Title 83, Insurance

(1) A reinsurer shall not engage the services of any person, firm, association or corporation to act as a reinsurance intermediary manager on its behalf unless such person is licensed as required by Section 83-19-205. (2) The reinsurer shall annually obtain a copy of statements o…

(1) A reinsurance intermediary shall be subject to examination by the commissioner. The commissioner shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable to the commissioner. (2) A reinsurance intermediary manager may be exami…

(1) A reinsurance intermediary, insurer or reinsurer found by the commissioner, after a hearing conducted in accordance with Section 83-6-39, to be in violation of any provision(s) of Sections 83-19-201 through 83-19-221, shall:(a) For each separate violation, pay a penalty in an…

It shall be the duty of the commissioner of insurance of this state to make an examination of the financial ability, condition, and affairs of each domestic insurance company of this state, within twelve (12) months from the date upon which such domestic insurance company commenc…

It shall be the further duty of the Commissioner of Insurance of this state to require each domestic insurance company to file with the Department of Insurance a sworn financial statement of the company each quarter after it commences to do business, for a period of two (2) years…

All insurance companies authorized to transact fire insurance business in this state may, in addition to the business which they are now authorized by law to do, insure sprinklers, pumps, and other apparatus erected or put in position for the purpose of extinguishing fires, again…

(1) No corporation so formed shall transact any other business than that specified in its charter and articles of association. Companies so formed must meet the following capital and surplus requirements:(a) Single-line companies so formed to write a classification listed in para…

The capital stock shall be paid in cash within twelve (12) months from the date of charter or certificate of organization, unless the commissioner of insurance on proper showing shall grant additional time for the completion of the sale and payment of said stock; and no certifica…

The commissioner of insurance shall approve the price per share of stock to be issued by a domestic insurance company upon the filing of a prospectus or brochure by the company. Said prospectus or brochure shall show the total number of shares authorized, and the number of shares…

No stock sale shall be approved at a par value of less than One Dollar ($1.00) per share, and no stock sale shall be approved in which commissions paid to salesmen, agents, or brokers exceed ten percent (10%) of the asking price of the stock.

The par value of each share and fifty percent (50%) of the amount allocated to surplus shall be deposited in escrow in a bank in the State of Mississippi, jointly payable to the commissioner of insurance and the company, which deposit shall remain in escrow until sufficient funds…

The commissioner of insurance shall examine the charter and bylaws of each company applying for license to do business under the domestic insurance company laws to determine that no stock is placed on option. It shall be unlawful for any domestic insurance company to declare a st…

Any insurance company formed under the laws of the State of Mississippi, whose organizers or incorporators consist of one or more nonresidents of the State of Mississippi, shall, in addition to having the approval of the commissioner of insurance of all stock sales, likewise qual…

No insurance company shall be organized through the sale of stock in a holding or investment company.

Any violation of the provisions in Sections 83-19-33 through 83-19-45 shall invalidate the organization of any proposed domestic insurance company, either prior to or following its licensing by the insurance department.

The licensing fees applicable to domestic insurance companies and stock salesmen shall be as provided in Section 83-5-19, Mississippi Code of 1972.

Domestic insurance companies, incorporated by special acts, whose charters are subject to limitation of time shall, after such limitation expires, continue to be bodies corporate, subject to all general laws applicable to such companies. No domestic insurance company hereafter or…

(1) A domestic insurance company may invest its capital, surplus, and other funds, or certain parts thereof, in the following:(a) Bonds or other evidence of indebtedness of the United States, of any state of the United States, of the Dominion of Canada, or of any province thereof…

A domestic insurance company may invest its funds in financing the construction of public buildings and improvements for the use of the United States of America through the General Services Administration pursuant to the provisions of Title I, Public Law 519, 83rd Congress, known…

(a) A domestic company may acquire, hold, and convey real estate for the purposes and in the manner only following:(a) The buildings in which it has its principal office and the land on which it stands.(b) Such as shall be requisite for its convenient accommodation in the transac…

When the net assets of a company do not amount to more than three-fourths (¾) of its original paid-up capital, it may make good its capital to the original amount by assessment of its stock, and shall not write any new business until same is made good or reduced to minimum amount…

The commissioner shall, upon application, examine the proceedings of domestic companies to increase or reduce their capital stock and, when found conformable to law shall indorse certificates thereof and shall issue certificates of authority to such company to transact business u…

Any such company having a paid-up capital, as required by law, may increase its capital stock by a vote of its stockholders, and issue certificates for the additional shares, which may be paid for in cash or in such installments as the company may determine. Such certificates sha…

When the capital stock of a company is impaired, such company may, upon a vote of the majority of the stock represented at a meeting called for that purpose, reduce its capital stock and the number of shares thereof to an amount not less than the minimum sum required by law. No p…

No stock company shall make a dividend, either in cash or stock certificates, except from its actual net surplus computed as required by law in its annual statements. Nor shall any company which has ceased to do new business of insurance divide any portion of its assets, except s…

Any management contract between a domestic insurer and another person, as defined in Section 83-6-1(f), shall be filed and subject to review and final approval of the State Insurance Department.

Subject to the exceptions set forth herein, no domestic insurer shall enter into a contract of insurance upon the life or person of a resident of any other state, or covering property or risks located in any other state, unless such insurer is authorized pursuant to the laws of s…

Domestic insurance companies incorporated under the general insurance laws whose charters are subject to limitation of time and who shall, after such limitation expires, continue to do business for ninety (90) days after March 6, 1956, shall be deemed to have accepted an extensio…

If the surplus of any domestic insurance company or association shall be impaired, as provided in Sections 83-19-75 and 83-19-77, and such impairment shall not be reported to the Commissioner of Insurance of this state within ten (10) days after such impairment occurs or results,…

Sections 83-19-75 and 83-19-77 shall not be construed as applicable to fraternal, benevolent, or burial associations, or any other organization not specifically named in the foregoing schedule.

The term “equity security” when used in Sections 83-19-79 through 83-19-97 means any stock or similar security; or any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security; or any s…

Every person who is directly or indirectly the beneficial owner of more than ten percent (10%) of any class of any equity security of a domestic stock insurance company, or who is a director or an officer of such company, shall file in the office of the commissioner of insurance …

For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director, or officer by reason of his relationship to such company, any profit realized by him from any purchase and sale, or any sale and purchase, of any equity se…

It shall be unlawful for any such beneficial owner, director, or officer, directly or indirectly, to sell any equity security of such company if the person selling the security or his principal (i) does not own the security sold, or (ii) if owning the security, does not deliver i…

The provisions of Section 83-19-83 shall not apply to any purchase and sale, or sale and purchase, and the provisions of Section 83-19-85 shall not apply to any sale, of an equity security of a domestic stock insurance company not then or theretofore held by him in an investment …

The provisions of Sections 83-19-81 through 83-19-85 shall not apply to foreign or domestic arbitrage transactions unless made in contravention of such rules and regulations as the commissioner of insurance may adopt in order to carry out the purposes of Sections 83-19-79 through…

Corporations created under the provisions of this chapter shall have all the powers and privileges enjoyed by corporations created under the general corporation laws of this state, and may issue shares of stock of different classes, within the limits fixed by law, and may fix the…

It shall be unlawful for any person, in contravention of such rules and regulations as the commissioner of insurance may prescribe as necessary or appropriate in the public interest or for the protection of investors, to solicit or to permit the use of his name to solicit any pro…

Unless proxies, consents, or authorizations in respect of an equity security of a domestic stock insurance company are solicited by or on behalf of the management of such company from the holders of record of such security in accordance with the rules and regulations prescribed u…

The provisions of Sections 83-19-81, 83-19-83, 83-19-85, 83-19-91, and 83-19-93 shall not apply to equity securities of a domestic stock insurance company if (a) such securities shall be registered, or shall be required to be registered, pursuant to Section 12 of the Securities E…

The commissioner of insurance shall have the power to make such rules and regulations as may be necessary for the execution of the functions vested in him by Sections 83-19-81 through 83-19-93, and may for such purpose classify domestic stock insurance companies, securities, and …

(a) A domestic stock insurance company (referred to in Sections 83-19-99 through 83-19-123 as the “domestic company”) may effect:(a) A merger or consolidation with one or more domestic stock insurance companies, or with one or more foreign stock insurance companies, if such merge…

Any insurer which is organized under the laws of any other state and is admitted to do business in this state for the purpose of writing insurance may become a domestic insurer by complying with all of the requirements of law relative to the organization and licensing of a domest…

Any domestic insurer may, upon the approval of the Commissioner of Insurance, transfer its domicile to any other state in which it is admitted to transact the business of insurance, and upon such a transfer shall cease to be a domestic insurer, and shall be admitted to this state…

The certificate of authority, agents’ appointments and licenses, rates, and other items which the Commissioner of Insurance allows, in his discretion, which are in existence at the time any insurer licensed to transact the business of insurance in this state transfers its corpora…

The Commissioner of Insurance is hereby authorized to promulgate any rules and regulations in order to carry out the purposes of this chapter.