38 Miss. Code. R. 3-10.6

Current through December 10, 2024

Rule 38-3-10.6 - Involuntary Termination Fee

An MPACT Contract may be Involuntarily Terminated for any of the following reasons:

A. The Purchaser or Beneficiary has made a material misrepresentation of information;

B. The Purchaser or Beneficiary has provided false information to the MPACT Program;

C. The Purchaser has requested or accepted any form of compensation, fee, commission, service charge or any other form of payment or remuneration for entering into a Contract for the benefit of a nonresident Beneficiary; or

D. Such other reasons as the State Treasurer may reasonably impose.

If the MPACT Contract is Terminated, a Termination Fee of one hundred percent (100%) of the amounts paid into the Trust Fund, excluding Administrative Fees, up to a maximum of five hundred dollars ($1,500.00) will be assessed. Any refund due to the Purchaser of amounts paid into the Trust Fund, in the event of Termination of the MPACT Contract, is addressed in Rule 13.6.

38 Miss. Code. R. 3-10.6

Miss. Code Ann. § 37-155-9 (Rev. 2003).