Introduction

Introduction TO: All Persons and Associations Operating Under the Burial Insurance Laws ofthe State of Mississippi FROM: Evelyn Gandy Commissioner of Insurance SUBJECT: Rules and Regulations in Connection With House Bill No. 424, Mississippi Legislature, Regular Session, 1973. IMPORTANT: Policies issued and in force prior to January 1, 1974 (or subject to reinstatement by that date) are not covered by rules and regulations herein, nor are such policies subject to the new law as to form and/or rate. Source: Miss. Code Ann. § 83-37-35 (Rev. 2011) 3.01.1 Section 1 As of January 1, 1974, all policy forms and rates now approved and in use are hereby DISAPPROVED, and no policy form or rate can be used after January 1, 1974, without approval of the Department of Insurance under the provisions of the new law. 3.01.2Section 2 No two or more burial associations, partnerships, corporations, etc. under the same ownership, management or agency shall have competitive rates for the same or comparable benefits, regardless of location of servicing funeral home. 3.01.3 Section 3 No rate will be approved which is lower than the minimum rates shown on the attached schedule, which lists the long-established minimum rates approved by the Insurance Department many years ago. Rates above those shown on the attached schedule will be considered when supporting information clearly shows rates to be neither inadequate nor excessive. 3.01.4Section 4 Associations, partnerships, corporations, etc. writing policies of varying amounts with varying rates may use a standard policy form, provided the completed policy contains the inserted figures relative to name, ages, benefits and rate for each person insured. Further, in the event a standard form is to be used for more than $150.00 benefit, additional rate schedule must be printed in the policy form. (For example, a policy issued providing benefits ranging $150.00, $300.00 and $450.00, may leave the total benefit in the blank, but the policy form must contain the schedule of rates applicable to all three benefits). 3.01.5 Section 5 Submission of policy forms and rates can begin upon receipt of this notice. Each form must have in the lower left hand corner some means of identification such as a number, a letter and a date. (For example, A-9-73, which would indicate the form A was submitted in September 1973). Please attach a rate card to each form placing the same identification on the rate card. Submit one copy each of the form and rate with a letter of transmittal, in duplicate. Said letter of transmittal must contain a detailed description of the form(s) submitted, including type of contract, form number, etc., and the date you will begin using the new form(s), if prior to January 1, 1974. The form and rate will be retained in the Department, and the copy of the letter of transmittal will be returned to the association with the stamp of approval of the Department.