Title 83, Insurance

(1) There is created a nonprofit legal entity to be known as the Mississippi Life and Health Insurance Guaranty Association. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance or a health maintenance organiza…

(1) The board of directors of the association shall consist of not less than five (5) nor more than nine (9) member insurers serving terms as established in the plan of operation. The members of the board shall be selected by member insurers subject to the approval of the commiss…

(1) If a member insurer is an impaired insurer, the association may, in its discretion, and subject to any conditions imposed by the association that do not impair the contractual obligations of the impaired insurer, and that are approved by the commissioner:(a) Guarantee, assume…

(1) For the purpose of providing the funds necessary to carry out the powers and duties of the association, the board of directors shall assess the member insurers, separately for each account, at such time and for such amounts as the board finds necessary. Assessments shall be d…

(1) From and after July 1, 1993, a member insurer may offset against its (premium, franchise or income) tax liability (or liabilities) to this state an assessment described in Section 83-23-217(8) to the extent of twenty percent (20%) of the amount of such assessment, if any, for…

(1) (a) The association shall submit to the commissioner a plan of operation and any amendments thereto necessary or suitable to assure the fair, reasonable and equitable administration of the association. The plan of operation and any amendments thereto shall become effective up…

(1) In addition to the duties and powers enumerated elsewhere in this article, the commissioner shall:(a) Upon request of the board of directors, provide the association with a statement of the premiums in this and any other appropriate states for each member insurer; and(b) When…

(1) To aid in the detection and prevention of member insurer insolvencies or impairments:(1) It shall be the duty of the commissioner;(a) To notify the commissioners of all the other states, territories of the United States and the District of Columbia within thirty (30) days fol…

(1) This article shall not be construed to reduce the liability for unpaid assessments of the insureds of an impaired or insolvent insurer operating under a plan with assessment liability. (2) Records shall be kept of all meetings of the board of directors to discuss the activiti…

The association shall be subject to examination and regulation by the commissioner. The board of directors shall submit to the commissioner, each year not later than one hundred twenty (120) days after the association’s fiscal year, a financial report in a form approved by the co…

The association shall be exempt from payment of all fees and all taxes levied by this state or any of its subdivisions, except taxes levied on real property.

There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer or its agents or employees, the association or its agents or employees, members of the board of directors, or the commissioner or his representatives, for any ac…

All proceedings in which the insolvent insurer is a party in any court in this state shall be stayed one hundred and eighty (180) days from the date an order of liquidation, rehabilitation or conservation is final to permit proper legal action by the association on any matters ge…

(1) No person, including a member insurer, agent or affiliate of a member insurer shall make, publish, disseminate, circulate or place before the public, or cause directly or indirectly, to be made, published, disseminated, circulated or placed before the public, in any newspaper…

The amendments made to this article by Chapter 358, Laws of 2014 during the 2014 Regular Session of the Legislature shall not apply to any member insurer that, before March 17, 2014, has been placed under an order of liquidation with a finding of insolvency.

The amendments made to this article by Chapter 304, Laws of 2020, shall not apply to any member insurer that, before the effective date of those amendments, has been placed under an order of liquidation with a finding of insolvency.

This chapter shall be cited as the Insurers Rehabilitation and Liquidation Act.

(1) If no domiciliary receiver has been appointed, the commissioner may apply to the court by verified petition for an order directing him to liquidate the assets found in this state of a foreign insurer or an alien insurer not domiciled in this state, on any of the following gro…

(1) The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except as to special deposits and security on secured claims under Section 83-24-105(3), be vested by operation of law with the title to all of the assets, property, contracts and rights of action…

(1) If a domiciliary liquidator has been appointed for an insurer not domiciled in this state, the commissioner may file a petition with the court requesting appointment as ancillary receiver in this state:(a) If he finds that there are sufficient assets of the insurer located in…

The commissioner in his sole discretion may institute proceedings under Sections 83-24-19 and 83-24-21 at the request of the commissioner or other appropriate insurance official of the domiciliary state of any foreign or alien insurer having property located in this state.

(1) In a liquidation proceeding begun in this state against an insurer domiciled in this state, claimants residing in foreign countries or in states not reciprocal states must file claims in this state, and claimants residing in reciprocal states may file claims either with the a…

(1) Any receiver appointed in a proceeding under this chapter may at any time apply for, and any court of general jurisdiction may grant, such restraining orders, preliminary and permanent injunctions, and other orders as may be deemed necessary and proper to prevent:(a) The tran…

(1) In a liquidation proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside within this state may file claims either with the ancillary receiver, if any, in this state, or with the domiciliary liquidator. Claims must …

During the pendency in this or any other state of a liquidation proceeding, whether called by that name or not, no action or proceeding in the nature of an attachment, garnishment or levy of execution shall be commenced or maintained in this state against the delinquent insurer o…

(1) In a liquidation proceeding in this state involving one or more reciprocal states, the order of distribution of the domiciliary state shall control as to all claims of residents of this and reciprocal states. All claims of residents of reciprocal states shall be given equal p…

If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state any assets within his control other than special deposits, diminished only by the expenses of the ancillary receivership…

(1) Notwithstanding any other provision of this title, any secured claim that a federal home loan bank has on an insurer who is subject to a delinquency proceeding under this chapter is governed exclusively by this section. (2) Notwithstanding any other provision of this title, a…

(1) Any officer, manager, director, trustee, owner, employee or agent of any insurer, or any other persons with authority over or in charge of any segment of the insurer’s affairs, shall cooperate with the commissioner in any proceeding under this chapter or any investigation pre…

Every proceeding commenced under the laws in effect before the enactment of this chapter shall be deemed to have commenced under this chapter for the purpose of conducting the proceeding henceforth, except that in the discretion of the commissioner the proceeding may be continued…

(a) No insurer that is subject to any delinquency proceedings, whether formal or informal (administrative or judicial), shall:(a) Be released from such proceeding unless such proceeding is converted into a judicial rehabilitation or liquidation proceeding;(b) Be permitted to soli…

(1) The commissioner may file in the chancery court a petition alleging, with respect to a domestic insurer:(a) That there exists any grounds that would justify a court order for a formal delinquency proceeding against an insurer under this chapter;(b) That the interests of polic…

In all proceedings and judicial reviews under Section 83-24-19, all records of the insurer, other documents, and all insurance department files and court records and papers, so far as they pertain to or are a part of the record of the proceedings, shall be and remain confidential…

(a) The commissioner may apply by petition to the chancery court for an order authorizing him to rehabilitate a domestic insurer or an alien insurer domiciled in this state on any one or more of the following grounds:(a) The insurer is in such condition that the further transacti…

(1) An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in this state, shall appoint the commissioner and his successors in office the rehabilitator, and shall direct the rehabilitator forthwith to take possession of the assets of the insure…

(1) The commissioner as rehabilitator may appoint one or more special deputies, who shall have all the powers and responsibilities of the rehabilitator granted under this section, and the commissioner may employ such counsel, clerks and assistants as deemed necessary. The compens…

(1) Any court in this state before which any action or proceeding is pending in which the insurer is a party or is obligated to defend a party when a rehabilitation order against the insurer is entered, shall stay the action or proceeding for ninety (90) days and such additional …

(a) The purpose of this chapter is the protection of the interests of insureds, claimants, creditors and the public generally; with minimum interference with the normal prerogatives of the owners and managers of insurers, through:(a) Early detection of any potentially dangerous c…

(1) Whenever the commissioner believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders or the public, or would be futile, the commissioner may petition the court for an order of liquidation. A petition under th…

(a) The commissioner may petition the court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis:(a) Of any ground for an order of rehabilitation as specified in Section 83-24-23, whether or not there has been a prior…

(1) An order to liquidate the business of a domestic insurer shall appoint the commissioner and his successors in office as liquidator, and shall direct the liquidator forthwith to take possession of the assets of the insurer and to administer them under the general supervision o…

(1) All policies, including bonds and other noncancellable business, other than life or health insurance or annuities, in effect at the time of issuance of an order of liquidation shall continue in force only for the lesser of:(a) A period of thirty (30) days from the date of ent…

The commissioner may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time he applies for a liquidation order. The court shall order dissolution of the corporation upon pe…

(1) The liquidator shall have the power:(a) To appoint a special deputy or deputies to act for him under this chapter, and to determine his reasonable compensation. The special deputy shall have all powers of the liquidator granted by this section. The special deputy shall serve …

(1) Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible:(a) By first class mail and either by telegram or telephone to the insurance commissioner of each jurisdiction in which the insurer is doing …

(1) Every person who receives notice in the form prescribed in Section 83-24-43 that an insurer which he represents as an agent is the subject of a liquidation order shall, within thirty (30) days of such notice provide to the liquidator (in addition to the information he may be …