Property and casualty insurance guaranty association, complete

What this document is

Mississippi Insurance Guaranty Association Law (Miss. Code Ann. Title 83, Chapter 23, Article 3, §§ 83-23-101 to 83-23-137) - property and casualty insurance guaranty association, complete is a state statute published by Mississippi Legislature (Miss. Code Ann. Title 83, Chapter 23, Article 3); body text retrieved from the Mississippi Insurance Guaranty Association's (MIGA) own official posting of its enabling Act. It is one of the Mississippi documents that insurance license exam questions are written from, including mississippi property & casualty, mississippi personal lines practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Miss. Code Ann. Section 83-23-105 (Application of article; exceptions)

  “This article shall apply to all kinds of direct insurance except the following: (a) Life, annuity, health or disability insurance; (b) Mortgage guaranty, financial guaranty or other forms of insurance offering protection against insolvent risks; (c) Fidelity or surety bonds, or any other bonding...”

• Miss. Code Ann. Section 83-23-109(f)(i) (Definitions; covered claim residence test for entities)

  “(i) the claimant or insured is a resident of this state at the time of the insured event, provided that for entities other than an individual, the residence of a claimant or insured is the state in which its principal place of business is located at the time of the insured event;”

• Miss. Code Ann. Section 83-23-109(f) (Definitions; covered claim, including unearned premiums)

  “(f) "Covered claim" means an unpaid claim, including one of unearned premiums, which arises out of and is within the coverage and not in excess of the applicable limits of an insurance policy to which this article applies issued by an insurer, if such insurer becomes an insolvent insurer and”

• Miss. Code Ann. Section 83-23-115(1)(a) (Powers and duties of association; time window for covered claims)

  “Be obligated to the extent of the covered claims existing prior to the determination of insolvency and arising within thirty (30) days after the determination of insolvency, or before the policy expiration date if less than thirty (30) days after the determination, or before the insured replaces...”

• Miss. Code Ann. Section 83-23-115(1)(a)(iii)-(iv) (Powers and duties of association; per-claimant ceilings)

  “(iii) An amount in excess of Fifty Dollars ($50.00) but not exceeding Three Hundred Thousand Dollars ($300,000.00) per claimant for all other covered claims; (iv) An amount in excess of Fifty Dollars ($50.00) but not exceeding Four Hundred Thousand Dollars ($400,000.00) per claimant for property damage covered claims;”

• Miss. Code Ann. Section 83-23-115(1)(c) (Powers and duties of association; assessment ceiling)

  “No member insurer may be assessed in any year an amount greater than one percent (1%) of that member insurer's net direct written premiums for the preceding calendar year.”

• Miss. Code Ann. Section 83-23-119(2)(b) (Duties and powers of the commissioner; unpaid assessments)

  “(b) Suspend or revoke, after notice and hearing, the certificate of authority to transact insurance in this state of any member insurer which fails to pay an assessment when due, or fails to comply with the plan of operation. As an alternative, the commissioner may levy a fine on any member insurer...”

• Miss. Code Ann. Section 83-23-113(1) (Board of directors; filling vacancies)

  “Vacancies of the board shall be filled for the remaining period of the term by a majority vote of the remaining board members subject to the approval of the commissioner.”

• Miss. Code Ann. Section 83-23-133 (Immunity)

  “There shall be no liability on the part of and no cause of action of any nature shall arise against any member insurer, the association, its agents or employees, the board of directors, or the commissioner or his representatives for any action taken or any failure to act by them in the performance...”

• Miss. Code Ann. Section 83-23-123(1) (Nonduplication of recovery; exhaustion of other insurance)

  “Any person having a claim against an insurer under any provision in an insurance policy other than a policy of an insolvent insurer, which is also a covered claim, shall be required to exhaust first his right under such policy. Any amount payable on a covered claim under this article shall be...”

• Miss. Code Ann. Section 83-23-121(2) (Assignment of rights; recovery from affiliates)

  “The association shall have the right to recover from the following persons the amount of any "covered claim" paid on behalf of such person pursuant to this article: Any person who is an affiliate of the insolvent insurer and whose liability obligations to other persons are satisfied in whole or in...”

• Miss. Code Ann. Section 83-23-125(b) (Prevention of insolvencies; examination at board request)

  “Within thirty (30) days of the receipt of such request, the commissioner shall begin such examination. The examination may be conducted as a National Association of Insurance Commissioners examination, or may be conducted by such persons as the commissioner designates. The cost of such examination...”

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