Miss. Code Ann. Title 83, Chapter 2 (partial)

What this document is

Miss. Code Ann. Title 83, Chapter 2 (partial) - Competitive Rating for Property and Casualty Insurance: rate standards including the unfair-discrimination-in-rates test (§ 83-2-3), and the chapter's agency-funding provisions (§§ 83-2-33, 83-2-35) is a state statute published by Mississippi Legislature (Miss. Code Ann. Title 83, Chapter 2); body text assembled from the Mississippi Legislature's own enrolled bills that most recently amended each section, catchlines verified against the LexisNexis Mississippi Code Public Access table of contents. 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 83-2-3(1)(a)-(c) (Standards applicable to rates)

  “(1) Rates shall comply with the following standards: (a) Rates shall not be excessive, inadequate or unfairly discriminatory. (b) A rate is excessive if it is likely to produce a profit that is unreasonably high for the insurance provided or if the expense provision included therein is unreasonably...”

• Miss. Code Ann. Section 83-2-3(1)(d) (Standards applicable to rates)

  “(d) Unfair discrimination exists if, after allowing for practical limitations, price differentials fail to reflect equitably the differences in expected losses and expenses. A rate is not unfairly discriminatory because different premiums result for policyholders with like loss exposures with...”

• Miss. Code Ann. Section 83-2-3(2)(a) (Standards applicable to rates; criteria)

  “Due consideration shall be given to past and prospective loss and expense experience within and outside this state; to catastrophe hazards; to any residual market loss redistributions and other similar obligations; to a reasonable provision for profit and contingencies; to trends within and outside...”

• Miss. Code Ann. Section 83-2-3(2)(b) (Standards applicable to rates; criteria)

  “(b) Risks may be classified in any reasonable way for the establishment of rates except that no risks may be grouped by classifications based, in whole or in part, on race, color, creed, or national origin of the risk. Rates may be modified for individual risks in accordance with rating plans or...”

• Miss. Code Ann. Section 83-2-3(2)(c) (Standards applicable to rates; criteria)

  “(c) The systems of expense provisions included in rates for use by an insurer or group of insurers may differ from those of other insurers or group of insurers to reflect the operating methods of such insurer or group with respect to any kind of insurance, or with respect to any subdivision or combination thereof.”

• Miss. Code Ann. Section 83-2-3(2)(d) (Standards applicable to rates; hurricane deductible buy-back waiver)

  “(d) Any homeowners' insurance policy filed with the Commissioner of Insurance that offers a percentage deductible for the peril of windstorm from a named storm shall offer a buy-back provision for that deductible which is actuarially sound; however, the Commissioner of Insurance may grant a waiver...”

• Miss. Code Ann. Section 83-2-3(2)(e) (Standards applicable to rates; hurricane deductible duration)

  “The duration of the hurricane includes the time period, in Mississippi: (i) Beginning at the time a hurricane watch or hurricane warning is issued for any part of Mississippi by the National Hurricane Center of the National Weather Service; (ii) Continuing for the time period during which the...”

• Miss. Code Ann. Section 83-2-33 (Property and casualty insurance companies to contribute to Insurance Department Fund)

  “All property and casualty insurance companies doing business in this state shall contribute annually, at such times as the Insurance Commissioner shall determine, in proportion to their gross premiums collected within the State of Mississippi during the preceding year, to a special fund in the...”

• Miss. Code Ann. Section 83-2-35(1) (Payment of fee by property and casualty insurers; scope)

  “(1) This section applies to all forms of property and casualty insurance on risks or operations in this state by any insurer authorized to do business in this state, except: (a) Accident and health; (b) Ocean marine insurance; (c) Reinsurance; (d) Aircraft liability and aircraft hull insurance; (e)...”

• Miss. Code Ann. Section 83-2-35(2) (Payment of fee by property and casualty insurers)

  “All such insurers shall pay to the Commissioner of Insurance a fee of Fifteen Dollars ($15.00) for each form or rate filing filed with the commissioner. The commissioner shall pay such fees into the special fund in the State Treasury designated as the "Insurance Department Fund."”

• Miss. Code Ann. § 83-2-3(1)(d) (Standards applicable to rates; unfair discrimination)

  “Unfair discrimination exists if, after allowing for practical limitations, price differentials fail to reflect equitably the differences in expected losses and expenses. A rate is not unfairly discriminatory because different premiums result for policyholders with like loss exposures with different...”

• Miss. Code Ann. § 83-2-3(1)(b) (Standards applicable to rates; excessive rate)

  “A rate is excessive if it is likely to produce a profit that is unreasonably high for the insurance provided or if the expense provision included therein is unreasonably high in relation to the services rendered.”

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