Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

375.016. Examination required for insurance producer's license. — 1. A resident individual applying for an insurance producer license shall pass a written examination unless exempt pursuant to subsection 5, 6 or 7 of this section. The examination shall test the knowledge of the i…

375.017. Nonresident producer's license. — 1. Unless denied licensure pursuant to section 375.141, a nonresident person shall receive a nonresident producer license if: (1) The person is currently licensed as a resident and in good standing in his or her home state; (2) The perso…

375.018. Issuance of producer's license, duration — lines of authority — biennial renewal fee for agents, due when — reinstatement of license, when — failure to comply, effect — rulemaking authority. — 1. Unless denied licensure pursuant to section 375.141, persons who have met t…

375.019. Advisory board on licensing and examination of insurance producers — qualifications — terms — meetings — duties. — To assist the director to carry out the provisions of section 375.016, there shall be an "Advisory Board on Licensing and Examination of Insurance Producers…

375.020. Continuing education for producers, required, exceptions — procedures — director to promulgate rules and regulations — fees, how determined, deposit of. — 1. Beginning January 1, 2008, each insurance producer, unless exempt pursuant to section 375.016, licensed to sell i…

375.022. Registry of insurance producers maintained by insurer — termination of producer, insurer to notify director. — 1. An insurer authorized to transact the business of insurance in this state shall maintain a register of appointed insurance producers who are authorized to se…

375.024. Life insurance producer examinations, review of — collection of data — annual report — rulemaking authority. — 1. The provisions of this section shall only apply to life insurance producer examinations. 2. The director or, at the director's discretion, a vendor under con…

375.025. Temporary license — to whom issued. — 1. The director may issue a temporary insurance producer license for a period not to exceed ninety days without requiring an examination if the director deems the temporary license is necessary for the servicing of an insurance busin…

375.029. Continuing education credit, participation in professional insurance association qualifies, when, hours — rulemaking authority. — 1. As used in this section, the following terms mean: (1) "Director", the director of the department of commerce and insurance; (2) "Insuranc…

375.030. Continuing education, programs approved for another profession. — Any course or program of instruction approved for use to meet professional continuing education in another Missouri profession, as required by law, that relates to the topic of insurance shall meet the con…

375.031. Definitions. — As used in sections 375.031 to 375.039, the following words and terms mean: (1) "Director", the director of the department of commerce and insurance; (2) "Exclusive insurance producer", any licensed insurance producer whose contract with an insurer require…

375.033. Termination of contract, notice — agent not to do business. — 1. All contracts between an insurer and an independent insurance producer in effect in the state of Missouri on or after September 28, 1979, shall not be terminated or cancelled by the insurer except by mutual…

375.035. Renewal after termination of producer's contract. — 1. Any insurer in this state shall, upon termination or cancellation of an independent insurance producer's contract, permit the renewal of all contracts of insurance written by the independent insurance producer for a …

375.037. Director's investigation — appeal. — 1. The director of the department of commerce and insurance, on the written complaint of any person, or when the director deems it necessary without a complaint, shall determine whether there has been a violation of sections 375.031 t…

375.039. Commercial risks, certain class, cancellation, written notice to agent required, when. — 1. No insurer may cancel, terminate or otherwise withdraw coverage for a certain class of commercial risk, unless written notice of such cancellation, termination, or withdrawal is g…

375.041. Annual statement convention blank to be filed with NAIC, exception — dissemination of data not to create civil liability — failure to file, effect. — 1. The provisions of this section shall apply to all domestic, foreign and alien insurers who are authorized to transact …

375.046. Who deemed agent of unauthorized company. — Any person or persons in this state who shall receipt for any money on account of or for any contract of insurance made by such person or persons for any insurance company or association not at the time authorized to do busines…

375.051. Producer held as trustee of money collected. — 1. Any insurance producer who shall be appointed or who shall act on behalf of any insurance company within this state, or who shall, on behalf of any insurance company, solicit applications, deliver policies or renewal rece…

375.052. Additional incidental fees — disclosure to applicant or insured. — An insurer or insurance producer may charge additional incidental fees for premium installments, late payments, policy reinstatements, or other similar services specifically provided for by law or regulat…

375.065. Credit insurance producer license — organizational credit entity license — application — fee — rules. — 1. Notwithstanding any other provision of this chapter, the director may license credit insurance producers by issuing individual licenses to each credit insurance pro…

375.071. Centralized producer license registry, participation in. — 1. The director may participate in a centralized producer license registry, in whole or in part, with any entity the director deems appropriate, including but not limited to the National Association of Insurance …

375.076. No consideration for unlicensed persons. — 1. An insurance company or insurance producer shall not pay a commission, service fee, brokerage or other valuable consideration to a person for selling, soliciting or negotiating insurance in this state if that person is requir…

375.1000. Citation — purpose — construction. — 1. Sections 375.1000 to 375.1018 may be cited as the "Unfair Claims Settlement Practices Act". 2. The purpose of sections 375.1000 to 375.1018 is to set forth standards for the investigation and disposition of claims arising under co…

375.1002. Definitions. — As used in sections 375.1000 to 375.1018, the following terms mean: (1) "Director", the director of the department of commerce and insurance; (2) "Insurer", any person, reciprocal exchange, interinsurer, Lloyds insurer, fraternal benefit society, and any …

375.1005. Improper claims practice, conditions. — It is an improper claims practice for any domestic, foreign or alien insurer transacting business in this state to commit any of the acts defined in section 375.1007 if: (1) It is committed in conscious disregard of sections 375.1…

375.1007. Improper claims practices. — Any of the following acts by an insurer, if committed in violation of section 375.1005, constitutes an improper claims practice: (1) Misrepresenting to claimants and insureds relevant facts or policy provisions relating to coverages at issue…

375.1009. Director may investigate. — The director may examine and investigate into the affairs of every insurer in this state in order to determine whether such insurer has been or is engaged in any improper claims practice prohibited by sections 375.1005 and 375.1007. ­­-------…

375.1010. Director may initiate proceedings. — 1. If the director determines that a person has engaged, is engaging in, or has taken a substantial step toward engaging in an act, practice or course of business constituting a violation of sections 375.1000 to 375.1018 or a rule ad…

375.1012. Director's findings — cease and desist orders — penalty, suspension, revocation — appeal. — 1. If, after such hearing, the director determines that the insurer charged had engaged in an improper claims practice prohibited by sections 375.1000 to 375.1018, he shall reduc…

375.1014. Judicial review. — 1. A final order issued by the director under sections 375.1000 to 375.1018 is subject to judicial review in accordance with the provisions of chapter 536 in the circuit court of Cole County. 2. No order of the director under section 375.942 or order …

375.1016. Violation of cease and desist order. — It is unlawful for any person to violate any provision of a cease and desist order of the director under section 375.1012, and the director may institute an action under sections 374.046 and 374.047 as necessary to enforce any such…

375.1018. Director's powers additional to others — rules and regulations. — 1. The powers vested in the director by sections 375.1000 to 375.1018 shall be additional to any other powers to enforce any penalties, fines or forfeitures authorized by law with respect to the methods, …

375.1025. Definitions. — As used in sections 375.1025 to 375.1062, the following terms shall mean: (1) "Accountant" or "independent certified public accountant", an independent certified public accountant or accounting firm in good standing with the American Institute of Certifie…

375.1028. Applicability — exemptions. — 1. Sections 375.1025 to 375.1062 shall apply to all insurers as defined by section 375.1025. Insurers having direct premiums written in this state of less than one million dollars in any calendar year and less than one thousand policyholder…

375.1030. Annual audit required, report filed, when — extensions granted, when — audit committee required, when. — 1. All insurers shall have an annual audit by an independent certified public accountant and shall file an audited financial report with the director on or before Ju…

375.1032. Audited financial report, contents — form. — 1. The annual audited financial report shall report the financial condition of the insurer as of the end of the most recent calendar year and the results of its operation, cash flows and changes in capital and surplus for the…

375.1035. Accountant, name and address to be registered — letter, filed with director, contents — change of accountant, notice to director. — 1. Each insurer required by sections 375.1025 to 375.1062 to file an annual audited financial report shall, within sixty days after becomi…

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…