2002 Regular Session
By: Representative Stevens, Chism, Masterson, Montgomery (74th)
AN ACT TO AMEND SECTION 83-5-69, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE PENALTY FOR AN INSURANCE COMPANY'S FAILURE TO FILE AN ANNUAL STATEMENT SHALL BE DEPOSITED INTO THE SPECIAL FUND IN THE STATE TREASURY DESIGNATED AS THE "INSURANCE DEPARTMENT FUND"; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 83-5-69, Mississippi Code of 1972, is amended as follows:
83-5-69. Any company that neglects to make and file its annual statement within the time provided in this chapter shall pay to the Commissioner of Insurance One Hundred Dollars ($100.00) for each day's neglect, which penalty shall be deposited into the special fund in the State Treasury designated as the "Insurance Department Fund"; and upon notice by the commissioner to that effect, its authority to do new business shall cease while such default continues. For willfully making a false annual or other statement it is required by law to make, any insurance company, association or order, and the person making oath to or subscribing the same, shall severally be guilty of a misdemeanor; and, upon conviction, be punished by a fine of not less than Five Hundred Dollars ($500.00) nor more than One Thousand Dollars ($1,000.00). Any person making oath to such false statement shall be guilty of the crime of perjury.