Title 83, Insurance

(1) Any insurer with the prior approval of the commissioner may revise its schedules of premium rates from time to time and shall file the revised schedules with the commissioner. No insurer shall issue any credit life insurance policy or credit disability insurance policy for wh…

All claims shall be promptly reported by the debtor, his agent or estate to the insurer or its designated claims representative, who shall maintain adequate claim files. All claims shall be settled in accordance with the terms of the insurance contract by the insurer who shall be…

When credit life insurance or credit disability insurance is required as additional security for any indebtedness, the debtor shall be free to procure the required insurance from any insurance company authorized to transact credit life insurance or credit disability insurance bus…

(1) Credit life insurance rates filed with the commissioner shall be considered reasonable:(a) If the single premium rate for single life decreasing term credit life insurance does not exceed Eighty Cents (80¢) per annum per One Hundred Dollars ($100.00) of initial insured indebt…

(1) No one shall pay, accrue, credit or otherwise allow, either directly or indirectly, any compensation to any creditor, person, partnership, corporation, association or other entity in connection with any policy, certificate or other contract of credit life insurance or credit …

(1) Notwithstanding any provision in Section 83-53-25 to the contrary, an insurer may pay, in addition to the compensation authorized by Section 83-53-25, an overriding commission to a credit life/credit disability supervising general agent. A supervising general agent shall be r…

The commissioner may, after notice and hearing, issue any rules and regulations that he deems necessary to effectuate the purposes of this chapter or to eliminate devices or plans designed to avoid or render ineffective the provisions of this chapter. The commissioner may require…

(1) All credit life insurance and all credit disability insurance sold in connection with loans or other credit transactions, including lease payments and residuals, shall be subject to the provisions of this chapter, except:(a) Such insurance sold in connection with a loan or ot…

Whenever there has been a violation of this chapter or any rule or regulation issued pursuant thereto, the commissioner shall issue and serve upon the insurer, agent or other person charged with such violation an order requiring such person to cease and desist from violating this…

Any person affected by a cease and desist order issued under Section 83-53-31 may, within thirty (30) days after being served with such cease and desist order, petition the commissioner for a hearing to consider the alleged violation of this chapter or any rule or regulation issu…

After such hearing the commissioner shall issue and cause to be served upon the person charged with the violation and any petitioner or intervenor an order setting forth the commissioner’s findings, conclusions and decision.

Any person affected by an order of the commissioner under Section 83-53-35 may obtain a review of such order by filing in the Circuit Court of Hinds County, within thirty (30) days from the date of the service of such order, a complaint praying that the order of the commissioner …

A cease and desist order issued by the commissioner under Section 83-53-31 shall become final upon the completion of the time allowed for filing a petition with the commissioner for a hearing if no such petition has been duly filed within such time. If a petition for a hearing is…

If the order of the commissioner under Section 83-53-35 does not charge a violation of this chapter or any rule or regulation pursuant thereto, then any petitioner or intervenor in the proceedings may, within thirty (30) days after the service of such report, file a petition or c…

Any person who violates an order of the commissioner, after it has become final, and while such order is in effect, shall, upon proof thereof to the satisfaction of the court, forfeit and pay to the State of Mississippi a sum to be determined by the commissioner not to exceed Fiv…

Whenever any insurer, agent or other interested party petitions the commissioner for a hearing to consider any alleged violation of this chapter or any rule or regulation issued pursuant thereto, the commissioner shall hold a hearing within thirty (30) days after the petition is …

Nothing in this chapter shall be construed to relieve any person from compliance with any other applicable law of this state.

(a) Credit life insurance and credit disability insurance shall be issued only in the following forms:(a) Individual policies of life insurance issued to debtors on the term plan;(b) Individual policies of disability insurance issued to debtors on a term plan or disability benefi…

(1) The initial amount of credit life insurance shall not exceed the total amount repayable under the contract of indebtedness. In the case of revolving loan or revolving charge accounts, the insurance shall not at any time exceed the unpaid indebtedness.Notwithstanding the provi…

The term of any credit life insurance or credit disability insurance shall commence on the date when the debtor becomes obligated to the creditor, or the date the debtor applies for such insurance, whichever is later, except that where a group policy provides coverage with respec…