Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

375.1176. Director to be liquidator — powers and duties — special deputy may be appointed, powers — effect of liquidation — order for, issued when — plan for continued operation during appeal, contents — penalty for interference with records or property. — 1. An order to liquidat…

375.1178. Life and health policies, termination of, when. — 1. Policies of life or health insurance or annuities shall continue in force for such period and under such terms as is provided for by any applicable guaranty association or foreign guaranty association. 2. Policies of …

375.1180. Dissolution order, director may petition for — effect. — The director may petition for an order dissolving the corporate existence of a domestic insurer or the United States branch of an alien insurer domiciled in this state at the time he applies for a liquidation orde…

375.1182. Powers of liquidator — insureds may purchase extended period to report claims, when, limitations — liquidator and employees deemed officers of the court. — 1. The liquidator shall have the power: (1) To employ employees and agents, legal counsel, actuaries, accountants,…

375.1183. Reinsurance contracts by insurers placed in conservation, rehabilitation, or liquidation — disposition of. — 1. Contracts reinsuring policies of life or health insurance or annuities referred to in section 375.1178 issued by a ceding insurer that has been placed in cons…

375.1184. Contracts and leases of insurer, liquidator may disaffirm — procedures — liability of liquidator, how calculated. — 1. The liquidator may disaffirm or repudiate any contract or lease: (1) To which the insurer is a party; (2) The performance of which the liquidator, in h…

375.1185. Notices provided by liquidator, procedures. — 1. Unless the court otherwise directs, the liquidator shall give or cause to be given notice of the liquidation order as soon as possible: (1) By first class mail and either by telegram or telephone to the director of the de…

375.1186. Agent of insurer, duty to provide information to liquidator — penalty. — 1. Every person who receives notice in the form prescribed in section 375.1185 that an insurer which he represents as an agent is the subject of a liquidation order, within thirty days of such noti…

375.1188. Stay of other actions — liquidator may bring certain actions, when. — 1. Upon issuance of an order appointing a liquidator of a domestic insurer or of an alien insurer domiciled in this state, no action at law or equity or in arbitration shall be brought against the ins…

375.1190. List of insurer's assets to be prepared — filing — not needed, when. — 1. As soon as practicable after the liquidation order but not later than one hundred twenty days thereafter, the liquidator shall prepare in duplicate a list of the insurer's assets. The list shall b…

375.1191. Netting agreements and qualified financial contracts, exercise of certain rights and acts not to be prohibited — termination of netting agreement, transfer of amount owed, receiver's duties — applicability of statute. — 1. Notwithstanding any other provision of sections…

375.1192. Fraudulent and voidable transfers — requirements — effects. — 1. Every transfer made or suffered and every obligation incurred by an insurer within one year prior to the filing of a successful petition for rehabilitation or liquidation under sections 375.1150 to 375.124…

375.1194. Transfer of real property not voidable, when. — 1. After a petition for rehabilitation or liquidation has been filed, a transfer of any of the real property of the insurer made to a person acting in good faith shall be valid against the receiver if made for a present fa…

589.403. Correctional facility or mental health institution releasing on parole or discharge, official in charge, duties. — 1. (1) A preference is a transfer of any of the property of an insurer to or for the benefit of a creditor, for or on account of an antecedent debt, which t…

375.1196. Claims of creditor, surrender of preference required. — 1. No claims of a creditor who has received or acquired a preference, lien, conveyance, transfer, assignment or encumbrance voidable under sections 375.1150 to 375.1246 shall be allowed unless he surrenders the pre…

375.1198. Mutual credits or debts, setoffs allowed — exceptions. — 1. Mutual debts or mutual credits, whether arising out of one or more contracts, between the insurer and another person in connection with any action or proceeding under sections 375.1150 to 375.1246, sections 374…

375.1200. Report to court by liquidator, when, contents — assessment against members, court to compute an order, when. — 1. As soon as practicable, but not more than two years from the date of an order of liquidation under section 375.1176 of an insurer issuing assessable policie…

375.1202. Reinsurers, amounts recoverable not reduced due to delinquency proceedings — exceptions. — 1. The amount recoverable by the liquidator from reinsurers shall not be reduced as a result of the delinquency proceedings, regardless of any provision in the reinsurance contrac…

375.1204. Payment of unearned premiums required — violation, penalties. — 1. A producer, premium finance company, or any other person, other than the insured, responsible for the payment of a premium, shall be obligated to pay any unpaid earned premium due the insurer at the time…

375.1205. Distribution of assets, liquidator shall apply for, when — contents — notice provisions. — 1. Within one year of a final order of liquidation of an insurer by a court of competent jurisdiction of this state, the liquidator shall make application to the court for approva…

375.1206. Proof of claim, filed when — effect of late filing. — 1. Proof of all claims shall be filed with the liquidator in the form required by section 375.1208 on or before the last day for filing specified in the notice required under section 375.1185, except that proofs of c…

375.1208. Form of proof of claim — liquidator may request additional information — effect of incomplete information. — 1. Proof of claim shall consist of a statement signed by the claimant that includes all of the following that are applicable: (1) The basis of the claim includin…

375.1210. Contingent claims, allowed when, exceptions. — 1. The claim of a third party which is contingent only on his first obtaining a judgment against the insured shall be considered and allowed as if there were no such contingency. 2. A claim may be allowed even if contingent…

375.1212. Third party claims for actions against insureds, filed how — procedures. — 1. Whenever any third party asserts a cause of action against an insured of an insurer in liquidation, the third party may file a claim with the liquidator. 2. Whether or not the third party file…

375.1214. Denial of claim — appeal procedure. — 1. When a claim is denied in whole or in part by the liquidator, written notice of the determination shall be given to the claimant or his attorney by first class mail at the address shown in the proof of claim. Within sixty days fr…

375.1215. Subrogated claim, allowed when. — Whenever a creditor whose claim against an insurer is secured, in whole or in part, by the undertaking of another person, fails to prove and file that claim, the other person may do so in the creditor's name, and shall be subrogated to …

375.1216. Valuation of security, procedure. — 1. The value of any security held by a secured creditor shall be determined in one of the following ways, as the court may direct: (1) By converting the same into money according to the terms of the agreement pursuant to which the sec…

375.1218. Classes of claims — priority of distribution. — The priority of distribution of claims from the insurer's estate shall be in accordance with the order in which each class of claims is herein set forth. Every claim in each class shall be paid in full or adequate funds re…

375.1219. Claims allocated to separate account not chargeable with liabilities, when — treated as class 2 claim, when. — All claims under policies, contracts or agreements for which assets have been allocated to a separate account established pursuant to section 376.309 and which…

375.1220. Claim disputes — duty of liquidator — estimates allowed, when — commutation and release. — 1. The liquidator shall review all claims duly filed in the liquidation and shall make such further investigation as the liquidator shall deem necessary. The liquidator may compou…

375.1222. Payment of claims — duties of liquidator. — Under the direction of the court, the liquidator shall pay distributions in a manner that will assure the proper recognition of the priorities and a reasonable balance between the expeditious completion of the liquidation and …

375.1224. Unclaimed funds, deemed unclaimed property — effect. — 1. All unclaimed funds subject to distribution remaining in the liquidator's hands when he is ready to apply to the court for discharge, including the amount distributable to any creditor, shareholder, member or oth…

375.1225. Discharge of liquidator, when. — When all assets justifying the expense of collection and distribution have been collected and distributed under sections 375.1150 to 375.1246, the liquidator shall apply to the court for discharge. The court may grant the discharge and m…

375.1226. Reopening of proceedings, when. — After the liquidation proceeding has been terminated and the liquidator discharged, the director or other interested party may at any time petition the court to reopen the proceedings for good cause, including the discovery of additiona…

375.1228. Records may be destroyed after discharge, exceptions. — 1. Whenever it shall appear to the director that the records of any insurer after discharge of the liquidator are no longer useful, he may, after complying with sections 109.200 to 109.310, recommend to the court a…

375.1230. Audit of receivership may be ordered, when. — The court may, as it deems desirable, cause audits to be made of the books of the receiver relating to any receivership established under sections 375.1150 to 375.1246, and a report of each audit shall be filed with the rece…

375.1232. Foreign insurers, director may petition to act as conservator, procedures — court may issue order — termination of conservatorship, application for. — 1. If a domiciliary liquidator has not been appointed, the director may apply to the circuit court of Cole County by ve…

375.1234. Foreign insurers, petition to liquidate assets, grounds — granted when — effects. — 1. If no domiciliary receiver has been appointed, the director may apply to the circuit court of Cole County by verified petition for an order directing him to liquidate the assets found…

375.1235. Reciprocal state, powers and duties of domiciliary liquidator — nonreciprocal state, duties of director — claims filed, where. — 1. The domiciliary liquidator of an insurer domiciled in a reciprocal state shall, except as to the special deposits and security on secured …

375.1236. Ancillary receiver, director may be appointed as — powers and duties. — 1. If a domiciliary liquidator has been appointed for an insurer not domiciled in this state, the director may file a petition with the circuit court of Cole County requesting appointment as ancilla…

375.1238. Power of director to institute proceedings, when. — The director in his sole discretion may institute proceedings under sections 375.1160 to 375.1164 at the request of the director of the state department of commerce and insurance, or other appropriate insurance officia…

375.1240. Nonresident claims, filed where. — 1. In a liquidation proceeding begun in this state against an insurer domiciled in this state, claimants residing in foreign countries or in states which are not reciprocal states must file claims in this state, and claimants residing …

375.1242. Proof of claims, nonresident insurer — procedures. — 1. In a liquidation proceeding in a reciprocal state against an insurer domiciled in that state, claimants against the insurer who reside within this state may file claims either with the ancillary receiver, if any, i…

375.1244. Stay of actions during liquidation proceedings. — During the pendency in this or any other state of a liquidation proceeding, whether called by that name or not, no action or proceeding in the nature of an attachment, garnishment or levy of execution shall be commenced …

375.1245. Priority of nonresident claims, reciprocal states — special deposits, priority. — 1. In a liquidation proceeding in this state involving one or more reciprocal states, the order of distribution of the domiciliary state shall control as to all claims of residents of this…

375.1246. Nonresident ancillary receiver, claims filed with — priority. — If an ancillary receiver in another state or foreign country, whether called by that name or not, fails to transfer to the domiciliary liquidator in this state any assets within his control other than speci…

375.1250. Definitions. — As used in sections 375.1250 to 375.1275 and in the Risk-Based Capital (RBC) Instructions, the following terms mean: (1) "Adjusted RBC report", an RBC report which has been adjusted in accordance with subsection 6 of section 375.1252; (2) "Corrective orde…

375.1252. RBC report, filed when — contents — formula, how determined — adjusted RBC report required, when. — 1. Every domestic insurer and every health organization shall, on or prior to each March first, prepare and submit to the director a report of its RBC level as of the end…

375.1255. Company action level event, occurrence of, when — effect, duties of insurer or health organization — plan to be submitted, approval of, revision of, when — copies filed with all states in which insurer is authorized to transact business. — 1. "Company action level event…

375.1257. Regulatory action level event, occurrence of, when — director's duties, corrective actions — plan to be submitted by insurer — or health organization. — 1. "Regulatory action level event" means, with respect to any insurer or health organization, any of the following ev…