As Amended
SEC. 83-23-209. Definitions.
As used in this article:
(a) "Account" means either of the two (2) accounts created under Section 83-23-211.
(b) "Association" means the Mississippi Life and Health Insurance Guaranty Association created under Section 83-23-211.
(c) "Commissioner" means the Commissioner of Insurance of this state.
(d) "Contractual obligation" means any obligation under a policy or contract or certificate under a group policy or contract, or portion thereof for which coverage is provided under Section 83-23-205.
(e) "Covered policy" means any policy or contract within the scope of this article under Section 83-23-205.
(f) "Impaired insurer" means a member insurer which, after the effective date of this article, is not an insolvent insurer, and (i) is deemed by the commissioner to be potentially unable to fulfill its contractual obligations or (ii) is placed under an order of rehabilitation or conservation by a court of competent jurisdiction.
(g) "Insolvent insurer" means a member insurer which after the effective date of this article, is placed under an order of liquidation by a court of competent jurisdiction with a finding of insolvency.
(h) "Member insurer" means any insurer licensed or which holds a certificate of authority to transact in this state any kind of insurance for which coverage is provided under Section 83-23-205, and includes any insurer whose license or certificate of authority in this state may have been suspended, revoked, not renewed or voluntarily withdrawn, but does not include:
(i) A nonprofit hospital or medical service organization;
(ii) A health maintenance organization;
(iii) A fraternal benefit society;
(iv) A mandatory state pooling plan;
(v) A mutual assessment company or any entity that operates on an assessment basis;
(vi) An insurance exchange; or
(vii) Any entity similar to any of the above.
(i) "Moody's Corporate Bond Yield Average" means the Monthly Average Corporates as published by Moody's Investors Service, Inc., or any successor thereto.
(j) "Person" means any individual, corporation, partnership, association or voluntary organization.
(k) "Premiums" means amounts received on covered policies or contracts less premiums, considerations and deposits returned thereon, and less dividends and experience credits thereon. "Premiums" does not include any amounts received for any policies or contracts or for the portions of any policies or contracts for which coverage is not provided under Section 83-23-205 (2), except that assessable premium shall not be reduced on account of Sections 83-23-205 (2)(b)(iii) relating to interest limitations and 83-23-205 (3)(b) relating to limitations with respect to any one (1) individual, any one (1) participant and any one (1) contract holder; provided, that "premiums" shall not include any premiums in excess of Five Million Dollars ($5,000,000.00) on any unallocated annuity contract not issued under a governmental retirement plan established under Section 401(k), 403(b) or 457 of the United States Internal Revenue Code.
(l) "Resident" means any person who resides in this state at the time a member insurer is determined to be an impaired or insolvent insurer and to whom a contractual obligation is owed. A person may be a resident of only one (1) state, which in the case of a person other than a natural person shall be its principal place of business.
(m) "Supplemental contract" means any agreement entered into for the distribution of policy or contract proceeds.
(n) "Unallocated annuity contract" means any annuity contract or group annuity certificate which is not issued to and owned by an individual, except to the extent of any annuity benefits guaranteed to an individual by an insurer under such contract or certificate.
SOURCES: Laws, 1985, ch. 482, Sec. 5; 1990, ch. 546, Sec. 3, eff from and after July 1, 1990.