Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

382.010. Definitions. — As used in sections 382.010 to 382.300, the following words and terms have the meanings indicated unless the context clearly requires otherwise: (1) An "affiliate" of, or person "affiliated" with, a specific person, is a person that directly, or indirectly…

382.020. Domestic insurers, authorized investments, ownership and management practices. — 1. Any domestic insurer, either by itself or in cooperation with one or more persons, may invest in, otherwise acquire or operate one or more subsidiaries engaged or registered to engage in …

382.030. Disposal of investment required, when. — If an insurer ceases to control a subsidiary, it shall dispose of any investment therein made pursuant to sections 382.010 to 382.300 within three years from the time of the cessation of control or within such further time as the …

382.040. Securities of domestic insurers, regulation of trading in — divestment of a controlling interest, procedure. — 1. No person other than the issuer shall commence a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securiti…

382.050. Statement, contents. — 1. The statement to be filed with the director shall be made under oath or affirmation and shall contain the following: (1) The name and address of each person hereinafter called "acquiring party" by whom or on whose behalf the merger or other acqu…

382.060. Approval of merger or acquisition of control, when — hearing, notice — consolidated hearing, when — change of control, restoration of capital, when. — 1. The director shall approve any merger or other acquisition of control referred to in section 382.040 unless after a p…

382.070. Excepted transactions. — The provisions of sections 382.040, 382.050 and 382.060 shall not apply to: (1) Any transaction which is subject to the provisions of section 375.355 or 375.861; or (2) Any offer, request, invitation, agreement or acquisition which the director b…

382.080. Prohibited acts. — The following shall be violations of sections 382.040 to 382.090: (1) The failure to file any statement, amendment, or other material required to be filed pursuant to section 382.040 or 382.050; or (2) The effectuation or any attempt to effectuate an a…

382.090. Jurisdiction, acceptance of — service, how had. — The courts of this state are hereby vested with jurisdiction over every person not resident, domiciled, or authorized to do business in this state who files a statement with the director under sections 382.010 to 382.300,…

382.095. Acquisitions where change of control of insurer, subject to order, when — contents, requirements — violations, penalties. — 1. As used in this section, the following terms mean: (1) "Acquisition", any agreement, arrangement or activity the consummation of which results i…

382.100. Registration required. — Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system, except a foreign insurer subject to disclosure requirements and standards adopted by statute or regulation in the jurisdi…

382.110. Registration, form, contents, exempted matter. — 1. Every insurer subject to registration shall file a registration statement on a form provided by the director containing current information about: (1) The capital structure, general financial condition, ownership and ma…

382.120. Information to be kept current, when changes reported. — Each registered insurer shall keep current the information required to be disclosed in its registration statement by reporting all material changes or additions on amendment forms provided by the director within fi…

382.130. Termination of registration, when. — The director shall terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system. ­­-------- (L. 1971 S.B. 101 § 16)

382.140. Consolidated registration statements or amendments, when. — The director may require or allow two or more affiliated insurers subject to registration under the provisions of sections 382.010 to 382.300 to file a consolidated registration statement or consolidated reports…

382.150. Registration for affiliates authorized. — The director may allow an insurer which is authorized to do business in this state and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under secti…

382.160. Exemption from registration and reports, how and when. — The provisions of sections 382.100 to 382.180 shall not apply to any insurer, information or transaction if and to the extent that the director by rule, regulation, or order shall exempt the same from such provisio…

382.170. Disclaimer of affiliation, effect of. — Any person may file with the director a disclaimer of affiliation with any authorized insurer or the disclaimer may be filed by the insurer or any member of an insurance holding company system. The disclaimer shall fully disclose a…

382.175. Enterprise risk report, contents, filing of, due date. — Upon request of the director, the ultimate controlling person of every insurer subject to registration shall file an annual enterprise risk report. The report shall be appropriate to the nature, scale, and complexi…

382.176. Group capital calculation, filing of report — exemptions — exceptions to the exemption. — 1. Except as provided in subdivisions (1) to (7)* of this section, the ultimate controlling person of every insurer subject to registration shall file an annual group capital calcul…

382.177. Liquidity stress test, filing of — scope criteria — NAIC compliance. — 1. The ultimate controlling person of every insurer subject to registration and also scoped into the NAIC liquidity stress test framework shall file the results of a specific year's liquidity stress t…

382.180. Failure to file registration statement, summary, or enterprise risk report a violation. — The failure to file a registration statement, summary of the registration statement, or enterprise risk filing required under sections 382.100 to 382.180 within the time specified f…

382.190. Transactions with affiliates, how conducted. — Material transactions by registered insurers with their affiliates are subject to the following standards: (1) The terms shall be fair and reasonable; (2) Charges or fees for services shall be reasonable; (3) Expenses incurr…

382.195. Prohibited transactions, exceptions. — 1. The following transactions involving a domestic insurer and any person in its holding company system, including amendments or modifications of affiliate agreements previously filed under this section that are subject to any mater…

382.200. Reasonable surplus, how determined. — For the purposes of sections 382.010 to 382.300 in determining whether an insurer's surplus as regards policyholders is reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs, the followin…

382.210. Extraordinary dividend, notice of — payment from earned surplus, when — allowed, when. — 1. No insurer subject to registration under section 382.100 shall pay any extraordinary dividend or make any other extraordinary distribution to its shareholders until thirty days af…

382.220. Director, powers of — insurer liable for examination costs. — 1. Subject to the limitation contained in this section and in addition to all the other powers with which the director is vested by law relating to the examination of insurers, the director may examine any ins…

382.225. Supervisory college, powers of director — insurer liable for expenses of director's participation in supervisory college. — 1. With respect to any insurer registered under sections 382.100 to 382.180 and in accordance with subsection 3 of this section, the director shall…

382.227. Internationally active insurance group, director to act as supervisor or acknowledge another regulatory authority as supervisor, when — duties, activities — rulemaking authority. — 1. The director is authorized to act as the groupwide supervisor for any internationally a…

382.230. Certain information confidential, exception — private civil action, director not required to testify — permissible acts of the director — misleading or materially false statements, certain information, remedy. — 1. (1) All information, documents and copies thereof in the…

382.240. Rules and regulations, how issued. — The director may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations, and orders as are necessary to carry out the provisions of sections 382.010 to 382.300. ­­-------- (L. 1971 S.B. 101 …

382.250. Injunction, when authorized. — Whenever it appears to the director that any insurer or any director, officer, employee or agent thereof has committed or has threatened to commit a violation of sections 382.010 to 382.300 or of any rule, regulation, or order issued by the…

382.260. Illegally acquired securities, how treated — impending illegal acquisitions, injunctive relief — ownership of securities, where. — 1. No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contra…

382.265. Penalties, certain actions. — 1. Any insurer failing, without just cause, to file any registration statement as required in this section shall be required, after notice and hearing, to pay an administrative penalty of five hundred dollars for each day's delay, to be reco…

382.270. Criminal proceedings, when and where commenced, penalty. — Whenever it appears to the director that any insurer or any director, officer, employee or agent thereof has committed a willful violation of sections 382.010 to 382.300, the director may cause criminal proceedin…

382.275. False reports, filing of, penalty. — Any officer, director, or employee of an insurance holding company system who knowingly subscribes to or makes or causes to be made any false statements or false reports or false filings with the intent to deceive the director in the …

382.277. Violation, basis for disapproving dividends or distributions and placing insurer under order of suspension. — Whenever it appears to the director that any person has committed a violation of sections 382.040 to 382.090 and the violation prevents the full understanding of…

382.280. Director to take possession, when. — Whenever it appears to the director that any person has committed a violation of sections 382.010 to 382.300 which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of b…

382.285. Liquidation or rehabilitation, effects — maximum amount recoverable — liability, parent company, when. — 1. If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under such order shall have a right to recover on beha…

382.290. Revocation of insurer's license, when. — Whenever it appears to the director that any person has committed a violation of sections 382.010 to 382.300 which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the director …

382.300. Appeals from director's action, procedure. — 1. Any person aggrieved by any act, determination, rule, regulation, order or any other action of the director pursuant to sections 382.010 to 382.300 may appeal therefrom to the circuit court for Cole County. The court shall …

382.302. Disposal of assets or insurer, notice to director — powers of director — voidable when — effect. — 1. The language and terms used in this section shall be interpreted subject to the definitions contained in section 382.010, unless otherwise indicated. The terms "insolven…

382.400. Definitions. — As used in sections 382.400 to 382.409, the following terms mean: (1) "Accredited state", a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from ti…

382.402. Applicability of law. — Sections 382.400 to 382.409 shall apply to licensed insurers either domiciled in this state or domiciled in a state that is not an accredited state having in effect laws substantially similar to the provisions of sections 382.400 to 382.409. All p…

382.405. Degree of control required, provisions applicable, exemptions — contract between producer and insurer, requirements — insurer to have audit committee, members, purpose — loss ratios, report to director, contents. — 1. (1) The provisions of this section shall apply if in …

382.407. Notice to insured, producer to provide, contents. — The producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer, except that if the business i…

382.409. Noncompliance with law, powers of director — receiver in liquidation, powers. — 1. (1) If the director believes that the controlling producer or any other person has not materially complied with sections 382.400 to 382.410*, or any regulation or order promulgated hereund…

382.500. Applicability — findings of general assembly. — 1. The provisions of sections 382.500 to 382.550 shall apply to all insurers domiciled in this state that are not exempt under section 382.525. 2. The general assembly finds and declares that an own risk and solvency assess…

382.505. Definitions. — As used in sections 382.500 to 382.550, the following terms shall mean: (1) "Director", the director of the department of commerce and insurance; (2) "Insurance group", those insurers and affiliates included within an insurance holding company system as de…

382.510. Risk management framework to be maintained. — An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. Such requirement may be satisfied if the insuran…