Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

375.1037. Qualifications of accountant — limitation of number of years, when — approval by director — dispute resolution — accountant not recognized, when — exemption, when — preapproval for nonaudit services performed, when. — 1. The director shall not recognize any person or fi…

375.1038. Consolidated or combined financial statements permitted, when — worksheet , contents. — An insurer may make written application to the director for approval to file audited consolidated or combined financial statements in lieu of separate annual audited financial statem…

375.1040. Accountant's letter, contents. — The accountant shall furnish the insurer in connection with, and for inclusion in, the filing of the annual audited financial report, a letter stating: (1) Such accountant is independent with respect to the insurer and conforms to the st…

375.1042. Audit of financial statement by independent accountant. — Financial statements of the insurer to be filed pursuant to section 375.1030 shall be examined by an independent certified public accountant. The audit by the independent certified public accountant of the insure…

375.1045. Report of findings of accountant to insurer, contents. — 1. The insurer required to furnish the annual audited financial report shall require the independent certified public accountant to report, in writing, within five business days to the board of directors or its au…

375.1047. Unremediated material weaknesses to be furnished to director, requirements — insurer to communicate remedial actions taken. — 1. In addition to the annual audited financial report, each insurer shall furnish the director with a written communication as to any unremediat…

375.1050. Workpapers, defined — availability to insurance examiners — confidentiality of. — 1. As used in this section, "workpapers" are the records kept by the independent certified public accountant of the procedures followed, the tests performed, the information obtained and t…

375.1052. Temporary exemption, granted when — denial of, petition for hearing, procedures — schedule of compliance — effective date of requirements. — 1. Upon written application of any insurer, the director may grant a temporary exemption from compliance with sections 375.1025 t…

375.1053. Inapplicability of statute to foreign insurers — audit committee responsibilities, member qualifications — report required — waiver, when. — 1. This section shall not apply to foreign or alien insurers licensed in this state or an insurer that is a SOX-compliant entity …

375.1054. Prohibited acts — violation, penalty. — 1. No director or officer of an insurer shall, directly or indirectly: (1) Make or cause to be made a materially false or misleading statement to an accountant in connection with any audit, review, or communication required under …

375.1056. Report required by insurer, when, contents. — 1. Every insurer required to file an audited financial report under sections 375.1025 to 375.1062 that has annual direct written and assumed premiums, excluding premiums reinsured with the Federal Crop Insurance Corporation …

375.1057. Canadian and British insurers, special requirements. — 1. In the case of Canadian and British insurers, the "annual audited financial report" shall be defined as the annual statement of total business on the form filed by such companies with their supervision authority …

375.1058. Internal audit function — exemption, when — requirements. — 1. An insurer is exempt from the requirements of this section if: (1) The insurer has annual direct written and unaffiliated assumed premium, including international direct and assumed premium but excluding pre…

375.106. Insurance producers, limitations on negotiated contracts. — Insurance producers acting on behalf of an applicant for insurance or insured shall negotiate contracts of insurance only with authorized domestic insurance companies, licensed insurance * producers, foreign ins…

375.1060. Certification filed with annual statement, when — director shall promulgate rules, purpose. — 1. Each health services corporation organized pursuant to sections 354.010 to 354.380 shall file with its annual statement required by section 354.105 and section 375.041 a cer…

375.1062. Severability. — If any section or portion of a section of sections 375.1025 to 375.1062 or the applicability thereof to any person or circumstance is held invalid by a court, the remainder of such section or sections or the applicability of such provision to other perso…

375.1070. Inapplicability to certain insurers. — Sections 375.1070 to 375.1078 shall not apply to an insurer organized under chapter 376. ­­-------- (L. 1991 H.B. 385, et al. § 18, A.L. 2007 S.B. 66, A.L. 2015 S.B. 164)

375.1072. Definitions. — As used in sections 375.1070 to 375.1078, the following terms mean: (1) "Admitted assets", the amount thereof as of the last day of the most recently concluded annual statement year, computed in the same manner as admitted assets in section 379.080 for in…

375.1074. Limitation on investments, domestic insurers. — Except as otherwise specified by Missouri law, no domestic insurer shall acquire an investment directly or indirectly through an investment subsidiary if, as a result of and after giving effect to the investment, the insur…

375.1075. Limitations on aggregate of medium or lower quality investments, requirements. — 1. No domestic insurer shall acquire, directly or indirectly, any medium or lower quality obligation of any institution if, after giving effect to any such acquisition, the aggregate amount…

375.1078. Limitation on Canadian investments. — 1. No insurer shall acquire, directly or indirectly through an investment subsidiary, a Canadian investment otherwise permitted under Missouri law if, after giving effect to the investment, the aggregate amount of the investments th…

375.1080. Definitions. — As used in sections 375.1080 to 375.1105, the following terms mean: (1) "Completed operations liability", liability arising out of the installation, maintenance, or repair of any product at a site which is not owned or controlled by: (a) Any person who pe…

375.1082. Type of insurance allowed — annual statement, form — requirements for charter, contents of application. — 1. A risk retention group shall be chartered and licensed to write only liability insurance pursuant to sections 375.1080 to 375.1105 and, except as provided elsewh…

375.1085. Nonresidents, requirements — requirements prior to operation — premium taxes, liability for — examination by director — policy application, required provisions — prohibited acts — penalties. — 1. Risk retention groups chartered and licensed in states other than this sta…

375.1087. Contributions to guaranty fund prohibited — guaranty fund to cover only specified risks. — 1. No risk retention group shall be required or permitted to join or contribute financially to any insurance insolvency guaranty fund, or similar mechanism, in this state, nor sha…

375.1090. Purchasing group subject to insurance laws, exceptions. — A purchasing group and its insurer or insurers shall be subject to all applicable laws of this state, except that a purchasing group and its insurer or insurers shall be exempt, in regard to liability insurance f…

375.1092. Purchasing group to notify director, contents — designation of director as agent for service of process, exceptions. — 1. A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the director, on the forms prescribe…

375.1095. Insurance purchased by purchasing group, requirements. — 1. A purchasing group may not purchase insurance from a risk retention group that is not chartered in a state or from an insurer not admitted in the state in which the purchasing group is located, unless the purch…

375.1097. Premium taxes, payment of. — Premium taxes and taxes on premiums paid for coverage of risks resident or located in this state by a purchasing group or any members of the purchasing groups shall be: (1) Imposed at the same rate and subject to the same interest, fines and…

375.1100. Powers of director. — The director may make use of any of the powers established under chapters 374 to 385 to enforce the laws of this state not specifically preempted by the Risk Retention Act of 1986, including the director's administrative authority to investigate, i…

375.1102. Broker required for purchase of insurance — nonresident broker acceptable — notice to insured, contents. — 1. No person, firm, association or corporation shall act or aid in any manner in soliciting, negotiating or procuring liability insurance in this state from a risk…

375.1105. Hazardous financial condition of group, prohibited from selling insurance, when — director may establish rules. — 1. An order issued by any district court of the United States enjoining a risk retention group from soliciting or selling insurance, or operating in any sta…

375.1110. Citation of law. — Sections 375.1110 to 375.1140 may be cited as the "Reinsurance Intermediary Act". ­­-------- (L. 1991 H.B. 385, et al. § 37) Effective 7-01-92, see § 375.1140

375.1112. Definitions. — As used in sections 375.1110 to 375.1140, the following terms mean: (1) "Actuary", a person who is a member in good standing of the American Academy of Actuaries; (2) "Controlling person", any person, firm, association or corporation who directly or indir…

375.1115. Reinsurance intermediary, license issued by director — requirements — attorneys exempt from requirements. — 1. No person, firm, association or corporation shall act as an RB in this state if the RB maintains an office either directly or as a member or employee of a firm…

375.1117. Transactions between insurer and broker, written authorization required — contents. — Transactions between an RB and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party.…

375.1120. Records to be maintained by broker, duration — contents. — 1. For at least twenty-three years after expiration of each contract of reinsurance of medical malpractice insurance and transacted by the RB, and for at least ten years after expiration of each contract of rein…

375.1122. Insurer's use of broker, restrictions — financial condition statement required. — 1. An insurer shall not engage the services of any person, firm, association or corporation to act as an RB on its behalf, unless such person is licensed as required by subsection 1 of sec…

375.1125. Transactions between manager and insurer, written contract required, contents — records to be maintained by manager, contents. — Transactions between an RM and the reinsurer it represents in such capacity shall only be entered into pursuant to a written contract, specif…

375.1127. Reinsurance manager, prohibited acts. — The RM shall not: (1) Bind retrocessions on behalf of the reinsurer, except that the RM may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance under…

375.1130. Insurer's use of manager, restrictions — financial condition statement required. — 1. The reinsurer shall not engage the services of any person, firm, association or corporation to act as an RM on its behalf unless such person is licensed as required by subsection 2 of …

375.1132. Examination of reinsurance manager, director may conduct. — 1. A reinsurance intermediary shall be subject to examination by the director. The director shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable to the dire…

375.1135. Penalties, director may assess, procedures. — 1. If the director determines that a reinsurance intermediary, insurer, or reinsurer has engaged, is engaging in, or has taken a substantial step toward engaging in an act, practice or course of business constituting a viola…

375.1137. Application fee, reinsurance intermediary license — renewal. — The initial application fee for a reinsurance intermediary license is one hundred dollars. The license shall be renewed annually on the anniversary date of issuance and continue in effect until refused, revo…

375.1140. Effective date. — Sections 375.1110 to 375.1140 shall take effect on July 1, 1992. No insurer or reinsurer may continue to use the services of a reinsurance intermediary on and after July 1, 1992, unless such use is in compliance with sections 375.1110 to 375.1140. ­­--…

375.1150. Citation of law — applicability. — 1. Sections 375.1150 to 375.1246 shall be cited as the "Insurers Supervision, Rehabilitation and Liquidation Act". 2. The proceedings authorized by sections 375.1150 to 375.1246 may be applied to: (1) All insurers conducting business w…

375.1152. Definitions. — For purposes of sections 375.570 to 375.750 and 375.1150 to 375.1246, the following words and phrases shall mean: (1) "Allocated loss adjustment expenses", those fees, costs or expenses reasonably chargeable to the investigation, negotiation, settlement o…

375.1154. Delinquency proceeding, director to initiate — law to govern proceedings — situs of insurer and property this state, when — venue. — 1. No delinquency proceeding shall be commenced after August 28, 1991, by anyone other than the director and no court shall have jurisdic…

375.1155. Receiver may petition for injunctions, restraining orders — purposes — delinquency proceeding does not stay other rights and enforcement. — 1. Any receiver appointed in a proceeding under sections 375.1150 to 375.1246 may at any time apply for, and any court of general …

375.1156. Cooperation with receiver and director required — penalty. — 1. Any officer, manager, director, trustee, owner, employee or agent of any insurer, or any other persons with authority over or in charge of any segment of the insurer's affairs, shall cooperate with the dire…