MCA Chapter 45

in effect

Miss. Code Ann. § 83-45-1 Operation of plan as constituting the writing of insurance.

The operation of a blood supply plan, on a nonprofit, community service basis, for the purpose of promoting and encouraging the donation of human blood for medicinal and transfusion uses may or may not constitute the writing of insurance. However, an agreement between such a nonprofit organization promoting and encouraging such blood donation and one or more of its donors by which the nonprofit organization agrees to pay the cost, or a part thereof, of supplying transfusion blood to such donor or designated members of his family shall constitute a contract of insurance. This form of insurance will be governed only by this chapter.

Miss. Code Ann. § 83-45-3 Requirement for licensing.

Requirement for licensing shall be as follows: A deposit with any depository approved by the state for the benefit of policyholders/members in the amount of One Dollar ($1.00) for each policyholder currently insured to guarantee perpetuation of the organization until all membership contracts are terminated. A deposit in a like amount to a catastrophe fund, but this deposit shall be made on the first renewal of each contract.

Miss. Code Ann. § 83-45-5 Approval of articles; issuance of license.

Such company or organization shall have its articles of incorporation or articles of organization approved by the attorney general and the commissioner of insurance and subsequently filed in the office of secretary of state. Filing fee for such articles shall be Five Dollars ($5.00). A license shall be issued by the commissioner of insurance to expire the next ensuing December 31, and the fee for such license for one (1) year shall be Ten Dollars ($10.00) per year or any part thereof.

Miss. Code Ann. § 83-45-7 Examinations; annual reports.

Any such organization shall be exempt from regular examination by the insurance department, but shall be examined when deemed advisable by the commissioner of insurance. Annual reports shall be filed with the insurance department in the manner and form prescribed by the commissioner of insurance. Upon submission of annual statements, same shall be reviewed by the commissioner of insurance and the commissioner may issue such orders as necessary to stabilize operation of the company or organization.

Miss. Code Ann. § 83-45-9 Solicitation of membership.

Solicitation of membership may be made through direct advertising, group solicitation, by officers or by individuals without licensing of solicitors, provided this is the only insurance which is offered or solicited by the company or organization.

Miss. Code Ann. § 83-45-11 Approval of general administrative expenses.

General administrative expenses shall be submitted to and approved by the department of insurance.

Miss. Code Ann. § 83-45-13 Dissolution.

Upon dissolution of such organization, the department of insurance shall be satisfied that all policyholders/members’ claims have been paid before approving the release of deposits. In event of dissolution and surrender of articles of association and/or charter, any surplus after reimbursement of organizational funds and any other contribution to surplus shall be prorated among such organizing contributors at the highest rate of interest possible, not to exceed ten percent (10%). When and if surplus exists in excess of reimbursements hereinabove set out, such amount shall escheat to the general fund of the State of Mississippi upon dissolution of the company or organization.