Authority

Authority Senate Bill 2407 of the 1978 Legislative Session became effective July 1, 1978. This Act permits the sale and issuance of Variable Life Insurance Contracts by life insurance companies in addition to Variable Annuity Contracts. It further eliminates the dual jurisdiction over variable contracts by removing such jurisdiction now in the Secretary of State; vests the Insurance Commissioner with sole jurisdiction thereof; repeals Section 83-7-47, Mississippi Code of 1972, which requires the registration of Separate Funds with the Secretary of State; and authorizes the Insurance Commissioner to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of said Act. These regulations become effective July 1, 1978 and replace the Variable Contract Regulations dated February 1, 1969.