An insurer licensed in the State of Mississippi may not enter into any reinsurance agreement or retrocession agreement, with another insurance company after May 1, 1986, whereby credit life or credit accident and health insurance on risks located within this state, would be ceded to an insurer which is not licensed to engage in the writing of such lines of insurance within the State of Mississippi, or which does not meet the statutory financial and other requirements for admission and licensing in this state. An insurer shall not enter into any such reinsurance or retrocession agreement with another insurance company which would by the terms and provisions thereof serve to, either directly or indirectly, circumvent this chapter or any other law of the State of Mississippi, or any regulation issued thereunder. The commissioner shall have the right to inspect, review and approve any reinsurance or retrocession agreement between insurance companies affecting any risks or insureds located in the State of Mississippi pertaining to credit life or credit disability insurance. Provided, however, any reinsurance or retrocession agreements between insurance companies in effect prior to May 1, 1986, shall be allowed to continue, but this chapter shall apply to any renewal, extension, endorsement or similar amendment of any such reinsurance or retrocession agreement.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
