Mississippi Insurance Department: Annual Requirements for Insurers

• Mississippi mandates annual filings, premium taxes, and registrations for various insurance entities, including Risk Retention Groups and licensed companies.
• Key deadlines include March 1st for license fees and July 15th for annual company assessments, with invoices issued beforehand.
• Electronic submission via the UCAA Electronic Application is required for foreign company corporate amendments.
• Annual company assessments are proportional to gross premiums collected in Mississippi and determined by the Insurance Commissioner.
• The NAIC Checklist guides companies on which documents to submit to both the Mississippi Insurance Department and the NAIC.

Ensuring compliance with Mississippi insurance department annual requirements necessitates a thorough understanding of specific filing deadlines, fee payment schedules, and electronic submission procedures for various entities operating within the state.

The Mississippi Insurance Department (MID) outlines comprehensive annual requirements for a diverse range of entities operating within the state's insurance sector. These mandates encompass tax filings, annual statements, premium tax submissions, and various registration and reporting forms. Companies subject to these regulations include Risk Retention Groups, Risk Purchasing Groups, those involved in Independently Procured Insurance (often referred to as Surplus Lines), and Direct Placement/Self Procured Insurance (Licensed Companies).

Compliance with Mississippi insurance department annual requirements is a critical undertaking, demanding meticulous attention to detail from legal counsel and compliance officers. The MID provides a detailed framework, including specific instructions and the National Association of Insurance Commissioners (NAIC) Checklist, to guide entities through their obligations. This checklist is particularly vital as it specifies which documents must be submitted directly to the Mississippi Insurance Department and which are to be filed with the NAIC, ensuring a streamlined yet thorough reporting process for all regulated insurers.

For foreign companies seeking corporate amendments, the Mississippi Insurance Department exclusively accepts electronic filing submissions. These applications must be processed through the Uniform Certificate of Authority Application (UCAA) Electronic Application system. Once a complete application is received, an invoice detailing the applicable filing fees is promptly emailed to the designated contact person associated with the submission. For any inquiries related to UCAA Corporate Amendment Mississippi applications, companies are directed to contact Compliance@mid.ms.gov.

Beyond corporate amendments, the broader annual statement filing requirements are also guided by the NAIC Checklist Mississippi filing guidelines. This comprehensive checklist provides detailed instructions for the primary annual statement submission, along with all subsequent supplements, essential licensing information, and specifics regarding premium tax obligations. Adhering to these electronic and procedural requirements is paramount for maintaining good standing with the state regulator.

A crucial aspect of Mississippi insurance department annual requirements involves the timely payment of license and certificate of authority fees. Pursuant to Miss. Code Ann. § 83-5-71, the Mississippi Insurance Department issues an invoice to each company around January 15th each year, with payment due by March 1st. This fee ensures the ongoing validity of a company’s license or certificate of authority. Notably, certain entities such as Surplus Lines, Accredited Reinsurers, and Trusteed Reinsurers, while not subject to traditional licensing, are still obligated to pay these fees by the March 1st deadline annually.

In addition to license fees, companies must also account for annual company assessments. Under Miss. Code Ann. §§ 83-2-33 and 83-5-72, all property and casualty, life, health, and accident insurance companies, as well as health maintenance organizations operating in Mississippi, are required to contribute annually. These contributions are proportional to their gross premiums collected within the state during the preceding calendar year. The Insurance Commissioner determines the timing and fixes the annual assessment amount as a percentage of these gross premiums. Invoices for these annual company assessments are typically emailed around July 15th to the Company/License Fees contact on file with the Department. Electronic payment instructions are available via the 'Electronic State Invoice Payment Service for Company Invoice Fees' link on the Companies webpage, and questions regarding these assessments can be directed to accounting@mid.ms.gov.

Furthermore, specific premium tax filings for Risk Retention and Risk Purchasing entities must be submitted directly to the Mississippi Insurance Department. Any questions concerning Mississippi insurance premium tax filings should also be addressed to accounting@mid.ms.gov. These varied financial obligations and their associated Mississippi insurance company filing deadlines underscore the need for diligent financial and regulatory planning.

Lawyers and compliance officers advising insurance companies in Mississippi must be aware of the specific annual filing deadlines, fee payment schedules (e.g., March 1st for license fees, July 15th for assessments), and electronic submission procedures to ensure their clients maintain regulatory compliance and avoid penalties.

Source: Original reporting via Mississippi Insurance Department.