these rules and regulations by any company or their agents will result in a formal hearing for revocation of license. Notes 19 Miss. Code. R. 2-2.16 Miss. Code Ann. §§ 83-17-19; 83-17-71 (Rev. 2011)

These rules and regulations shall become effective September 1, 1973. PROMULGATED AND ADOPTED, THIS the 14th day of August, 1973. Notes 19 Miss. Code. R. 2-2.17 Miss. Code Ann. § 25-43-3.113 (Rev. 2010)

This regulation is adopted and promulgated by the Commissioner of Insurance pursuant to Sections 83-5-1 and 83-19-157 of the Code of Mississippi (1972). Notes 19 Miss. Code. R. 2-20.01 Miss. Code Ann. §§ 83-5-1 and 83-19-157 (Rev. 2011) Adopted 9/8/2022

The purpose and intent of this regulation is to establish uniform, national standards governing reserve financing arrangements pertaining to life insurance policies containing guaranteed nonlevel gross premiums, guaranteed nonlevel benefits and universal life insurance policies w…

This regulation shall apply to reinsurance treaties that cede liabilities pertaining to Covered Policies, as that term is defined in Rule 20.05(B), issued by any life insurance company domiciled in this state. This regulation and shall both apply to such reinsurance treaties; pro…

This regulation does not apply to the situations described in Subsections A through F. A. Reinsurance of:(1) Policies that satisfy the criteria for exemption set forth in 19 Miss. Admin. Code, Pt. 2, R. 19.06(F) or R. 19.06(G); and which are issued before the later of: (a) The ef…