Bill > HB408

This bill amends Sections 83-19-151 and 83-19-157 of the Mississippi Code to provide a definition of a "Reciprocal Jurisdiction" and to establish requirements for credit for reinsurance. The key provisions include: - Defining a "Reciprocal Jurisdiction" as a non-U.S. jurisdiction with an in-force covered agreement, a U.S. jurisdiction accredited under the NAIC financial standards, or a qualified jurisdiction that meets certain additional requirements. - Allowing credit for reinsurance ceded to an assuming insurer domiciled in a Reciprocal Jurisdiction that meets minimum capital, surplus, and solvency ratio requirements, and provides certain assurances and documentation to the commissioner. - Requiring the commissioner to create and publish lists of Reciprocal Jurisdictions and eligible assuming insurers. - Authorizing the commissioner to suspend or revoke an assuming insurer's eligibility if it no longer meets the requirements. - Allowing the commissioner to adopt regulations related to reinsurance arrangements for certain life, annuity, and long-term care products.

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http://billstatus.ls.state.ms.us/2020/pdf/history/HB/HB0408.xml