83-21-17 - Nonadmitted insurers.
§ 83-21-17. Nonadmitted insurers.
The Commissioner of Insurance shall annually promulgate a list of nonadmitted insurers and each such insurer shall meet the same requirements as to capital and surplus as is required of a company licensed to do business in the State of Mississippi and annually pay a filing fee of Five Hundred Dollars ($500.00) in order to be eligible for certification as a nonadmitted insurer. An alien insurer shall be listed with the nonadmitted Insurers Information Office of the National Association of Insurance Commissioners. In the case of an alien insurer authorized to transact insurance of the kind involved in at least one (1) state of the United States, the insurer must have unimpaired capital and/or surplus or an effective trust fund amounting to at least One Million Five Hundred Thousand Dollars ($1,500,000.00) and, in the case of a group including incorporated and individual unincorporated insurers, the trust fund must be in the amount of not less than Fifty Million Dollars ($50,000,000.00). The incorporated members of the group shall not be engaged in any business other than underwriting as a member of the group and shall be subject to the same level of solvency regulation and control by the group's domiciliary regulator as are the unincorporated members. In the case of an alien insurer not authorized to transact business in at least one (1) state of the United States, the insurer must have an established trust fund of at least One Million Five Hundred Thousand Dollars ($1,500,000.00) within the United States administered by a recognized financial institution and held for the benefit of all its policyholders in the United States. The Commissioner of Insurance is specifically vested with authority to promulgate such rules and regulations as deemed necessary to carry out the provisions hereof and to publish a list of nonadmitted insurers found eligible for writing business in the State of Mississippi on a nonadmitted basis. The commissioner may, by giving seven (7) days' notice, at any time remove a nonadmitted insurer from such eligible list when it appears that such insurer no longer meets the requirements of the statute or regulations of the commissioner. When a nonadmitted insurer is placed upon or removed from the eligible list, all agents holding licenses under Sections 83-21-17 through 83-21-31 shall be notified of such eligibility or removal. Any agent of this state who places insurance with a nonadmitted insurer not on the list of eligible insurers shall be deemed in violation of the cited sections and shall be subject to revocation of license in the manner provided by statute for revocation of license of fire and casualty insurance agents.
Sources: Codes, 1906, § 2609; Hemingway's 1917, § 5072; 1930, § 5195; 1942, § 5705-02; Laws, 1954, ch. 307, § 2; Laws, 1958, ch. 448, § 1; Laws, 1966, ch. 532, § 1; Laws, 1988, ch. 526, § 8; Laws, 1991, ch. 353 § 1; Laws, 1994, ch. 333, § 2, eff from and after passage (approved March 14, 1994).