MISSISSIPPI LEGISLATURE
2005 Regular Session
To: Insurance
By: Representative Clark
AN ACT TO AMEND SECTION 83-7-17, MISSISSIPPI CODE OF 1972, TO REQUIRE THAT THE WORDS INDICATING WHETHER A LIFE INSURANCE POLICY IS "TERM LIFE INSURANCE" OR "WHOLE LIFE INSURANCE" SHALL BE PRINTED IN BOLD TYPE AT THE TOP OF THE FIRST PAGE OF THE POLICY; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 83-7-17, Mississippi Code of 1972, is amended as follows:
83-7-17. All life insurance companies other than fraternal beneficiary associations, authorized to do the business of life insurance in this state, are hereby required to print or stamp in conspicuous type on the face or first page of each and every policy sold to citizens of this state words indicating correctly and fully the kind and character of the policy. If the policy is a term or whole life insurance policy, the following words shall be printed in bold type at the top of the first page: "TERM LIFE INSURANCE" or "WHOLE LIFE INSURANCE" with a clear definition of the words chosen. The same words shall also be printed or stamped on the back or title page of every such policy so that they may be easily seen and read when the policy is folded. Every such life insurance company shall submit to the commissioner for his approval the words required in this section to be printed on each policy, together with sample copy of every kind or class of policies offered for sale in this state; and every life insurance company shall print on each of its policies sold to citizens of this state such words as the insurance commissioner shall approve. The license of any insurance company doing business in this state may be revoked by the commissioner for violating any of the provisions of this section. A policy of life insurance shall not be issued or delivered in this state until the form has been approved and filed by the insurance commissioner.
The commissioner shall collect and pay into the Insurance Department Fund in the State Treasury the following fees for services provided under this section:
FORM FEE
Each individual policy contract, including
revisions...................................... $15.00
Each group master policy or contract,
including revisions............................ 15.00
Each rider, endorsement or amendment, etc........... 10.00
Each insurance application where written
application is required and is to be made
a part of the policy or contract............... 10.00
Each questionnaire.................................. 7.00
Charge for resubmission where payment is not
included with original submission.............. 5.00
Additional charge for tentative approval same as above.
SECTION 2. This act shall take effect and be in force from and after July 1, 2005.