§ 83-5-63. Penalty for failure to declare.
109 words·~1 min read·
/ms/title-83-insurance/article-1-general-provisions/83-5-63·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any corporation, firm, person, or individual, resident in this state, who shall obtain or have possession of policies of insurance against loss by fire, lightning, or tornado on property situate in this state issued by companies, associations, firms, corporations, or individuals not authorized to transact the business of insurance in this state without complying with the provisions of Section 83-5-61 shall be guilty of a misdemeanor and, upon conviction thereof, shall be subject to a fine of not less than Two Hundred Fifty Dollars ($250.00) nor more than One Thousand Dollars ($1,000.00).
Nothing herein shall prevent the placing of insurance in unauthorized companies as provided elsewhere by this chapter.