Title 83, Insurance

(1) Title: This section shall be known as the standard nonforfeiture law for life insurance. (1-a) Definitions: The term “operative date of the valuation manual” means the January 1 of the first calendar year that the valuation manual as defined in Section 83-7-23 is effective. (…

(1) A life insurance policy which provides for policy loans shall contain a provision concerning maximum policy loan interest rates as follows:(a) A provision permitting a maximum interest rate of not more than eight percent (8%) per annum; or(b) A provision permitting an adjusta…

Any domestic life insurance company may establish one (1) or more separate accounts, and may allocate thereto amounts (including without limitation proceeds applied under optional modes of settlement or under dividend options) to fund pension or profit sharing plans or to provide…

(1) Except as may be provided with respect to reserves for guaranteed benefits and funds referred to in subsection (2) of this section:(a) amounts allocated to any separate account and accumulations thereon may be invested and reinvested without regard to any requirements or limi…

No life insurance company doing business in Mississippi shall make any distinction or discrimination in favor of individuals of the same class and equal expectation of life in the amount of payments of premiums or rates charged for policies of life or endowment insurance, or in t…

Sections 83-7-301 through 83-7-313 shall be known as the “Unclaimed Life Insurance Benefits Act.”

Sections 83-7-301 through 83-7-313 confirm the applicability of the escheat and unclaimed property statutes of Mississippi to any method of payment for life insurance death benefits regulated by the Mississippi Department of Insurance, and establish the sole standards by which su…

(a) As used in Sections 83-7-301 through 83-7-313:(a) “Account owner” means the owner of a retained asset account who is a resident of this state.(b) “Annuity” means an annuity contract issued in this state. The term “annuity” shall not include any annuity contract used to fund a…

(1) An insurer shall perform a comparison of its in-force policies, annuities and retained asset accounts issued in this state against a death master file, on at least a semiannual basis, to identify potential death master file matches.(a) An insurer may comply with the requireme…

In the event that an insurer: (a) has identified a person as deceased through a death master file match through a search described in Section 83-7-307(1) or other information source, (b) has validated such information through a secondary information source, and (c) is unable to l…

The income, gains and losses, realized or unrealized, from assets allocated to a separate account shall be credited to or charged against the account without regard to other income, gains or losses of the company.

Neither the Commissioner of Insurance nor the State Treasurer shall promulgate rules, regulations or issue bulletins that impose, or interpret Sections 83-7-301 through 83-7-313 to impose, additional duties and obligations on insurers beyond those set forth in Sections 83-7-301 t…

In the event that any resolution agreement, regulatory settlement agreement, or a voluntary disclosure agreement between an insurer who has used the death master file to terminate annuity payments but not to locate life beneficiaries and the Commissioner of Insurance or the State…

Unless otherwise approved by the commissioner of insurance, assets allocated to a separate account shall be valued at their market value on the date of valuation, or if there is not readily available market, then in accordance with the terms of the contract or the rules or other …

The amounts allocated to a separate account in the exercise of the power granted by Sections 83-7-27 through 83-7-49 shall be owned by the company, and the company shall not be, or hold itself out to be, a trustee with respect to such amounts. To the extent so provided under the …

To the extent any domestic life company deems it necessary to comply with any applicable federal or state law, such company, with respect to any separate account, including without limitation any separate account which is a management investment company or a unit investment trust…

The reserve liability for variable contracts shall be established in accordance with actuarial procedures which recognize the variable nature of the benefits to be provided and any mortality guarantees.

Whenever the proceeds of, or payments under, a life insurance policy or annuity contract issued by a life insurance company become payable and the insurer makes payment thereof in accordance with the terms of the policy or contract, or in accordance with any written assignment th…

If any contract delivered or issued for delivery in this state provides for payment of benefits in variable amounts, it shall contain a statement of the essential features of the procedure to be followed by the insurance company in determining the dollar amounts of such variable …

(a) No domestic life insurance company and no other life insurance company shall deliver or issue for delivery within this state, variable contracts unless it is licensed or organized to do a life insurance or annuity business in this state, and has satisfied the commissioner of …

Notwithstanding any other provision of law, the commissioner of insurance shall have sole and exclusive authority to regulate the issuance and sale of contracts for which separate accounts may be established, the insurers which issue them and the agents or other persons who sell …

Except for Section 83-7-25 of the insurance law in the case of a variable life insurance policy and except as otherwise provided in Sections 83-7-27 through 83-7-49, all pertinent provisions of the insurance laws of this state shall apply to separate accounts and contracts issued…

If, under the terms of any annuity contract, or policy of life insurance, or under any written agreement supplemental thereto issued by any life insurance company, the proceeds are retained by such company at maturity or otherwise, no person entitled to any part of such proceeds,…

Every individual life insurance policy or contract issued for delivery in the State of Mississippi on or after July 1, 1989, by an insurance company or association shall have printed thereon or attached thereto a notice stating, in substance, that the person to whom the policy or…

(1) Proceeds of a life insurance policy shall become due as of the date of the death of the insured. Each insurer admitted to transact life insurance in this state shall pay interest on proceeds or payments under any policy of life insurance payable to a beneficiary residing in t…

(1) Life insurance may be made payable to a trustee to be named as beneficiary in the policy and the proceeds of such insurance shall be paid to such trustee and shall be held and disposed of by the trustee as provided in a trust agreement made by the insured during his lifetime.…

(a) Any citizen of this State, who is:(a) A named beneficiary of a life insurance policy where the insured is a member or veteran of the United States Armed Forces, including National Guard or Reserves; and(b) Married, unmarried and at least eighteen (18) years old, or legally em…

Subject to the terms of the policy or pursuant to an agreement between the insured, the group policyholder, and the insurer, any person insured under a group life insurance policy may make to any other person, other than the policyholder, an assignment of all or any part of the i…

The term “policy of accident and sickness insurance,” as used in Sections 83-9-1 through 83-9-21, includes any individual or group policy or contract of insurance against loss resulting from sickness or from bodily injury, including dental care expenses resulting from sickness or…

(1) For purposes of this section, the terms “alternative delivery systems” and “covered benefits” shall have the same definitions as provided in Section 83-9-37. (2) All alternative delivery systems and all group health insurance policies, plans or programs regulated by the State…

(a) As used in Sections 83-9-101 through 83-9-115:(a) “Applicant” means:(i) In the case of an individual Medicare supplement policy, the person who seeks to contract for insurance benefits, and(ii) In the case of a group Medicare supplement policy, the proposed certificate holder…

(1) Sections 83-9-101 through 83-9-115 shall apply to:(a) All Medicare supplement policies delivered or issued for delivery in this state on or after April 20, 1992, and(b) All certificates issued under group Medicare supplement policies, which certificates have been delivered or…

(1) The commissioner shall adopt reasonable regulations to establish specific standards for policy provisions of Medicare supplement policies and certificates. Such standards shall be in addition to and in accordance with applicable laws of this state including Sections 83-9-1 th…

The commissioner shall adopt reasonable regulations to establish minimum standards for benefits, claims payment, marketing practices and compensation arrangements and reporting practices for Medicare supplement policies and certificates.

The Commissioner of Insurance shall establish regulations setting forth standards to provide minimum reserves for accident and health insurance companies, including nonprofit hospital, medical and surgical service corporations.

Medicare supplement policies shall return to policyholders benefits which are reasonable in relation to the premium charged. The commissioner shall issue reasonable regulations to establish minimum standards for loss ratios of Medicare supplement policies on the basis of incurred…

(1) Every insurer shall offer in each group or individual policy, contract or certificate of health insurance issued or renewed for persons who are residents of this state, coverage for annual screenings by low-dose mammography for all women thirty-five (35) years of age or older…

(1) In order to provide for full and fair disclosure in the sale of Medicare supplement policies, no Medicare supplement policy or certificate shall be delivered in this state unless an outline of coverage is delivered to the applicant at the time application is made. (2) The com…

(1) The insured shall not be bound by any statement made in an application for a policy unless a copy of such application is attached to or endorsed on the policy when issued as a part thereof. If any such policy delivered or issued for delivery to any person in this state shall …

(1) Every issuer of Medicare supplement insurance policies or certificates in this state shall provide a copy of any Medicare supplement advertisement intended for use in this state, whether through written, radio or television medium, to the commissioner for review and approval.…

Medicare supplement policies or certificates shall have a notice prominently printed on the first page of the policy or certificate or attached thereto stating in substance that the applicant shall have the right to return the policy or certificate within thirty (30) days of its …

In addition to any other applicable penalties for violations of the insurance code, the commissioner may require issuers violating any provision of Sections 83-9-101 through 83-9-115 or regulations promulgated pursuant to Sections 83-9-101 through 83-9-115 to cease marketing any …

Regulations promulgated pursuant to Sections 83-9-101 through 83-9-115 shall be subject to the provisions of Chapter 43 of Title 25, Mississippi Code of 1972.

If any provision of Sections 83-9-101 through 83-9-115 or the application thereof to any person or circumstances is for any reason held to be invalid, the remainder of Sections 83-9-101 through 83-9-115 and the application of such provision to other persons or circumstances shall…

(1) The acknowledgment by any insurer of the receipt of notice given under any policy covered by Sections 83-9-1 through 83-9-21, or the furnishing of forms for filing proofs of loss, or the acceptance of such proofs, or the investigation of any claim thereunder, shall not operat…

If any such policy contains a provision establishing, as an age limit or otherwise, a date after which the coverage provided by the policy will not be effective, and if such date falls within a period for which premium is accepted by the insurer or if the insurer accepts a premiu…