SEC. 83-41-7. Securities deposited.

Before engaging in said business any such persons, firms, associations, or corporations shall deposit with the treasurer of the State of Mississippi such securities as may be approved by the insurance commissioner, consisting of bonds of the United States, of the State of Mississippi, or of any county, municipality, levee district, school district, or road district of this state. The securities so deposited shall be not less than the par value of $500.00 for each 200 contracts or fraction thereof in force, but the minimum of said securities shall be $1,000.00 par value and the maximum shall be $10,000.00.

A surety bond made by some company authorized to do business in Mississippi, for an amount equal to twice the amount of securities required above, may be filed with the treasurer after the approval by the insurance commissioner, in lieu of the other securities above referred to.

SOURCES: Codes, 1941, Sec. 5609; Laws, 1936, ch. 177.

1997 Amendment

SECTION 1. Sections 83-41-1, 83-41-3, 83-41-5, 83-41-7, 83-41-9, 83-41-11, 83-41-13, 83-41-15, 83-41-17 and 83-41-19, Mississippi Code of 1972, which provide for the organization and regulation of hospital and medical service associations by the Commissioner of Insurance, are repealed.

SOURCE: 1997 Laws, Chapter 307, Sec. 1, SB2066, Effective July 1, 1997.