19 Miss. Code. R. 2-1.01.1

Current through December 10, 2024
Section 19-2-1.01.1 - Profit- Sharing Policies
A. No policy shall be sold or approved for use in Mississippi after the effective date of these rules which provides that the policyholder will be eligible to participate in any future distribution of general corporate profit or that the policyholder will receive any special advantage not available to all persons of the same class holding all other participating types of policies which have been issued and which may be issued by the company.
B. This section is not intended to restrict or prohibit the sale in this State of policies both of the participating and non-participating type.
C. The phrase "same class" which appears in this section and in Chapter II is defined to relate only to those recognized underwriting classifications such as age, occupation, sex, health or similar groupings which have a direct bearing upon expectation of life of the person so classified and it shall not include any classification based in anywise upon the date of purchase or the name given bythe company to the policy purchased by any particular policyholder or group of policyholders.

19 Miss. Code. R. 2-1.01.1