83-27-5 - Capital of $100,000 in securities required. - Mississippi Statutes

§ 83-27-5. Capital of $100,000 in securities required.
 

No such company shall be accepted as surety unless the amount of at least one hundred thousand dollars of its said paid-up capital is invested in solvent securities created by the laws of the United States or of the State of Mississippi or by or under the laws of the state by which such company is incorporated, or in other safe securities the value of which, at the time of such acceptance, shall be at or above par and which are deposited with the insurance commissioner, auditor, comptroller, or chief financial officer of the state under whose laws such company is incorporated, and the commissioner of insurance of this state is furnished with the certificate of such commissioner, auditor, comptroller, or officer, under his hand and official seal that he, as said insurance commissioner, auditor, comptroller, or chief financial officer of said state holds the said securities in trust and on deposit for the benefit of such obligees of such company, which certificate shall describe the items of security so held and shall state that he is satisfied they are worth one hundred thousand dollars. 
 

Sources: Codes, 1906, § 2671; Hemingway's 1917, § 5137; 1930, § 5227; 1942, § 5741.