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Licensees required to possess permissible investments having an aggregate market value of at least the aggregate amount of outstanding checks.

Miss. Code Ann. § 75-15-12
in effect
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In addition to the bond required in Section 75-15-11, a licensee must possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate amount of all outstanding checks issued or sold or money received for transmission by the licensee in the United States.This requirement may be waived by the commissioner if the dollar volume of a licensee’s outstanding checks does not exceed the bond or other security devices posted by the licensee in accordance with Section 75-15-11. Permissible investments, even if commingled with other assets of the licensee, shall be deemed by operation of law to be held in trust for the benefit of the purchasers and holders of the licensee’s outstanding checks and money received for transmission and may not be considered an asset or property of the licensee in the event of bankruptcy, receivership or a claim against the licensee unrelated to any of the licensee’s obligations under this chapter. Permissible investments mean: Cash; Certificates of deposit or other debt obligations of a financial institution, either domestic or foreign; Bills of exchange or time drafts drawn on and accepted by federally insured financial depository institutions; Any investment bearing a rating of one (1) of the three (3) highest grades as defined by a nationally recognized organization that rates such securities; Investment securities that are obligations of the United States, its agencies or instrumentalities, or obligations that are guaranteed fully as to principal and interest of the United States, or any obligations of any state, municipality or any political subdivision thereof; Shares in a money market mutual fund, interest-bearing bills or notes or bonds, debentures or stock traded on any national securities exchange or on a national over-the-counter market, or mutual funds primarily composed of those securities or a fund composed of one or more permissible investments as set forth in this section; Any demand borrowing agreement or agreements made to a corporation or a subsidiary of a corporation whose capital stock is listed on a national exchange; Receivables that are due to a licensee from its agents, which are not past due or doubtful of collection; or Any other investments approved by the commissioner. The commissioner may limit or disallow for purposes of determining compliance with this section an investment, surety bond, letter of credit or other security otherwise permitted by this section if the commissioner determines it to be unsatisfactory for investment purposes or to pose a significant supervisory concern.
Licensees required to possess permissible investments having an aggregate market value of at least the aggregate amount of outstanding checks. | Corpus