Purpose and Authority

Purpose and Authority As a result of some concerns that the Mississippi Department of Insurance has relating to the credit life and credit accident and health insurance industry in the State of Mississippi, the Commissioner of Insurance believes that it would be in the best interest of the public of this State as well as the credit life and credit accident and health insurance companies operating in this State that this office promulgate this regulation to assist in the removal of any potential confusion or misunderstanding concerning Title 83, Chapter 53 of the 1972 Mississippi Codeas revised in 1991. This regulation is adopted pursuant to the provisions of Miss. Code Ann. §§ 25- 43-1 and 83-53-29(Rev. 1991). Major concerns which will be addressed by this regulation are as follows: A. To ensure the proper payment of claims and/or refunds. B. That the insurance company ensures that sufficient documentation and records are maintained so that it can be determined if the refunds are calculated correctly and paid to the proper parties. C. To put insurance companies operating in this State, on notice that they are responsible to make certain that all refunds are calculated correctly and paid to the proper parties. D. That the proper refunds of any unearned premiums and any other fees are made to the appropriate parties. E. To ensure that the insurance companies refunding mechanisms correspond with what has been filed with the Mississippi Department of Insurance.