Mississippi Life Insurance Laws
What are the steps a producer must complete when replacing an existing policy?
1. Give applicants a Notice Regarding Replacement 2. Obtain a list of all existing life insurance policies to be replaced 3. Give the applicant the original or a copy of written or printed communications used for the presentation to the applicant 4. Submit to the replacing insurance company, with the application, a copy of the replacement notice.
What is the difference betweeen domestic, foreign &. Alien insurance companies?
A domestic insurer is incorporated in this state. Foreign insurer is incorporated in another state, Alien insurer is incorporated outside the US
What is the main purpose of a temporary license, and how long can it be in affect?
A temporary license may be issued for the continuation of business in the event of a producer's death, disability, or military service, and it may remain in effect for 180 days
What is the difference between an authorized/admitted and unauthorized/non admitted insurer?
An admitted or authorized insurer is quailified & received a Certificate of Authority from the Department of Insurance to transact insurance in the state. A nonadmitted or nonauthorized insurer is an insurance company that has not applied for, or has been denied a Certificate of Authority and may not transact insurance
Upon what grounds can the commissioner revoke or suspend a producer license?
Attempting to obtain a license through fraud or misrepresentation, violating any insurance law or regulations, failure to pay state income taxes are some of the examples.
What is controlled business?
Controlled business is any coverage written on a producer's own life, health or property and/or that of the producer's immediate family or business associates
How is the Commissioner Of Insurance selected for the office, and how long is the term?
He/she is elected at general election for a 4 yr term
What are the applicable penalties for violating the Insurance Code of this state?
License suspension, revocation or denial, monetary fines, and/or imprisonment
What are the continuing education requirements for producers in this state?
Licenses must complete 24 hours of CE, including 3 hours in ethics, for a license period of more than 18 months. Producers whose license period is less than 18 months only need 12 hours of CE, without ethics
What qualifications must a candidate for a producer license meet in this state?
Must be 18, file an application with the department & required fees, complete prelicensing education & pass an exam. In addition, the applicant must not have committed any act that would be grounds for license denial, suspension, or revocation
What constitutes rebating?
Rebating includes premiums payable on the. Policy, special favors or services, advantages in dividends or benefits, stocks, bonds, securities, and their profits (and similar inducements)
What are the broad powers & duties of the Commissioner Of Insurance?
Regulate the affairs of the Insurance Department, license producers & insurer, prescribe forms & procedures, air in interpretation of laws
What is included under the term insurance transactions?
Solicitation, negotiating prior or the execution of a contract, execution of a contract, and the transaction of any matters that arise as a result of the contract, as well as the actual process of insuring
What is the purpose of the Life & Health Insurance Guaranty Association?
To protect policyowner sos, insureds, and beneficiaries from financial losses caused by insurers who become insolvent or otherwise unable to perform their contractual obligations
How long does a producer have to notify the Commissioner about a change of name or adddress?
Within 30 days
