Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

379.1310. Incorporation as a stock insurer permitted, when. — 1. A pure captive insurance company may be incorporated as a stock insurer with its capital divided into shares and held by the stockholders as a nonprofit corporation with one or more members, or as a manager-managed …

379.1312. Reports required. — 1. Captive insurance companies shall not be required to make any annual report except as provided in sections 379.1300 to 379.1351. 2. Prior to March first of each year, each captive insurance company shall submit to the director a report of its fina…

379.1314. Inspections, when. — 1. At least once every three years and whenever the director determines it to be prudent, the director shall personally, or by some competent person appointed by the director, visit each captive insurance company and thoroughly inspect and examine i…

379.1316. Suspension or revocation of licensure, when. — 1. The license of a captive insurance company may be suspended or revoked by the director for any of the following reasons: (1) Insolvency or impairment of capital or surplus; (2) Failure to meet the requirements of section…

379.1318. Investment requirements, compliance with. — 1. Association captive insurance companies shall comply with the investment requirements contained in chapter 375 and sections 379.080 and 379.082, as applicable. Investments of association captive insurance companies shall be…

379.1320. Reinsurance may be provided, when. — 1. Any captive insurance company may provide reinsurance, comprised in section 376.010 and subsection 1 of section 379.010, on risks ceded by any other insurer. 2. Any captive insurance company may take credit for the reinsurance of …

379.1322. Rating organizations, company not required to join. — No captive insurance company shall be required to join a rating organization. ­­-------- (L. 2007 S.B. 215)

379.1324. Prohibitions on joining or contributing to certain entities and funds. — No captive insurance company shall be permitted to join or contribute financially to any plan, pool, association, or guaranty, or insolvency fund in this state, nor shall any such captive insurance…

379.1326. Premium tax imposed, amount, procedure. — 1. Each captive insurance company shall pay to the director of revenue, on or before May first of each year, a premium tax at the rate of thirty-eight-hundredths of one percent on the first twenty million dollars and two hundred…

379.1328. Rulemaking authority. — The director may promulgate rules under section 374.045, and from time to time amend such rules relating to captive insurance companies as are necessary to enable the director to carry out the provisions of sections 379.1300 to 379.1350. ­­------…

379.1330. Inapplicability of insurance laws to captive insurance companies. — No provisions of the insurance laws of this state, other than those contained in sections 379.1300 to 379.1350 or contained in specific references contained therein, shall apply to captive insurance com…

379.1332. Promotion of captive insurance, moneys from dedicated insurance fund to be used. — 1. (1) The insurance dedicated fund under section 374.150 shall be adequately funded through the collection of fees and taxes for the purpose of providing the financial means for the dire…

379.1336. Insurance reorganization, receivership and injunctions provisions — applicability to captive insurance companies. — Except as otherwise provided in sections 379.1300 to 379.1350, the terms and conditions set forth in sections 375.1150 to 375.1246 pertaining to insurance…

379.1338. Standards for risk management of controlled unaffiliated business. — The director may promulgate rules under section 374.045 establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlle…

379.1339. Conversion to reciprocal insurer, when, procedure. — 1. An association captive insurance company or industrial insured captive insurance company formed as a stock or mutual corporation may be converted to or merged with and into a reciprocal insurer in accordance with a…

379.1340. Branch captive may be established, when. — 1. A branch captive may be established in this state in accordance with the provisions of sections 379.1300 to 379.1350 to write insurance, including insurance or reinsurance of the employee benefit business of its parent and a…

379.1342. Trust fund required for branch captive insurance company. — In the case of a branch captive insurance company, as security for the payment of liabilities attributable to the branch operations, the director shall require that a trust fund, funded by an irrevocable letter…

379.1344. Certificate for branch captive insurance companies. — In the case of a captive insurance company licensed as a branch captive, the alien captive insurance company shall petition the director to issue a certificate setting forth the director's finding that, after conside…

379.1346. Reports and statements of branch captive insurance companies to be filed with director. — Prior to March first of each year, or with the approval of the director within sixty days after its fiscal year end, a branch captive insurance company shall file with the director…

379.1348. Examination of branch captive insurance companies, limitations. — 1. The examination of a branch captive insurance company under section 379.1314 shall be of branch business and branch operations only, so long as the branch captive insurance company provides annually to…

379.1350. Applicability of tax to branch companies. — In the case of a branch captive insurance company, the tax provided for in section 379.1326 shall apply only to the branch business of such company. ­­-------- (L. 2007 S.B. 215)

379.1351. Sponsored captive insurance companies, may be formed by whom — definitions — requirements. — 1. One or more sponsors may form a sponsored captive insurance company under sections 379.1300 to 379.1351. In addition to the general provisions of sections 379.1300 to 379.135…

379.1353. Definitions. — As used in sections 379.1353 to 379.1421, the following terms shall mean: (1) "Affiliate", a company that controls, is controlled by or under common control with the special purpose life reinsurance captive "SPLRC" as defined in this section; (2) "Affilia…

379.1356. Inapplicability of insurance laws. — No provision of the Missouri insurance laws, other than those specifically referenced in sections 379.1353 to 379.1421 apply to a SPLRC, its operations, assets, investments and SPLRC contracts. In the event of a conflict between a pr…

379.1359. License application — requirements for transaction of business — licensure requirements — issuance of license, fee. — 1. A SPLRC, when permitted by its organizational documents, may apply to the director for a license to conduct reinsurance in this state as authorized b…

379.1361. Plan of operation to be filed, contents. — A SPLRC must file, as part of its application, a plan of operation to consist of a description of the contemplated financing transaction or transactions and a detailed description of transaction documents to which the SPLRC wil…

379.1364. License fee, amount. — Each SPLRC shall pay to the director a license fee for the year of registration of seven thousand five hundred dollars for processing its license. The provisions of sections 374.160 to 374.162 and sections 374.202 to 374.207 shall apply to examina…

379.1367. Approval of application, findings by director. — 1. In order to approve an application and issue a license to a SPLRC under sections 379.1353 to 379.1421, the director must find that: (1) The proposed plan of operation provides a reasonable and expected successful opera…

379.1370. Corporate status of company. — A SPLRC may be established as either a stock corporation, a Missouri statutory close corporation, a limited liability company or other form of organization approved by the director. ­­-------- (L. 2007 S.B. 215)

379.1373. Limitation on activities and name — number of incorporators required. — 1. Activities of a SPLRC must be limited to those necessary to accomplish its purpose as outlined in its plan of operation. 2. The name must not be deceptively similar to or likely to be confused wi…

379.1376. Contract requirements. — A SPLRC may enter into a SPLRC contract with a ceding company, provided: (1) The SPLRC has been granted a license to transact business as an SPLRC under sections 379.1353 to 379.1421; and (2) The SPLRC provides the director with evidence of an a…

379.1379. Swap agreements permitted. — The SPLRC may enter into swap agreements for any purpose for which a Missouri domestic life insurer could enter into such a transaction under section 375.345 or when the underlying interests are permitted investments if held directly by the …

379.1382. Issuance of securities — approved activities by director. — 1. A SPLRC may issue securities, subject to and in accordance with applicable law, its approved plan of operation and its organizational documents. A SPLRC may enter into and perform all its obligations under a…

379.1385. Management of assets. — A SPLRC's assets must be managed in accordance with an investment management agreement filed with and approved by order of the director. ­­-------- (L. 2007 S.B. 215)

379.1388. Recognition of admitted assets — value of assets. — 1. A SPLRC may recognize as an admitted asset on its financial statements filed with the director: (1) Permitted investments; (2) Letters of credit; (3) Financial guarantee policies issued for the sole benefit of the c…

379.1391. Prohibited acts. — A SPLRC shall not: (1) Enter into a SPLRC contract with a person that is not licensed or otherwise authorized to transact the business of insurance or reinsurance in at least its state or country of domicile; (2) Lend or otherwise invest or place in c…

379.1394. Dividend-payments, limitations. — 1. A SPLRC may not declare or pay dividends in any form to its owners other than in accordance with the transaction agreements. 2. Dividends may not decrease the capital of the SPLRC below the minimum initial capital requirement. 3. Aft…

379.1397. Changes in plan of operation, directors approval required. — Any material changes to a SPLRC's plan of operation shall require the prior written approval of the director. However, if initially approved in the plan of operation, the subsequent issuance of securities, add…

379.140. Total loss of real property — full amount of policy less any deductible to be paid — inapplicability, when — multiple policies, effect on recovery — commercial buildings, policy covering two or more, recovery amount. — 1. When real property incurs a total loss caused by …

379.1400. Affiliated agreements to be filed with director. — Copies of all completed affiliated agreements to which the SPLRC is a party, including but not limited to the SPLRC contract or contracts and any ceded reinsurance agreements to which the SPLRC is a party must be filed …

379.1403. Audited financial report required, requirements. — 1. No later than five months after the fiscal year end of the SPLRC, the SPLRC shall file with the director an audited financial report by an independent certified public accountant of the financial statements of the SP…

379.1406. Examination required, when, procedure. — An SPLRC must be examined by the director at least once every five years and no more frequently than once every three years. In addition, the director may also examine an SPLRC in the event of an event of insolvency. The SPLRC sh…

379.1409. Record-keeping requirements. — The SPLRC shall maintain its books and records in the state and make the same available at any time for examination by the director. Notwithstanding the preceding, original books and records may be kept outside of the state, if a plan is a…

379.1412. Premium tax required, amount, procedure. — 1. Each SPLRC shall pay to the director of revenue on or before May first of each year a premium tax at the rate of two hundred fourteen thousandths of one percent on the first twenty million dollars of assumed reinsurance prem…

379.1415. Confidentiality of records, exceptions. — Information filed with the director is confidential and may not be disclosed without the prior written consent of the SPLRC, except: (1) Information is discoverable in civil litigation provided: (a) The SPLRC is found by the cou…

379.1418. Grounds for liquidation — granting of relief, management of assets. — 1. The director may apply by petition to the circuit court for an order authorizing the director to conserve, rehabilitate or liquidate a SPLRC domiciled in this state on one or more of the following …

379.1421. Rulemaking authority. — The director may promulgate all rules and regulations necessary to effectuate the purposes of sections 379.1353 to 379.1421. No regulations promulgated under this authority shall affect SPLRC contracts or other transactions approved prior to the …

379.150. Partial loss by fire — standard fire insurance policy language, option for settlement of loss. — Any fire insurance policy issued or renewed on or after August 28, 2021, shall be construed to require that a partial loss caused by fire be adjusted in accordance with the f…

379.1500. Definitions. — As used in sections 379.1500 to 379.1550, the following terms shall mean: (1) "Director", the director of the department of commerce and insurance; (2) "Insurance company" or "insurer", any person, reciprocal exchange, interinsurer, or any other legal ent…

379.1505. Vendor license required — application, fee — termination date. — 1. No vendor shall sell or solicit portable electronics insurance coverage in this state unless such vendor has obtained a portable electronics insurance license. 2. A vendor applying for a portable electr…