Mo. Rev. Stat. § 384.015 — MO Code / Chapter 384 / Section 384.015
384.015 Definitions.
Status: in_force

384.015. Definitions. — As used in this chapter, the following terms shall mean:

(1) "Admitted insurer" , an insurer licensed to do an insurance business in this state;

(2) "Capital" , funds paid in for stock or other evidence of ownership;

(3) "Director" , the director of the department of commerce and insurance;

(4) "Domestic surplus lines insurer" , a nonadmitted insurer that is domiciled in this state with which a surplus lines licensee may place only surplus lines insurance;

(5) "Eligible surplus lines insurer" , a nonadmitted insurer with which a surplus lines licensee may place surplus lines insurance;

(6) "Exempt commercial purchaser" , any person purchasing commercial insurance that, at the time of placement, meets the following requirements:

(a) The person employs or retains a qualified risk manager to negotiate insurance coverage;

(b) The person has paid aggregate nationwide commercial property and casualty insurance premiums in excess of one hundred thousand dollars in the immediately preceding twelve months; and

(c) a. The person meets at least one of the following criteria:

(i) The person possesses a net worth in excess of twenty million dollars, as such amount is adjusted under subparagraph b. of this paragraph;

(ii) The person generates annual revenues in excess of fifty million dollars, as such amount is adjusted under subparagraph b. of this paragraph;

(iii) The person employs more than five hundred full-time or full-time equivalent employees per individual insured or is a member of an affiliated group employing more than one thousand employees in the aggregate;

(iv) The person is a not-for-profit organization or public entity generating annual budgeted expenditures of at least thirty million dollars, as such amount is adjusted under subparagraph b. of this paragraph; or

(v) The person is a municipality with a population in excess of fifty thousand persons.

b. Effective on the fifth January first occurring after the date of the enactment of United States Public Law 111-203 and each fifth January first occurring thereafter, the amounts in items (i), (ii), and (iv) of subparagraph a. of this paragraph shall be adjusted to reflect the percentage change for such five-year period in the Consumer Price Index for All Urban Consumers published by the United States Bureau of Labor Statistic of the Department of Labor;

(7) "Export" , to place surplus lines insurance with a nonadmitted insurer;

(8) "Home state" :

(a) Except as provided in paragraph (b) of this subdivision, the term "home state" means, with respect to an insured:

a. The state in which an insured maintains its principal place of business or, in the case of an individual, the individual's principal residence; or

b. If one hundred percent of the insured risk is located out of the state referred to in subparagraph a. of this paragraph, the state to which the greatest percentage of the insured's taxable premium for that insurance contract is allocated;

(b) If more insureds than one from an affiliated group are named insureds on a single nonadmitted insurance contract, the term "home state" means the home state, as determined under paragraph (a) of this subdivision, of the member of the affiliated group that has the largest percentage of premium attributed to it under such insurance contract;

(c) The principal place of business is the state where the insured maintains its headquarters and where the insured's high-level officers direct, control and coordinate the business activities of the insured;

(9) "Kind of insurance" , one of the types of insurance required to be reported in the annual statement which must be filed with the director by admitted insurers;

(10) "Nonadmitted insurance" , any property and casualty insurance permitted to be placed directly or through a surplus lines licensee with a nonadmitted insurer eligible to accept such insurance;

(11) "Nonadmitted insurer" , an insurer not licensed to do an insurance business in this state, including insurance exchanges authorized under the laws of other states, but does not include a risk retention group, as that term is defined in the Liability Risk Retention Act of 1986 (15 U.S.C. Section 3901(a)(4));

(12) "Producing broker" , the individual broker or agent dealing directly with the party seeking insurance;

(13) "Qualified risk manager" , shall have the same meaning prescribed in the Nonadmitted and Reinsurance Reform Act of 2010 (15 U.S.C. Section 8206);

(14) "Surplus" , funds over and above liabilities and capital of the company for the protection of policyholders;

(15) "Surplus lines insurance" , any insurance of risks resident, located or to be performed in this state, permitted to be placed through a surplus lines licensee with a nonadmitted insurer eligible to accept such insurance, other than reinsurance, and life and health insurance and annuities;

(16) "Surplus lines licensee" , a person licensed to place insurance on risks resident, located or to be performed in this state with nonadmitted insurers eligible to accept such insurance;

(17) "Wet marine and transportation insurance" :

(a) Insurance upon vessels, crafts, hulls and of interests therein or with relation thereto;

(b) Insurance of marine builder's risks, marine war risks and contracts of marine protection and indemnity insurance;

(c) Insurance of freights and disbursements pertaining to a subject of insurance coming within this section; and

(d) Insurance of personal property and interests therein, in the course of exportation from or importation into any country, or in the course of transportation coastwise or on inland waters, including transportation by land, water or air from point of origin to final destination, in connection with any and all risks or periods of navigation, transit or transportation, and while being prepared for and while awaiting shipment, and during any delays, transshipment, or reshipment incident thereto.

(L. 1987 H.B. 700 § 1 subsec. 2, A.L. 1989 S.B. 250, A.L. 2011 S.B. 132, A.L. 2014 H.B. 1361)