State Law Supplement -Mississippi
Insurance Commissioner - Answer-Mike Chaney, 4 Year Term (Elected by the people)
Must take an oath of office and furnish a $25,000 bond, which guarantees the faithful performance of
the duties of the office, and which will otherwise be forfeited.
-Also serves as the State Fire Marshal
-Prepares & presents an annual report to the governor each year by May 1st.
-Will be fired immediately if he has any connection with management or control of any company,
corporation, or association affected by the Insurance Code.
The Commissioner has the duty and authority to: - Answer-1- Grant or Withhold certificates of
authority, certificates of compliance, and licenses
2- Approve policies, proxies, and advertising material
3- Conduct hearings on rates and other matters affecting the regulation of the insurance industry in
Mississippi.
4- Administer and collect surplus lines premium taxes
5- Receive and examine (at least annually) reports and financial statements from all insurance
companies authorized to do business in Mississippi
6- Prepare and present an annual report to the governor each year by May 1
Annual Report - Answer-This is something the Commissioner has to prepare for the Governor each year
by May 1st.
,Contains:
-A review of the official acts taken by the Commissioner
-An evaluation of the condition of insurance companies doing business in Mississippi
-A summary of insurers' financial reports filed with the Commissioner
-A list of the licenses issued by the Commissioner
-A record of the taxes received by the Commissioner's office
-Recommendations by the Commissioner for changes in the laws that affect the Department of
Insurance.
Examination of Records - Answer-The Commissioner has the authority to examine and investigate the
affairs of all parties engaged in the insurance business in MS to determine whether they are
participating in any deceptive practice or unfair method of competition.
-Commissioner may also
+Examine the insurer's books, records, and documents
+Question the company's officers and agents under oath.
Notice of Hearing - Answer--if it appears to be in the public's best interest, the Commissioner may issue
a Statement of charges against any person believed to be engaged in an unfair practice or method of
competition.
The statement must include notice of hearing to be held no earlier than 10 days after the notice is
served.
Penalties - Answer-Violators of any provision of the MS insurance code are guilty of a misdemeanor
and, upon conviction, must pay a fine of up to $5,000 in addition to any other specific penalties for that
violation.
-Commissioner could make the violator pay the investigation expenses.
Unlicensed Activities - Answer--Any person who, either as principal or agent or pretending to be such,
solicits, examines, or inspects any risk, examines into, adjusts, or aids in adjusting any loss, receives,
, collects, or transmits any premiums of insurance, or does any other act in the soliciting, making, or
executing of any contract of insurance of any kind other than permitted under Mississippi Law is guilty of
a misdemeanor.
-May be fined not less than $200 or more than $500, be imprisoned not less than one nor more than 2
years or both.
Insurance - Answer--A mechanism by which a group of people who are fairly equally exposed to the
same risks
-Shift the risk to the insurer
-In return for consideration (Premium)
Insurer - Answer-(Insurance Company)
Any domestic or foreign corporation, indemnity or guaranty company, partnership, fraternal order,
association, or individual that transacts insurance business.
Transaction - Answer-Includes any of the following actions in regard to a contract of insurance:
-Soliciting
-Selling
-Advertising
-Taking or transmitting applications
-Receiving or delivering policies
-Receiving, paying, collecting or transmitting a premium
-Any other act involved in making or consummating an insurance contract.
Certificate of Authority - Answer-Is an insurance company's license to transact business in Mississippi.
-It certifies that the company has complied with the requirements of the MS insurance laws and that it is
admitted (Authorized to transact business) in the state.
Insurance Commissioner - Answer-Mike Chaney, 4 Year Term (Elected by the people)
Must take an oath of office and furnish a $25,000 bond, which guarantees the faithful performance of
the duties of the office, and which will otherwise be forfeited.
-Also serves as the State Fire Marshal
-Prepares & presents an annual report to the governor each year by May 1st.
-Will be fired immediately if he has any connection with management or control of any company,
corporation, or association affected by the Insurance Code.
The Commissioner has the duty and authority to: - Answer-1- Grant or Withhold certificates of
authority, certificates of compliance, and licenses
2- Approve policies, proxies, and advertising material
3- Conduct hearings on rates and other matters affecting the regulation of the insurance industry in
Mississippi.
4- Administer and collect surplus lines premium taxes
5- Receive and examine (at least annually) reports and financial statements from all insurance
companies authorized to do business in Mississippi
6- Prepare and present an annual report to the governor each year by May 1
Annual Report - Answer-This is something the Commissioner has to prepare for the Governor each year
by May 1st.
,Contains:
-A review of the official acts taken by the Commissioner
-An evaluation of the condition of insurance companies doing business in Mississippi
-A summary of insurers' financial reports filed with the Commissioner
-A list of the licenses issued by the Commissioner
-A record of the taxes received by the Commissioner's office
-Recommendations by the Commissioner for changes in the laws that affect the Department of
Insurance.
Examination of Records - Answer-The Commissioner has the authority to examine and investigate the
affairs of all parties engaged in the insurance business in MS to determine whether they are
participating in any deceptive practice or unfair method of competition.
-Commissioner may also
+Examine the insurer's books, records, and documents
+Question the company's officers and agents under oath.
Notice of Hearing - Answer--if it appears to be in the public's best interest, the Commissioner may issue
a Statement of charges against any person believed to be engaged in an unfair practice or method of
competition.
The statement must include notice of hearing to be held no earlier than 10 days after the notice is
served.
Penalties - Answer-Violators of any provision of the MS insurance code are guilty of a misdemeanor
and, upon conviction, must pay a fine of up to $5,000 in addition to any other specific penalties for that
violation.
-Commissioner could make the violator pay the investigation expenses.
Unlicensed Activities - Answer--Any person who, either as principal or agent or pretending to be such,
solicits, examines, or inspects any risk, examines into, adjusts, or aids in adjusting any loss, receives,
, collects, or transmits any premiums of insurance, or does any other act in the soliciting, making, or
executing of any contract of insurance of any kind other than permitted under Mississippi Law is guilty of
a misdemeanor.
-May be fined not less than $200 or more than $500, be imprisoned not less than one nor more than 2
years or both.
Insurance - Answer--A mechanism by which a group of people who are fairly equally exposed to the
same risks
-Shift the risk to the insurer
-In return for consideration (Premium)
Insurer - Answer-(Insurance Company)
Any domestic or foreign corporation, indemnity or guaranty company, partnership, fraternal order,
association, or individual that transacts insurance business.
Transaction - Answer-Includes any of the following actions in regard to a contract of insurance:
-Soliciting
-Selling
-Advertising
-Taking or transmitting applications
-Receiving or delivering policies
-Receiving, paying, collecting or transmitting a premium
-Any other act involved in making or consummating an insurance contract.
Certificate of Authority - Answer-Is an insurance company's license to transact business in Mississippi.
-It certifies that the company has complied with the requirements of the MS insurance laws and that it is
admitted (Authorized to transact business) in the state.
