83-5-417 - Relationship with other laws; promulgation of rules and regulations; exemption of domestic insurers. - Mississippi Statutes

§ 83-5-417. Relationship with other laws; promulgation of rules and regulations; exemption of domestic insurers.
 

(1)  The provisions of Sections 83-5-401 through 83-5-427 are supplemental to any other provisions of the laws of this state and shall not preclude or limit any other powers or duties of the commissioner under such laws. 

(2)  The commissioner may promulgate rules and regulations necessary for the implementation of Sections 83-5-401 through 83-5-427. 

(3)  The commissioner may exempt from the application of Sections 83-5-401 through 83-5-427 any domestic insurer that: 

(a) Writes direct business only in this state; 

(b) Writes direct annual premiums of Two Million Dollars ($2,000,000.00) or less; and 

(c) Assumes no reinsurance in excess of five percent (5%) of direct premium written. 
 

Sources: Laws,  1996, ch. 478, § 9, eff from and after July 1, 1996.