2005 Regular Session
By: Representative Formby
AN ACT TO AMEND SECTION 83-5-53, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE COMMISSIONER OF INSURANCE SHALL MAKE AVAILABLE TO INSURANCE COMPANIES THE BLANK FORMS NECESSARY FOR THEIR REQUIRED STATEMENTS OF FINANCIAL CONDITION; TO AMEND SECTION 83-5-55, MISSISSIPPI CODE OF 1972, TO REQUIRE THAT EVERY INSURANCE COMPANY SHALL FILE WITH THE COMMISSIONER OF INSURANCE A QUARTERLY STATEMENT SHOWING THE BUSINESS STANDING AND FINANCIAL CONDITION OF THE COMPANY FOR THAT QUARTER; TO AMEND SECTION 83-5-69, MISSISSIPPI CODE OF 1972, TO PROVIDE PENALTIES FOR ANY INSURANCE COMPANY THAT NEGLECTS TO MAKE AND FILE ITS QUARTERLY STATEMENT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 83-5-53, Mississippi Code of 1972, is amended as follows:
83-5-53. It shall be the duty of the commissioner to make available upon request, at the expense of the requesting insurance company, blank forms for statements, which forms may be by him from time to time changed, as may be requisite to secure full information as to the standing, condition, and such other information desired of companies regulated by his department.
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SECTION 2. Section 83-5-55, Mississippi Code of 1972, is amended as follows:
83-5-55. (1) Every insurance company shall file with the Commissioner of Insurance, on or before the first day of March of each year, a statement showing the business standing and financial condition of the company and sworn to by the president or vice president and secretary or treasurer or chief managing agent or officer of such company. The annual statement to be filed shall be * * * in accordance with the NAIC Quarterly and Annual Statement * * * Instructions thereto and the NAIC Accounting Practices and Procedures Manual.
(2) Every insurance company shall file with the Commissioner of Insurance a quarterly statement showing the business standing and financial condition of the company for that quarter and sworn to by the president or vice president and secretary or treasurer or chief managing agent or officer of such company. Each quarterly statement shall be filed within forty-five (45) days of the last day of the quarter. The quarterly statement to be filed shall be in accordance with the NAIC Quarterly and Annual Statement and Instructions thereto and the NAIC Accounting Practices and Procedures Manual. However, the Commissioner of Insurance may grant an exemption to any domestic company transacting business in Mississippi only. No exemption shall be granted to any domestic company transacting business across state lines.
SECTION 3. Section 83-5-69, Mississippi Code of 1972, is amended as follows:
83-5-69. Any company that neglects to make and file its quarterly and 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, quarterly 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.
SECTION 4. This act shall take effect and be in force from and after July 1, 2005.