83-55-9 - Risk retention groups not to participate in insolvency guaranty funds; no benefits to be received from funds. - Mississippi Statutes

§ 83-55-9. Risk retention groups not to participate in insolvency guaranty funds; no benefits to be received from funds.
 

(1)  No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund or similar mechanism, in this state, nor shall any risk retention group, or its insureds or claimants against its insureds, receive any benefit from any such fund for claims arising under the insurance policies issued by such risk retention group. 

(2)  When a purchasing group obtains insurance covering its members' risks from an insurer not authorized in this state or a risk retention group, no such risks, wherever resident or located, shall be covered by any insurance guaranty fund or similar mechanism in this state. 

(3)  When a purchasing group obtains insurance covering its members' risks from an authorized insurer, only risks resident or located in this state shall be covered by any state guaranty fund. 
 

Sources: Laws,  1988, ch. 419, § 5, eff from and after July 1, 1988.