Mississippi § 83-15-1 - Formation of company.

§ 83-15-1. Formation of company.

Companies may be formed in the same manner provided in this chapter for the purposes of abstracting title to real estate, furnishing information in relation thereto, and insuring owners and others interested therein against loss by reason of incumbrances and defective titles. Such companies shall not be subject to the provisions of this chapter except as regards the manner of their formation as follows, to wit: Any company, before it shall issue any policy of insurance or guaranty, shall file with the insurance commissioner a certified copy of the record of the certificate of its organization in the office of the secretary of state, and shall obtain from the commissioner of insurance his certificate that it has complied with the laws applicable to it and is authorized to do such business. Every corporation which issues policies of title insurance or guaranty shall, on or before the first day of March of each year, file in the office of the insurance commissioner a statement such as he may require, of its condition and of its affairs for the year ending on the preceding thirty-first of December, signed and sworn to by its president, secretary, treasurer, or one of its directors; and for neglect to file such annual statement shall be liable to the same penalties as are imposed upon insurance companies generally.