Purpose

Purpose Miss. Code Ann., Section 83-53-25(3)(c) as amended, permits the payment, allocation or accrual of experience refunds by an insurer pursuant to a written experience refund agreement which are paid only with respect to earned premium produced by or attributable to the creditor or licensed agent designated to receive such experience refund. In addition, Section 83-52-25 (4) provides the Commissioner has authority to reduce and/or adjust experience refunds in accordance with the provisions of paragraphs (c) and (d) of subsection (3) of Section 83-53-25. The specific purposes of this Regulation are to regulate the payment of experience refunds and to eliminate devices designed to avoid or render ineffective the provisions of Miss. Code Ann. Section 83-53- 1 et seq.; to ensure that amounts paid to a creditor or licensed agent as experience refunds are based upon earned experience written or produced by the agent.