83-21-23 - Affidavit of agent and insured; filing of affidavit and report; promulgation of rules and regulations and establishment of fees. - Mississippi Statutes

§ 83-21-23. Affidavit of agent and insured; filing of affidavit and report; promulgation of rules and regulations and establishment of fees.
 

When any policy of insurance or certificate of insurance is procured under the authority of such license, there shall be executed by the agent an affidavit setting forth facts in complete detail as to what was done to place such kind of insurance and showing that such agent therein was unable, after diligent effort, to procure from any licensed company or companies the full amount of insurance required to protect the property, liability, or risk desired to be insured, and further showing that the amount of insurance procured from the eligible nonadmitted insurer or insurers is only the excess over the amount so procurable from licensed companies. Each such affidavit, which shall be effective for the term of the policy, shall be filed with the Commissioner of Insurance along with the report required in Section 83-21-25. 
 

The Commissioner of Insurance may promulgate rules and regulations and establish appropriate fees for the implementation of Sections 83-21-17 through 83-21-31. The Commissioner of Insurance shall also have authority to impose penalties for an agent's noncompliance with Sections 83-21-17 through 83-21-31 or rules and regulations hereunder including civil penalties not to exceed Two Thousand Five Hundred Dollars ($2,500.00) per violation or revocation of the agent's license, or both. 
 

Sources: Codes, 1906, § 2609; Hemingway's 1917, § 5072; 1930, § 5195; § 1942, § 5705-02; Laws, 1954, ch. 307, § 2; Laws, 1958, ch. 448, § 1; Laws, 1966, ch. 532, § 1; Laws,  1993, ch. 308, § 1; Laws, 1995, ch. 314, § 1; Laws, 2000, ch. 606, § 2, eff from and after July 1, 2000.