83-25-3 - Policies to agree with charter and bylaws. - Mississippi Statutes

§ 83-25-3. Policies to agree with charter and bylaws.
 

Every policy or certificate or renewal receipt issued to a resident of the State of Mississippi by any corporation, association, or order therein transacting the business of life insurance upon the assessment plan shall be in accord with the provisions of the charter and bylaws of said corporation, association, or order, as filed with the commissioner of insurance. It shall be unlawful for any domestic or foreign insurance company or fraternal order to transact or offer to transact any business not authorized by the provisions of their charter and the terms of their bylaws, or through an agent, or otherwise to offer or issue any policy, renewal, certificate, or other contract, the terms of which are not in clear accord with the powers, terms, and stipulations of their charters and bylaws. Upon a proper application by any citizen of this state, it shall be the duty of the commissioner to give a statement or synopsis of the provisions of any insurance contract offered or issued to such citizen. If any such corporation or association or order shall at any time fail or refuse to comply with the provisions of this section, the commissioner shall forthwith suspend or revoke all authority to such corporation, association, or order, and all its agents or officers to do business in this state, and shall publish such revocation in some newspaper published in this state. 
 

Sources: Codes, 1906, § 2635; Hemingway's 1917, § 5101; 1930, § 5179; 1942, § 5689.