Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

375.1260. Authorized control level event, occurrence of, when — effect, duties of director. — 1. "Authorized control level event" means any of the following events: (1) The filing of an RBC report by the insurer or health organization which indicates that the insurer's or health …

375.1262. Mandatory control level event, occurrence of, when — effect, duties of director. — 1. "Mandatory control level event" means, with respect to any insurer or health organization, any of the following events: (1) The filing of an RBC report which indicates that the insurer…

375.1265. Hearing, insurer's right to, when — procedures — judicial review of order, exceptions. — 1. Upon: (1) Notification to an insurer or health organization by the director of an adjusted RBC report; or (2) Notification to an insurer or health organization by the director th…

375.1267. Reports and plans confidential — RBC levels are regulatory tool, limitation on use. — 1. All RBC reports, to the extent the information therein is not required to be set forth in a publicly available annual statement schedule, and RBC plans, including the results or rep…

375.1269. Provisions of law supplemental to other insurance laws — rules and regulations, authority — exemption of property — immunity from liability. — 1. The provisions of sections 375.1250 to 375.1275 are supplemental to any other provisions of the laws of this state, and shal…

375.1270. Foreign insurers to submit RBC report to director, when — plan, submission of, when — powers of director. — 1. Any foreign insurer or foreign health organization shall, upon the written request of the director, submit to the director an RBC report as of the end of the c…

375.1272. Notices, effective when. — All notices by the director to an insurer or health organization which may result in regulatory action under sections 375.1250 to 375.1275 shall be effective upon dispatch if transmitted by registered or certified mail, or in the case of any o…

375.1275. RBC reports for calendar year 1993, requirements — RBC reports for 1996, requirements — 2014 filings for health organizations. — 1. For RBC reports required to be filed by life and health insurers with respect to 1993, the following requirements shall apply in lieu of t…

375.1280. Scope of law. — Sections 375.1280 to 375.1295 provide for the regulation of the transfer and novation of contracts of insurance by way of assumption reinsurance. It defines assumption reinsurance and establishes notice and disclosure requirements which protect and defin…

375.1282. Application of law — not applicable, when. — 1. Sections 375.1280 to 375.1295 apply to any insurer authorized in this state which either assumes or transfers the obligations or risks on contracts of insurance owned by policyholders pursuant to an assumption reinsurance …

375.1285. Definitions. — As used in sections 375.1280 to 375.1295, the following terms mean: (1) "Assuming insurer", the insurer which acquires an insurance obligation or risk from the transferring insurer pursuant to an assumption reinsurance agreement; (2) "Assumption reinsuran…

375.1287. Notice of transfer, form, contents, filing with director, when — prior approval required, period for approval, factors for director to consider in reviewing request — penalty for violation. — 1. A notice of transfer regarding an assumption reinsurance agreement shall be…

375.1290. Policyholder's right to reject, procedures — second and third notices, when — response deemed received, when. — 1. Every policyholder shall have the right to reject the transfer and novation of their contract of insurance. Policyholders electing to reject the assumption…

[Repealed or reserved.]

375.1294. Hazardous financial condition of transferring insurer, automatic transfer, when. — If an insurer domiciled in this state or in a jurisdiction not having a substantially similar law is deemed by the director to be in hazardous financial condition, or if an administrative…

375.1295. Effective date — application dates. — 1. Sections 375.1280 to 375.1295 shall apply to all assumption reinsurance agreements entered into on or after August 28, 1993. 2. Any person who prior to August 28, 1993, committed any act punishable under subsection 10 of section …

375.1300. Definitions. — When used in sections 375.1300 to 375.1312, the following terms mean: (1) "Consultant", an individual, partnership or corporation who, for a fee, holds himself or itself out to the public as engaged in the business of offering any advice, counsel, opinion…

375.1303. Genetic testing by insurer, limitations — penalty — health plan, defined. — 1. Any insurer, in determining eligibility for coverage, establishing premiums, limiting coverage, renewing coverage or any other underwriting decision, shall not, in connection with the offer, …

375.1306. Genetic information, prohibited uses by employers — penalty for violation. — 1. An employer shall not use any genetic information or genetic test results, as those terms are defined in subdivisions (3) and (4) of section 375.1300, of an employee or prospective employee …

375.1309. Confidentiality of genetic information, exceptions — penalty for violation. — 1. Any person who, in the ordinary course of business, practice of a profession or rendering of a service, creates, stores, receives or furnishes genetic information, as such term is defined i…

375.1312. Domestic violence, status as a victim not to be used by insurer — definitions — penalty — innocent coinsured, benefits paid, when. — 1. As used in this section, the following terms mean: (1) "Domestic violence" and "family" or "household member", as such terms are defin…

375.136. Producer placing business with a nonadmitted company or nonresident is subject to chapter 384. — Any insurance producer placing business with a nonresident agent or producer of a nonadmitted insurance company or direct with a nonadmitted insurance company or nonresident …

375.1400. Citation of law — act is exclusive state standards for licensees, when. — 1. Sections 375.1400 to 375.1427 shall be known and may be cited as the "Insurance Data Security Act". 2. Notwithstanding any other provision of law, sections 375.1400 to 375.1427 establish the ex…

375.1402. Definitions. — As used in sections 375.1400 to 375.1427, the following terms mean: (1) "Authorized person", an individual known to and authorized by the licensee and determined to be necessary and appropriate to have access to the nonpublic information held by the licen…

375.1405. Risk assessment and protection of nonpublic information — information security program, design — licensee duties — board duties — incident response plan — compliance statement. — 1. Commensurate with the size and complexity of the licensee; the nature and scope of the l…

375.1407. Cybersecurity event investigation, procedures. — 1. If the licensee learns that a cybersecurity event has or may have occurred, the licensee, or an outside vendor or service provider designated to act on behalf of the licensee, shall conduct a prompt investigation. 2. D…

375.141. Suspension, revocation, refusal of license — grounds — procedure. — 1. The director may suspend, revoke, refuse to issue or refuse to renew an insurance producer license for any one or more of the following causes: (1) Intentionally providing materially incorrect, mislea…

375.1410. Cybersecurity event, notification to director, contents — nonpublic information, procedure. — 1. Each licensee shall notify the director as promptly as practicable, but in no event later than four business days, from a determination that a cybersecurity event involving …

375.1412. Investigation, powers of director. — 1. The director shall have power to examine and investigate the affairs of any licensee to determine whether the licensee has been or is engaged in any conduct in violation of sections 375.1400 to 375.1427. This power is in addition …

375.1415. Confidentiality of documents, materials, or other information — sharing restrictions. — 1. Any documents, materials, or other information in the control or possession of the department that are furnished by a licensee or an employee or agent thereof acting on behalf of …

375.1417. Exceptions to act. — 1. The following exceptions shall apply to sections 375.1400 to 375.1427: (1) A licensee with fewer than ten employees, including any independent contractors, is exempt from the provisions of section 375.1405; (2) A licensee subject to and governed …

375.1420. Violations, penalty. — In the case of a violation of sections 375.1400 to 375.1427, a licensee may be subject to penalties as provided by law, including sections 374.046, 374.048, and 374.049. ­­-------- (L. 2025 H.B. 974, et al.) Effective 1-01-26; see § 375.1427

375.1422. Rulemaking authority. — The director of the department of commerce and insurance may promulgate rules as necessary for the implementation of sections 375.1400 to 375.1427. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under t…

375.1425. Severability clause. — If any provision of sections 375.1400 to 375.1427 or the application thereof to any person or circumstance is for any reason held to be invalid, the remainder of sections 375.1400 to 375.1427 and the application of such provision to other persons …

375.1427. Effective and implementation dates. — Sections 375.1400 to 375.1427 shall take effect on January 1, 2026. Licensees shall have until January 1, 2027, to implement section 375.1405 and until January 1, 2028, to implement subsection 6 of section 375.1405. ­­-------- (L. 2…

375.143. Rulemaking authority. — In order to effectuate and aid in the interpretation of section 375.141, the director, under section 374.045, may adopt rules and regulations codifying professional standards of producer competency and trustworthiness in the handling of applicatio…

375.144. Prohibited acts in connection with the offer, sale, solicitation, or negotiation of insurance. — It is unlawful for any person, in connection with the offer, sale, solicitation or negotiation of insurance, directly or indirectly, to: (1) Employ any deception, device, sch…

375.145. 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 375.012 to 375.144 or a rule adopted or order …

375.146. Violation, penalty. — 1. Any person who knowingly employs, uses or engages in any act, scheme, device or practice in violation of section 375.144 with the purpose to defraud shall upon conviction be fined not more than one hundred thousand dollars and imprisoned not more…

375.147. Managing general agents (MGA) — citation of law — definitions — law effective, when. — 1. Sections 375.147 to 375.153 may be cited as the "Managing General Agents Act". 2. Sections 375.147 to 375.153 shall take effect on July 1, 1991. No insurer may continue to utilize t…

375.148. Managing general agents must be licensed producers — risks located outside state — requirements — bond may be required, also errors and omissions policy. — 1. No person, firm, association or corporation shall act in the capacity of a managing general agent with respect t…

375.149. Written contract required for placing business with insurer, content — termination of contract for cause — prohibited acts by managing general agents. — No person, firm, association or corporation acting in the capacity of a managing general agent shall place business wi…

375.150. Duties of insurer — appointment of or termination of contract with managing general agent, notice to director, content. — 1. The insurer shall have on file an independent financial examination in a form acceptable to the director of each managing general agent with which…

375.1500. Sections 375.1500 to 375.1527 apply to life insurance policies, exceptions. — Sections 375.1500 to 375.1527 apply to all group and individual life insurance policies and certificates except: (1) Variable life insurance; (2) Individual and group annuity contracts; (3) Cr…

375.1503. Definitions. — As used in sections 375.1500 to 375.1527, the following terms shall mean: (1) "Actuarial standards board", the board established by the American Academy of Actuaries to develop and promulgate standards of actuarial practice; (2) "Contract premium", the gr…

375.1506. Policies marketed without an illustration, notice to department — illustration requirements — quotation required, when. — 1. Each insurer marketing policies to which sections 375.1500 to 375.1527 are applicable shall notify the director of the department of commerce and…

375.1509. Life insurance illustration, label, contents, use in sales presentation, interest rates. — 1. An illustration used in the sale of a life insurance policy shall satisfy the applicable requirements of sections 375.1500 to 375.1527, be clearly labeled "life insurance illus…

375.151. Acts of managing general agent acts of insurer. — The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer. ­­-------- (L. 1990 H.B. 1739 § 10) Eff…

375.1512. Basic illustration, requirements, contents. — 1. A basic illustration shall conform with the following requirements: (1) The illustration shall be labeled with the date on which it was prepared; (2) Each page, including any explanatory notes or pages, shall be numbered …

375.1515. Supplemental illustrations permitted, when — notice required. — 1. A supplemental illustration may be provided so long as: (1) It is appended to, accompanied by or preceded by a basic illustration that complies with sections 375.1500 to 375.1527; (2) The nonguaranteed e…