Statutory Authority

Statutory Authority This Regulation is promulgated by the Commissioner of Insurance pursuant to authority granted by Mississippi Code of 1972, Annotated, Title 83, Chapter 53, Section 25(4) and Mississippi Code of 1972, Annotated, Title 83, Chapter 53, Section 29 and in accordance with the Mississippi Administrative Procedures Law. Mississippi Code of 1972, Annotated, Title 83, Chapter 53, Section 47 states that “nothing in this Chapter shall be construed to relieve any person from compliance with any other applicable law of this State.” Mississippi Code of 1972, Annotated, Title 83, Chapter 53, Section 29 grants to the Commissioner authority to “issue any regulations that he deems necessary to effectuate the purposes of this chapter (the credit insurance chapter of the Mississippi Code Annotated). Mississippi Code of 1972, Annotated, Title 83, Chapter 53, Section 25(4) provides that: the Commissioner “is hereby vested with full authority as provided by Mississippi Code of 1972, Annotated, Title 83, Chapter 53, Section 29 to regulate, reduce and/or adjust experience refunds or corporate allocations in accordance with the provisions of paragraphs (c) and (d) of subsection (3) of this section.” This Regulation is promulgated by the Commissioner pursuant to his full authority to regulate corporation allocations, and payments to agents in connection with the sale of credit insurance.