19 MAC Pt. 1, R. 17.04
Relationships:
Cite as 19 Miss. Admin. Code Pt. 1, R. 17.04
Relationships:
No insurance company, agent, agency or representative of same, shall enter into any contract,
lease or other agreement with a lending institution which results in:
A. any activity reasonably leading a person to believe that his credit-worthiness, or that
extension of credit or renewal thereof, is conditioned upon the purchase of insurance
through a particular insurance company, agent, agency or representative of same:
B. the lending institution or its employees, either directly or indirectly, soliciting insurance
for or acting on behalf of an insurance company, agent, agency or representative of same,
in the sale or negotiation of insurance.
The dollar amount of rent paid by an insurance company, agent, agency or representative of
same, to a lending institution shall be on a strict square footage basis, and shall not be based on a
percentage of premium income.
Any compensation, rental fee and/or expense reimbursement paid by the insurance company,
agent, agency or representative of same, to the lending institution or its employees must be
commercially reasonable considering all material and relevant circumstances and must meet the
requirements of all applicable law.
No insurance company, agent, agency or representative of same, may enter into any agreement
which requires a lending institution or its employees to provide support services which are
prohibited by applicable law. By way of illustration and not limitation, the following support
services are specifically prohibited: adjustment and payment of losses; amendment of insurance
contracts to keep coverages current; collection of premiums; issuance of policies, certificates and
other documents; return of unearned premiums; payment of cash values; and transmittal of
applications for insurance contract.