Section 35-7-07-02-101 - Insurance Company to Apply for Certificate of Title1. An insurance company which as a result of paying a total loss claim becomes the owner of a motor vehicle and obtains the insured's certificate of title, shall within seventy-two (72) hours after obtaining said title apply to the Department for a new Certificate of Title, surrendering with its application the current Certificate for Title and odometer disclosure made in the title or in such form as required, including documentation to show if the title applied for is for a salvage vehicle, and include a signed statement on original company letterhead which states: () collision damage; () hail damage; () flood damage; () recovered or () unrecovered theft. If the vehicle sustained damage from collision or other occurrence or is recovered theft, will it require replacement of six (6) minor component parts? () yes; () no?. The insurance company shall staple this statement to the Certificate of Title, and make notation on the face of the Certificate of Title. Such application shall be made by the insurance company in the manner and in such form prescribed and provided by the Department. The provisions of this paragraph shall not apply to a vehicle which is ten (10) years old or older with a value prior to the loss of one thousand five hundred dollars ($1,500), or less or which will require the replacement of five (5) or fewer minor component parts in the reconstruction process. 2. If ownership of a salvage vehicle has not been acquired by an insurer, the owner must surrender the certificate of title for such vehicle to a designated agent of the Department prior to any sale or disposition of such vehicle and not later than thirty (30) days from the date that the vehicle becomes a salvage vehicle. 35 Miss. Code. R. 7-07-02-101