Current through December 10, 2024
Section 19-2-1.01.3 - Certain Other Special PoliciesA. No policy shall be sold or approved for use in Mississippi after the effectivedate of these rules which provides that any part of the company profits, premiums, dividends, excess interest, savings on mortality, loadings, lapses, or the earnings and or accumulations therefrom are to be payable only to those of a group of policyholders who live and persist in premium payments to the end of a period of time stated in the policy, or to those of a group of policyholders who live and persist in premium payments to the end of such stated period of time and the beneficiaries of those who die prior theretowhile their policies are in force. The purpose of the foregoing provision is to emphasize and implement Section 5642, Mississippi Code of 1942.B. No policy shall be sold or approved for use in Mississippi after the effective date of these rules which uses a policy name which implies or may be reasonably construed as implying that only a limited number of persons or some limited grouping or classification of persons will be eligible to buy such policy unless the limitation is related toage, occupation, health, sex or some other classification which recognized underwriting practices indicate is directly related to expectation of life.19 Miss. Code. R. 2-1.01.3