Mississippi Insurance Laws
lose license 1 year - Answer-30 day notice and company continues violation
insurer's financial condition becomes unsound
insurer's assets in excess of liabilities are less than the amount its original capital requires
lose license 3 years - Answer-A judgment rendered against the insurer by any court in MS has not been
satisfied within 90 days
4 years - Answer-term of commissioner's elected time in office
25000 - Answer-corporate bond posted by commissioner
5 years - Answer-how often commissioner analyzes insurer's records
May 1 - Answer-report to the governor from insurance commissioner - due every year
, within 30 days - Answer-person affected by a cease and desist order may petition the Commissioner for
a hearing
10 days - Answer-earliest a hearing can be held after it is requested
30 days - Answer-latest a hearing can be held after it is requested
5000 - Answer-fine for violating a cease and desist order
5000 - Answer-general penalty
purpose of licensing - Answer-to ensure that those persons acting as insurance producers have a
maximum level of knowledge about the products and services offered as well as being familiar with the
statutes and regulations affecting insurance, an applicant for a license must complete a course of study
and pass an examination
May 31 - Answer-adjuster's license expires
90 days - Answer-amount of time to establish residency with commissioner after moving to MS - test
required after this period
license not required - Answer-secretarial or other agency staff that receive no premium for insurance
sales
180 days - Answer-length of temporary license
15 days - Answer-insurer must notify commissioner of new appointment within this many days
lose license 1 year - Answer-30 day notice and company continues violation
insurer's financial condition becomes unsound
insurer's assets in excess of liabilities are less than the amount its original capital requires
lose license 3 years - Answer-A judgment rendered against the insurer by any court in MS has not been
satisfied within 90 days
4 years - Answer-term of commissioner's elected time in office
25000 - Answer-corporate bond posted by commissioner
5 years - Answer-how often commissioner analyzes insurer's records
May 1 - Answer-report to the governor from insurance commissioner - due every year
, within 30 days - Answer-person affected by a cease and desist order may petition the Commissioner for
a hearing
10 days - Answer-earliest a hearing can be held after it is requested
30 days - Answer-latest a hearing can be held after it is requested
5000 - Answer-fine for violating a cease and desist order
5000 - Answer-general penalty
purpose of licensing - Answer-to ensure that those persons acting as insurance producers have a
maximum level of knowledge about the products and services offered as well as being familiar with the
statutes and regulations affecting insurance, an applicant for a license must complete a course of study
and pass an examination
May 31 - Answer-adjuster's license expires
90 days - Answer-amount of time to establish residency with commissioner after moving to MS - test
required after this period
license not required - Answer-secretarial or other agency staff that receive no premium for insurance
sales
180 days - Answer-length of temporary license
15 days - Answer-insurer must notify commissioner of new appointment within this many days
