2013 Mississippi Code
Title 83 - INSURANCE
§ 83-11-207 - Security deposit or bond

MS Code § 83-11-207 (2013) What's This?

No automobile club shall render or agree to render service without first depositing and thereafter continuously maintaining security in one (1) of the following forms with the commissioner:

(a) The sum of Fifteen Thousand Dollars ($ 15,000.00) in cash or Fifteen Thousand Dollars ($ 15,000.00) surety bond by a surety company authorized to do business in Mississippi, or Fifteen Thousand Dollars ($ 15,000.00) in securities of a type approved by the commissioner and qualified for legal investment by an insurance company authorized to do business in Mississippi.

(b) If any security deposited with the commissioner shall become impaired and shall not be restored within thirty (30) days after written demand by the commissioner, the commissioner shall revoke the certificate of authority of the automobile club or, in the alternative, the commissioner may require such additional security deposit as in his discretion he shall deem necessary to restore adequate securities for the automobile club deposit.

Disclaimer: These codes may not be the most recent version. Mississippi may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.