Bill Text: MS SB2669 | 2022 | Regular Session | Enrolled
Bill Title: Insurance company licenses; perpetual until revoked or forfeited.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2022-04-18 - Approved by Governor [SB2669 Detail]
Download: Mississippi-2022-SB2669-Enrolled.html
MISSISSIPPI LEGISLATURE
2022 Regular Session
To: Insurance
By: Senator(s) Michel
Senate Bill 2669
(As Sent to Governor)
AN ACT TO AMEND SECTIONS 27-15-205, 27-15-223, 83-5-71 AND 83-17-25, MISSISSIPPI CODE OF 1972, TO MAKE THE TERM OF CERTAIN LICENSES AND CERTIFICATES ISSUED BY THE COMMISSIONER OF INSURANCE PERPETUAL UNTIL SUCH TIME AS THE COMMISSIONER OF INSURANCE REVOKES THE LICENSE OR CERTIFICATE, OR THE LICENSE OR CERTIFICATE IS FORFEITED BY THE LICENSEE OR CERTIFICATE HOLDER; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 27-15-205, Mississippi Code of 1972, is amended as follows:
27-15-205. Upon the receipt of the application herein required, and payment of the amount shown thereby to be due for the privilege to be exercised, the officer to whom the application is made shall determine if the application is in proper form, and if the correct amount be tendered, and may require the applicant to furnish such other and further information as in his opinion is necessary to ascertain the correct amount of tax due. When the correct amount of the tax has been so ascertained, the officer shall issue to the applicant taxpayer a privilege license according to such application, and shall date the same as of the first day of the month of its issuance, except that licenses issued by the Commissioner of Insurance will be effective as of the date the license is issued. The officer issuing the license shall countersign the same when issued by him, and he shall enter the same in the register prescribed by law therefor. The license issued by collectors as herein provided shall be executed in duplicate, the original shall be delivered to the licensee by the officer, and the duplicate shall be attached to the application therefor, and preserved by the officer as a public record.
If, however, such officer, shall, before issuing the license, or at any time thereafter, have reason to believe that the statements of the business contained in the application are incorrect or false in any material particular, the officer shall duly notify the applicant wherein the supposed discrepancy lies, and he is hereby empowered to require the applicant to render such other information as will enable him to determine the proper tax due. After making such determination of the proper tax due, if the license has not been issued, the officer shall forthwith proceed to collect the amount of tax due; and if the license shall have been issued under the original application, he shall collect the difference between the sum shown to be properly due, and the sum paid with the original application, and shall issue an additional license therefor which shall expire at the same time as the original. If the additional tax is paid within sixty (60) days after the determination by the office of the proper amount due, no penalty shall be applied. If the taxpayer shall willfully fail or refuse to furnish the information requested by such officer, he shall be liable for damages as in other cases of payment of an insufficient privilege tax, and may be proceeded against civilly or criminally as otherwise provided herein, and shall suffer the penalties provided herein therefor.
The license issued pursuant to this section shall be good, usable, and valid for one (1) year after the date thereof, or for such other period as is fixed by law for the privilege, which period shall be so designated in the license. Except as provided in Title 83, Mississippi Code of 1972, for licenses issued by the Commissioner of Insurance, all statewide licenses shall be issued for a period no longer than one (1) year.
The officer issuing the license shall be authorized to suspend any license issued to any person pursuant to this section for being out of compliance with an order for support, as defined in 93-11-153. The procedure for suspension of a license for being out of compliance with an order for support, and the procedure for the reissuance or reinstatement of a license suspended for that purpose, and the payment of any fees for the reissuance or reinstatement of a license suspended for that purpose, shall be governed by Section 93-11-157 or Section 93-11-163, as the case may be. If there is any conflict between any provision of Section 93-11-157 or Section 93-11-163 and any provision of this chapter, the provisions of Section 93-11-157 or Section 93-11-163, as the case may be, shall control.
SECTION 2. Section 27-15-223, Mississippi Code of 1972, is amended as follows:
27-15-223. It shall be the duty of the officer collecting the taxes to prepare and have printed the proper privilege tax license blanks necessary to carry into effect the laws relating to privilege taxes and there shall be printed on each license at the bottom thereof, the words: "This license shall not make lawful any act or thing declared to be unlawful by the State of Mississippi." Except as provided in Title 83, Mississippi Code of 1972, for licenses issued by the Commissioner of Insurance, all such privilege tax license blanks shall be printed in the form prescribed by the officer collecting the tax and shall be imprinted with the fiscal year for which the blanks are to be issued, and shall be numbered consecutively beginning with number one (1) of each fiscal year; and shall be made in duplicate, the original and duplicate to bear the same serial number and be alike in all respects, except that they be marked "original," "duplicate," and be of different colors.
SECTION 3. Section 83-5-71, Mississippi Code of 1972, is amended as follows:
83-5-71. * * * (1) Notwithstanding
any other provision of law, this section establishes the exclusive authority
with respect to the duration of a privilege license or certificate of authority
for an insurer subject to this chapter and licensed or holding a certificate of
authority, or both, to transact business in this state under this Title 83.
(2) An insurer must make an initial application in a form prescribed by the commissioner and, upon being granted approval to transact business in this state, a license or certificate of authority, or both, shall be issued and remain in effect until suspended, revoked, surrendered or forfeited.
(3) Before being issued an initial license or certificate of authority, an insurer must pay the required privilege tax fee required by Section 27-15-83, along with other required fees, and must continue to pay the aforementioned fees on an annual basis on or before March 1 of each year in order to keep the license or certificate of authority in good standing.
(4) Amendments to a license or certificate of authority will require payment by the insurer of the applicable fees.
(5) Insurers who were issued a license or certificate of authority, or both, before the effective date of this law will receive an amended license or certificate of authority, or both.
SECTION 4. Section 83-17-25, Mississippi Code of 1972, is amended as follows:
83-17-25. No certificate of authority shall be issued to any agent who has not previously obtained from the commissioner a privilege license to act as an insurance agent; provided that agents or organizers of fraternal orders shall not be required to have such privilege license.
* * *
The privilege license of an individual to act as an insurance producer, limited lines producer, limited lines credit insurance producer, supervising general agent or managing general agent shall continue from the date of issuance of original licenses or from the expiration date for existing licenses until the last day of the month of the licensee's birthday in the second year following issuance or renewal of the license, with a minimum term of thirteen (13) months.
The privilege license of a business entity to act as insurance producer, limited lines producer, limited lines credit insurance producer, supervising general agent or managing general agent shall continue from the date of issuance until May 31 in the second year following issuance or renewal of the license, with a minimum term of thirteen (13) months.
SECTION 5. This act shall take effect and be in force from and after July 1, 2022.
