Title 83, Insurance

(a) As used in Sections 83-5-102 through 83-5-125, the following terms have the respective meanings herein set forth unless the context shall require otherwise:(a) “Audited financial report” means and includes those items specified in Section 83-5-103.(b) “Accountant” or “indepen…

The annual audited financial report shall report the financial position of the insurer as of the end of the most recent calendar year and the results of its operations, cash flows and changes in capital and surplus for the year then ended in conformity with statutory accounting p…

Every insurer shall be subject to Sections 83-5-101 through 83-5-113. Insurers having direct premiums written of less than One Million Dollars ($1,000,000.00) in any calendar year and less than one thousand (1,000) policyholders or certificate holders of directly written policies…

Extensions of the June 1 filing date may be granted by the commissioner for thirty-day periods upon showing by the insurer and its independent certified public accountant the reasons for requesting such extension and determination by the commissioner of good cause for an extensio…

Each insurer required to file an annual audited financial report must, within sixty (60) days after becoming subject to such requirement, register with the commissioner in writing the name and address of the independent certified public accountant or accounting firm (generally re…

(1) The commissioner shall not recognize a person or firm as a qualified independent certified public accountant if the person or firm:(a) Is not in good standing with the American Institute of Certified Public Accountants and in all states in which the accountant is licensed to …

(a) An insurer may make written application to the commissioner for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statements if the insurer is part of a group of insurance companies which utilizes a pooling or …

Financial statements furnished pursuant to Section 83-5-103 shall be audited by an independent certified public accountant. The audit of the insurer’s financial statements shall be conducted in accordance with generally accepted auditing standards. The independent certified publi…

The insurer required to furnish the annual audited financial report shall require the independent certified public accountant to report in writing within five (5) business days to the board of directors or its audit committee any reasonable belief by the independent certified pub…

In addition to the annual audited financial report, each insurer shall furnish the commissioner with a written communication as to any unremediated material weaknesses in its internal control over financial reporting noted during the audit. Such communication shall be prepared by…

(a) The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating:(a) That he is independent with respect to the insurer and conforms to the standards of his profession as contained in the Co…

Work papers are the records kept by the independent certified public accountant of the procedures followed, the tests performed, the information obtained and the conclusion reached pertinent to his examination of the financial statements of an insurer. Work papers, accordingly, m…

If any section or portion of a section of Sections 83-5-101 through 83-5-113 or its applicability to any person or circumstance is held invalid by a court, the remainder of this chapter or the applicability of the provision to other persons or circumstances shall not be affected.

(1) All bonds or other evidences of debt having a fixed term and rate of interest held by an insurer, if secured and not in default as to principal or interest, may be valued as follows:(a) If purchased at par, at the par value.(b) If purchased above or below par, on the basis of…

(1) Securities, other than those referred to in 83-5-115, held by an insurer shall be valued, in the discretion of the Department of Insurance, at their market value or at their appraised value or at prices determined by it as representing their fair market value. (2) Preferred o…

Every insurer required to file an annual audited financial report pursuant to this section shall designate a group of individuals as constituting its audit committee. The audit committee of an entity that controls an insurer may be deemed to be the insurer’s audit committee for p…

(1) Exemption. An insurer is exempt from the requirements of this section if:(a) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding premiums reinsured with the Federal Crop Insurance Corporation…

(1) No director or officer of an insurer shall, directly or indirectly:(a) Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, review or communication required under this section; or(b) Omit to state, or cause another…

(1) Every insurer required to file an audited financial report pursuant to this section that has annual direct written and assumed premiums, excluding premiums reinsured with the Federal Crop Insurance Corporation and Federal Flood Program, of Five Hundred Million Dollars ($500,0…

(1) In the case of Canadian and British insurers, the annual audited financial report shall be defined as the annual statement of total business on the form filed by such companies with their supervision authority duly audited by an independent chartered accountant. (2) For such …

The purpose of Sections 83-5-201 through 83-5-217 is to provide an effective and efficient system for examining the activities, operations, financial condition and affairs of all persons transacting the business of insurance in this state and all persons otherwise subject to the …

(a) The following terms as used in Sections 83-5-201 through 83-5-217 shall have the respective meanings hereinafter set forth:(a) “Commissioner” means the Commissioner of Insurance.(b) “Company” means any person engaging in or proposing or attempting to engage in any transaction…

(1) The commissioner or any of his examiners may conduct an examination under Sections 83-5-201 through 83-5-217 of any company as often as the commissioner, in his or her sole discretion, deems appropriate but, at a minimum, shall conduct an examination of every insurer licensed…

(1) Upon determining that an examination should be conducted, the commissioner or the commissioner’s designee shall issue an examination warrant appointing one or more examiners to perform the examination and instructing them as to the scope of the examination. In conducting the …

(1) All examination reports shall be comprised of only facts appearing upon the books, records or other documents of the company, its agents or other persons examined, or as ascertained from the testimony of its officers or agents or other persons examined concerning its affairs …

(1) No examiner may be appointed by the commissioner if such examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under Sections 83-5-201 through 83-5-217. Thi…

The compensation and expense of such examiner shall not exceed that approved by the National Association of Insurance Commissioners for all examiners on such examinations unless approved by the commissioner. An itemized account of such charges shall be submitted to and approved b…

The results of audits performed hereunder by the commissioner shall be furnished to the State Tax Commission within thirty (30) days of completion. Nothing herein shall be construed to prohibit the State Tax Commission from performing such additional audits or verifications as it…

(1) No cause of action shall arise, nor shall any liability be imposed against the commissioner, the commissioner’s authorized representatives or any examiner appointed by the commissioner for any statements made or conduct performed in good faith while carrying out Sections 83-5…

(1) Any individual of competent legal capacity may procure or effect an insurance contract upon his own life or body for the benefit of any person, but no person shall procure or cause to be procured any insurance contract upon the life or body of another individual unless the be…

No life or health insurance contract upon an individual, except a contract of group life insurance or annuity or of group health insurance, or replacement contracts, shall be made or effectuated, unless at the time of the making of the contract the insured, applies therefor or ha…

The Commissioner of Insurance is authorized to use any of the powers established under the insurance laws of the state to enforce Sections 83-5-251 through 83-5-257.

Sections 83-5-251 through 83-5-257 are cumulative of existing law in Mississippi, statutory and common law on the question of insurable interest.

Sections 83-5-301 through 83-5-309 shall apply to all domestic, foreign and alien insurers authorized to transact business in this state.

(1) (a) Each domestic, foreign and alien insurer authorized to transact insurance in this state shall annually on or before March 1 of each year, file with the National Association of Insurance Commissioners a copy of its annual statement convention blank, along with such additio…

In the absence of actual malice, members of the National Association of Insurance Commissioners, their duly authorized committees, subcommittees and task forces, their delegates, National Association of Insurance Commissioners employees and all others charged with the responsibil…

All financial analysis ratios and examination synopses concerning insurance companies that are submitted to the Department of Insurance by the National Association of Insurance Commissioners’ Insurance Regulatory Information System are confidential and may not be disclosed by the…

The Commissioner of Insurance may suspend, revoke or refuse to renew the certificate of authority of any insurer failing to file its annual statement when due or within any extension of time which the commissioner, for good cause, may have granted.

(1) Every insurer domiciled in this state shall file a report with the Commissioner of Insurance disclosing material acquisitions and dispositions of assets or material nonrenewals, cancellations or revisions of ceded reinsurance agreements unless the acquisitions and disposition…

(1) No acquisitions or dispositions of assets need be reported under Section 83-5-351 if the acquisitions or dispositions are not material. For purposes of Sections 83-5-351 through 83-5-357, a material acquisition or the aggregate of any series of related acquisitions during any…

(1) No nonrenewals, cancellations or revisions of ceded reinsurance agreements need be reported under Section 83-5-351 if the nonrenewals, cancellations or revisions are not material. For purposes of Sections 83-5-351 through 83-5-357, a material nonrenewal, cancellation or revis…

The commissioner, after notices and hearings, may promulgate rules and regulations necessary to carry out the provisions of Sections 83-5-351 through 83-5-357.

(a) As used in Sections 83-5-401 through 83-5-427, the following words and phrases shall have the meanings ascribed herein unless the context clearly indicates otherwise:(a) “Adjusted RBC report” means a risk-based capital report which has been adjusted by the commissioner in acc…

(1) Every domestic insurer shall, on or before each March 1, the filing date, prepare and submit to the commissioner a report of its RBC levels as of the end of the calendar year just ended, in a form and containing such information as is required by the RBC instructions. In addi…

(1) “Company action level event” means any of the following events:(a) The filing of a RBC report by an insurer which indicates that:(i) The insurer’s total adjusted capital is greater than or equal to its regulatory action level RBC but less than its company action level RBC;(ii…

(1) “Regulatory action level event” means, with respect to any insurer, any of the following events:(a) The filing of a RBC report by the insurer which indicates that the insurer’s total adjusted capital is greater than or equal to its authorized control level RBC but less than i…