30 Miss. Code. R. 1301-7.4 - Registration Requirements - Financial Security Requirements
a. Each applicant and registrant may comply
with the financial security requirement under Mississippi HB844, Section
5(2)(a) by submitting to the Commission the information required by one of the
following four paragraphs.
1. proof of
reimbursement insurance policy described in Mississippi Code, HB844, Section
5.1(b); the reimbursement insurance policy must include the "Vehicle Protection
Product Warrantor MS Endorsement" prescribed by the executive director or
equivalent language.
2. an audit
report and audited financial statements for the most recent fiscal year which
demonstrate either the applicant or the registrant, or the parent corporation
of the applicant or registrant, if there is one, had a net worth in excess of
$50 million as of the end of its most recent fiscal year; HB844, Section
5(2)(a).
3. the audit report of an
independent certified public accountant stating the auditor's unqualified
opinion concerning the financial statements of the applicant or registrant as
of the end of its most recent fiscal year, together with a certification from
the same accountant who performed the audit that the applicant or registrant
had a net worth in excess of $50 million as of the end of the period audited:
or
4. the audit report of an
independent certified public accounting stating the auditor's unqualified
opinion concerning the financial statements of the parent corporation of the
applicant or registrant as of the end of the parent corporation's most recent
fiscal year, together with a certification from the same accountant who
performed the audit of the parent corporation that had a net worth in excess of
$50 million as of the end of the period audited.
b. If the applicant or registrant relies upon
the net worth of its parent corporation to satisfy the financial security
requirements of Mississippi Code, then the applicant or registrant must furnish
sufficient written proof, such as a resolution of the parent corporation's
board of directors, that the parent corporation has agreed to guarantee the
liabilities and obligations of an applicant or registrant relating to vehicle
protection products sold or offered for sale by the applicant or registrant in
this state.
c. Notwithstanding the
other provisions of this section, an applicant or registrant shall promptly
provide all financial statements and information to the executive director or
his designate that are requested in writing by the executive director or his
designate.
Notes
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