Professional Bail Agent Annual Financial Statement Filing Requirement

[LOGO] # MISSISSIPPI INSURANCE DEPARTMENT MIKE CHANEY Commissioner of Insurance State Fire Marshal J. MARK HAIRE Deputy Commissioner of Insurance 501 N. WEST STREET, SUITE 1001 WOOLFOLK BUILDING JACKSON, MISSISSIPPI 39201 www.mid.ms.gov MAILING ADDRESS Post Office Box 79 Jackson, Mississippi 39205-0079 TELEPHONE: (601) 359-3569 FAX: (601) 359-2474 WATS: 1-800-562-2957 (Incoming-USA) # MISSISSIPPI INSURANCE DEPARTMENT BULLETIN 2017-6 TO: ALL PROFESSIONAL BAIL AGENTS LICENSED IN MISSISSIPPI FROM: MIKE CHANEY COMMISSIONER OF INSURANCE DATE: June 2, 2017 SUBJECT: PROFESSIONAL BAIL AGENT ANNUAL FINANCIAL STATEMENT FILING REQUIREMENT # I. Purpose The purpose of this Bulletin is to notify all professional bail agents licensed in Mississippi of the financial statement to be filed with the Mississippi Insurance Department (“MID”) on an annual basis and of an extension to the 2017 financial statement filing deadline. # II. Financial Statement and Filing Deadline Extension During the 2016 Regular Legislative Session, the Mississippi Legislature passed Senate Bill 2664 (“SB 2664”), which brings transparency and accountability to the bail bond industry in Mississippi. Among other things, SB 2664 amended Miss. Code Ann. § 83-39-13(1), which now reads as follows: Each professional bail agent licensed under this chapter, under oath, shall provide to the Insurance Department an annual financial statement. The annual financial statement shall show assets, liabilities and net worth as of the end of the most recent calendar year. The statement shall be submitted annually to the department by June 1. As noted above, Miss. Code Ann. § 83-39-13(1) requires professional bail agents to provide MID with a financial statement by June 1st of each year. The financial statement, however, was 1 just recently finalized. Therefore, MID is extending the 2017 financial statement filing deadline to July 1, 2017. This extension only applies to the 2017 financial statement filing requirement, and annual financial statements must be provided to MID by June 1st in every year moving forward as required by Miss. Code Ann. § 83-39-13(1). A copy of the financial statement to be used by professional bail agents has been attached to this Bulletin. If there are any questions concerning this Bulletin, you may call (601) 359-3569. Issued the 2nd day of June, 2017. MIKE CHANEY COMMISSIONER OF INSURANCE 2 [LOGO] MIKE CHANEY Commissioner of Insurance State Fire Marshal MARK HAIRE Deputy Commissioner of Insurance MISSISSIPPI INSURANCE DEPARTMENT LICENSING DIVISION P.O. BOX 79 JACKSON, MS 39205-0079 # PROFESSIONAL BAIL BOND AGENT FINANCIAL STATEMENT Name of Professional Bail Agent | License No. | | Business Trade Name | | | | --- | --- | --- | --- | --- | | Physical Address | (Street and Number) | City or Town | State | Zip Code | | Mailing Address | (Street and Number) | City or Town | State | Zip Code | | County | | | | | | Telephone | | | | | Email Address STATE OF MISSISSIPPI County of ________________ I hereby certify that the foregoing information and state of financial condition is true and correct to the best of my knowledge and belief. Professional Bail Bond Agent (signature required) Sworn to and subscribed before me, the undersigned authority in and for the State and Count this day of ________________, 20____. My commission expires________________ Notary Public Page 1 of 3 # Professional Bail Bond Agent Financial Statement ## Year Ending December 31, 2016 # **Assets** # **Amount in Dollars** Cash - checking accounts Cash - savings accounts Certificates of deposit Securities - stocks / bonds / mutual funds Notes & contracts receivable Life insurance (cash surrender value) Personal property (autos, jewelry, etc.) Retirement Funds (eg. IRAs, 401k) Real estate (market value) Other assets (specify below) Total Assets # **Liabilities** # **Amount in Dollars** Accounts Payable Notes payable Taxes payable Real estate mortgages Other liabilities (specify below) Total Liabilities # **Net Worth** (Supplemental Financial Information can be provided on Page 3 if needed) My total pending liabilities as endorser, professional bail bond agent as of 12/31/20 $ .00 Page 2 of 3 Are any judgements or lawsuits pending against you? ☐ YES ☐ NO (If "YES" Explain Below) Provide any supplemental financial information in the space below. Page 3 of 3