Title XXIV, BUSINESS AND FINANCIAL INSTITUTIONS

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…

375.1158. Provisions apply prospectively, exceptions — restrictions on insurer in delinquency proceeding. — 1. Unless otherwise provided, the portions of sections 375.1150 to 375.1246 which substantively affect the rights of any person shall be only applicable prospectively. The …

375.116. Compensation of producer, regulations — not to receive pay from insured, exception. — 1. An insurance company or insurance producer may pay money, commissions or brokerage, or give or allow anything of value, for or on account of negotiating contracts of insurance, or pl…

375.1160. Administrative supervision by director, procedures, allowed when — proceedings confidential, exceptions — powers of administrative supervisor — penalties for violations — director may adopt rules — immunity from liability for director and employees. — 1. As used in this…

375.1161. Violations, penalties. — 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 375.1150 to 375.1246 or a rule adopted or ord…

375.1162. Director may order activities to prevent delinquency proceeding. — Whenever the director has reasonable cause to believe, and determines that any domestic insurer has committed or engaged in, or is about to commit or engage in, any act, practice, or transaction that wou…

375.1164. Seizure order, director may petition for, when — effects. — 1. The director may file in a court of this state a petition alleging, with respect to a domestic insurer: (1) That there exist any grounds that would justify a court order for a formal delinquency proceeding a…

375.1165. Rehabilitation of insurer, director may petition, when — grounds. — The director may apply by petition to the court for an order authorizing him to rehabilitate a domestic insurer or an alien insurer domiciled in this state on any one or more of the following grounds: (…

375.1166. Director to serve as rehabilitator — duties — periodic accounting required — immunity, when. — 1. An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in this state, shall appoint the director and his successors as rehabilitator, an…

375.1168. Director may appoint special deputies, powers — rehabilitation procedures — criminal conduct of party, power of director — advisory committee may be appointed, when. — 1. The director as rehabilitator may appoint one or more special deputies, who shall have all the powe…

375.1170. Stay of other pending actions, duration — statute of limitations not to run. — 1. Any court in this state before which any action or proceeding in which the insurer is a party, or is obligated to defend a party, is pending when a rehabilitation order against the insurer…

375.1172. Records deemed public, when — exceptions. — In all proceedings and judicial reviews thereof under sections 375.1164 to 375.1170, all records of the insurer, other documents, and all department of commerce and insurance files and court records and papers, so far as they …

375.1174. Director may petition for liquidation, grounds — termination of rehabilitation proceedings, when, effect. — 1. Whenever the director believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders or the pub…

375.1175. Grounds for liquidation — voluntary dissolution and liquidation, conditions. — 1. The director may petition the court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis: (1) Of any ground for an order of r…