Mississippi Code Title 83. Insurance § 83-37-5

(1) Until July 1, 1996, companies may be formed and organized to engage in the business herein mentioned with a capital stock of not less than Five Thousand Dollars ($5,000.00). The proposed incorporators, a majority of whom must be residents of the state, and not less than three (3), shall subscribe articles of incorporation in which shall be stated:

The charter or articles of incorporation shall be approved by the Insurance Commissioner, and a certificate of approval shall be executed by the commissioner. The charter as thus approved shall be recorded in the Office of the Insurance Commissioner of this state and shall also be recorded in the Office of the Secretary of State.

(2) After July 1, 1996, no new companies may be formed and organized to engage in the business mentioned herein.

(3) No companies formed and organized to engage in the business herein mentioned may be sold, transferred or exchanged without prior approval of the Commissioner of Insurance. Before approval by the commissioner is granted, the commissioner shall verify and require that the company has an enforceable agreement with a duly licensed funeral service establishment pursuant to Section 73-11-55 to service the policies, contracts or certificates of the company; however, there shall be no reduction in benefits paid under the policy if the policyholder is affected by a merger or assumption and elects not to use the funeral home so designated under the assumption agreement.