19 Miss. Code. R. 1-17.04

Current through December 10, 2024
Rule 19-1-17.04 - Relationships

No insurance company, agent, agency or representative of same, shall enter into any contract, lease or other agreement with a lending institution which results in:

A. any activity reasonably leading a person to believe that his credit-worthiness, or that extension of credit or renewal thereof, is conditioned upon the purchase of insurance through a particular insurance company, agent, agency or representative of same:
B. the lending institution or its employees, either directly or indirectly, soliciting insurance for or acting on behalf of an insurance company, agent, agency or representative of same, in the sale or negotiation of insurance.

The dollar amount of rent paid by an insurance company, agent, agency or representative of same, to a lending institution shall be on a strict square footage basis, and shall not be based on a percentage of premium income.

Any compensation, rental fee and/or expense reimbursement paid by the insurance company, agent, agency or representative of same, to the lending institution or its employees must be commercially reasonable considering all material and relevant circumstances and must meet the requirements of all applicable law.

No insurance company, agent, agency or representative of same, may enter into any agreement which requires a lending institution or its employees to provide support services which are prohibited by applicable law. By way of illustration and not limitation, the following support services are specifically prohibited: adjustment and payment of losses; amendment of insurance contracts to keep coverages current; collection of premiums; issuance of policies, certificates and other documents; return of unearned premiums; payment of cash values; and transmittal of applications for insurance contract.

19 Miss. Code. R. 1-17.04

Miss. Code Ann. § 83-5-29 et seq. (Rev. 2011)