reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.021 - Nonadmitted insurers, limitation on furnishing coverage — exempt commercial purchaser, licensee exemptions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 28 Aug 2014, 2 histories
384.021. Nonadmitted insurers, limitation on furnishing coverage — exempt commercial purchaser, licensee exemptions. —
1. A surplus lines licensee shall not place coverage with a nonadmitted insurer, unless, at the time of placement, the surplus lines licensee has determined that the nonadmitted insurer is authorized to write the kind of insurance in its domiciliary jurisdiction and meets one of these criteria:
(1) Has capital and surplus or its equivalent under the laws of its domiciliary jurisdiction, which equals the greater of the minimum capital and surplus requirements under the laws of this state or fifteen million dollars, except that the requirements of this subdivision may be satisfied by an insurer's possessing less than the minimum capital and surplus upon an affirmative finding of acceptability by the director provided that the finding shall be based upon such factors as quality of management, capital and surplus of any parent company, company underwriting profit and investment income trends, market availability and company record and reputation within the industry, and in no event shall the director make an affirmative finding of acceptability when the nonadmitted insurer's capital and surplus is less than four million five hundred thousand dollars; or
(2) Appears on the most recent list of eligible surplus lines insurers published by the director from time to time but at least semiannually or on the most recent quarterly listing of alien insurers maintained by the international insurers department of the National Association of Insurance Commissioners.
2. Notwithstanding any other provision of this chapter or rules adopted to implement the provisions of this chapter, a surplus lines licensee seeking to procure or place nonadmitted insurance in Missouri for an exempt commercial purchaser shall not be required to satisfy any requirement to make a due diligence search to determine whether the full amount or type of insurance sought by such exempt commercial purchaser can be obtained from nonadmitted insurers if:
(1) The surplus lines licensee procuring or placing the surplus lines insurance has disclosed to the exempt commercial purchaser that such insurance may or may not be available from the admitted market that may provide greater protection with more regulatory oversight; and
(2) The exempt commercial purchaser has subsequently requested in writing the surplus lines licensee to procure or place such insurance from a nonadmitted insurer.
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(L. 1987 H.B. 700 § 3, A.L. 1989 S.B. 250, A.L. 1994 H.B. 1449 merged with S.B. 687, A.L. 2011 S.B. 132, A.L. 2014 H.B. 1361)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.023 - Unlisted nonadmitted insurers may be used for coverage, when — requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 28 Aug 2014
384.023. Unlisted nonadmitted insurers may be used for coverage, when — requirements. —
Risk eligible for export may be placed with any other nonadmitted insurer which does not appear on the list of eligible surplus lines insurers published by the director pursuant to subdivision (2) of subsection 1 of section 384.021 but nonetheless meets the requirements set forth in subdivision (1) of subsection 1 of section 384.021 and related complying regulations of the director. The surplus lines licensee seeking to provide coverage through an unlisted nonadmitted insurer shall make a filing specifying the amount and percentage of each risk to be placed, and naming the nonadmitted insurer with which placement is intended and shall pay the tax due pursuant to section 384.059. Within twenty days after placing the coverage, the surplus lines licensee shall also send written notice to the insured or the producing broker that the insurance, or a portion thereof, has been placed with such nonadmitted insurer.
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(L. 1987 H.B. 700 § 4, A.L. 2014 H.B. 1361)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.025 - Ineligibility of nonadmitted insurer, grounds, when — notice to licensees.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 28 Aug 2009
384.025. Ineligibility of nonadmitted insurer, grounds, when — notice to licensees. —
1. If at any time the director has reason to believe that an eligible surplus lines insurer:
(1) Is in unsound financial condition;
(2) Is no longer eligible under section 384.021;
(3) Has willfully violated the laws of this state; or
(4) Does not make reasonably prompt payment of just losses and claims in this state or elsewhere; the director may declare it ineligible.
2. The director shall promptly publish notice of all such declarations in any public electronic format.
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(L. 1987 H.B. 700 § 5, A.L. 2009 H.B. 577)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.034 - Advisory organization may be formed, purposes — information to be filed — examination when, costs — hearing on report, when — violations, penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 01 Jul 1987, see footnote
384.034. Advisory organization may be formed, purposes — information to be filed — examination when, costs — hearing on report, when — violations, penalty. —
1. An advisory surplus lines organization of surplus lines licensees may be formed to:
(1) Facilitate and encourage compliance by its members with the laws of this state and the rules and regulations of the director relative to surplus lines insurance;
(2) Provide means for the examination, which shall remain confidential, of all surplus lines coverage written by its members to determine whether such coverages comply with such laws and regulations;
(3) Communicate with organizations of admitted insurers with respect to the proper use of the surplus lines market; and
(4) Receive and disseminate to its members information relative to surplus lines coverages.
2. Every such advisory organization shall file with the director:
(1) A copy of its constitution, its articles of agreement or association or its certificate of incorporation;
(2) A copy of its bylaws, rules and regulations governing its activities;
(3) A current list of its members;
(4) The name and address of a resident of this state upon whom notices or orders of the director or processes issued at his direction may be served; and
(5) An agreement that the director may examine such advisory organization in accordance with the provisions of this section.
3. The director shall, at least once in three years, make or cause to be made an examination of each such advisory organization. The reasonable cost of any such examination shall be paid by the advisory organization upon presentation to it by the director of a detailed account of each cost. The officers, managers, agents and employees of such advisory organization may be examined at any time, under oath, and shall exhibit all books, records, accounts, documents or agreements governing its method of operation. The director shall furnish two copies of the examination report to the advisory organization examined and shall notify such organization that it may, within twenty days thereof, request a hearing on the report or on any facts or recommendations therein. If the director finds such advisory organization or any member thereof to be in violation of any provision of sections 384.011 to 384.071, he may issue an order requiring the discontinuance of such violation.
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(L. 1987 H.B. 700 § 8)
Effective 7-01-87
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.038 - Enforceability of contract.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 28 Aug 1989
384.038. Enforceability of contract. —
Insurance contracts procured under sections 384.011 to 384.071 shall be valid and enforceable as to all parties.
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(L. 1987 H.B. 700 §§ 10, 11, A.L. 1989 S.B. 250)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.041 - Premium payment to licensee deemed payment to insurer.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 01 Jul 1987, see footnote
384.041. Premium payment to licensee deemed payment to insurer. —
A payment of premium to a surplus lines licensee acting for a person other than himself in negotiating, continuing, or reviewing any policy of insurance under the provisions of sections 384.011 to 384.071 shall be deemed to be payment to the insurer, whatever conditions or stipulations may be inserted in the policy or contract notwithstanding.
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(L. 1987 H.B. 700 § 12)
Effective 7-01-87
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.043 - Licensing requirements for insurance producers, fee — examination, exception — renewal, when, violation, effect — national database, participation in — rulemaking authority.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 28 Aug 2021, 5 histories
384.043. Licensing requirements for insurance producers, fee — examination, exception — renewal, when, violation, effect — national database, participation in — rulemaking authority. —
1. No insurance producer shall procure any contract of surplus lines insurance with any nonadmitted insurer, unless he possesses a current surplus lines insurance license issued by the director.
2. The director shall issue a surplus lines license to any qualified holder of a current resident or nonresident property and casualty insurance producer license but only when the licensee has:
(1) Remitted the one hundred dollar initial fee to the director;
(2) Submitted a completed license application on a form supplied by the director; and
(3) Passed a qualifying examination approved by the director, except that all holders of a license prior to July 1, 1987, shall be deemed to have passed such an examination.
3. Each surplus lines license shall be renewed for a term of two years on the birth date of the licensee and continue in effect until refused, revoked or suspended by the director in accordance with section 384.065; except that if the biennial renewal fee for the license is not paid on or before the birth date of the licensee, the license terminates. The biennial renewal fee is one hundred dollars.
4. Beginning on or before July 1, 2012, the director shall participate in the national insurance producer database of the National Association of Insurance Commissioners, or any other equivalent uniform national database, for the licensure of surplus lines licensees and the renewal of such licenses.
5. Notwithstanding any other provision of this chapter, a person selling, soliciting, or negotiating nonadmitted insurance with respect to an insured shall be required to obtain or possess a current surplus lines insurance license issued by the director only if this state is such insured's home state.
6. The director may promulgate rules using the authority granted under section 375.045
*
to assist in the implementation of this section, including prorating licensure periods so that all renewals after January 1, 2022, shall occur biennially on a licensee's birth date.
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(L. 1987 H.B. 700 § 13, A.L. 1989 S.B. 250, A.L. 1990 H.B. 1739, A.L. 2001 S.B. 193 merged with S.B. 605, A.L. 2004 S.B. 1299, A.L. 2009 H.B. 577, A.L. 2011 S.B. 132, A.L. 2021 S.B. 6)
*Section "375.045" appears in original rolls, which does not exist, an apparent typographical error. Section 374.045 appears to contain the authority referenced.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.045 - Licensees may originate or accept insurance from other licensees or brokers, compensation.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 01 Jul 1987, see footnote
384.045. Licensees may originate or accept insurance from other licensees or brokers, compensation. —
A surplus lines licensee may originate surplus lines insurance or accept such insurance from any other agent or broker duly licensed as to the kinds of insurance involved, and the surplus lines licensee may compensate such agent or broker therefor.
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(L. 1987 H.B. 700 § 14)
Effective 7-01-87
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.048 - Records required to be kept by licensees — to be open to director — retention period.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 28 Aug 1989
384.048. Records required to be kept by licensees — to be open to director — retention period. —
Each surplus lines licensee shall keep in his office in this state a full and true record of each surplus lines insurance contract placed by or through him, including a copy of the policy, certificate, cover note, or other evidence of insurance showing such of the following items as may be applicable:
(1) Amount of the insurance and perils insured;
(2) Brief description of the property insured and its location;
(3) Gross premium charged;
(4) Any return premium paid;
(5) Rate of premium charged upon the several items of property;
(6) Effective date of the contract, and the terms thereof;
(7) Name and address of the insured;
(8) Name and address of the insurer;
(9) Amount of tax and other sums to be collected from the insured; and
(10) Identity of the producing broker, any confirming correspondence from the insurer or its representative and the application.
­­The record of each contract shall be kept open at all reasonable times to examination by the director without notice for a period not less than three years following termination of the contract. In lieu of maintaining offices in this state, each nonresident surplus lines licensee shall make available to the director any and all records that he deems necessary for examination. Examination costs incurred by the director in examining a nonresident surplus lines licensee shall be paid by the nonresident surplus lines licensee.
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(L. 1987 H.B. 700 § 15, A.L. 1989 S.B. 250)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.051 - Insured to file report on surplus lines insurance not obtained through a broker — contents, when due — tax imposed, procedure to collect tax.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 07 Jul 2011, 2 histories, see footnote
384.051. Insured to file report on surplus lines insurance not obtained through a broker — contents, when due — tax imposed, procedure to collect tax. —
1. Every insured whose home state is this state who procures or causes to be procured or continues or renews insurance in any surplus lines insurer, or any self-insurer whose home state is this state who so procures or continues with, any surplus lines insurer, excess of loss, catastrophe or other insurance, other than insurance procured through a surplus lines broker pursuant to sections 384.011 to 384.071, shall before March second of the year next succeeding the year in which the insurance was so procured, continued or renewed, file a written report of the same with the director on forms prescribed by the director and furnished to such an insured upon request. The report shall show:
(1) The name and address of the insured or insureds;
(2) The name and address of the insurer or insurers;
(3) The subject of the insurance;
(4) A general description of the coverage;
(5) The amount of premium currently charged therefor;
(6) Such additional pertinent information as may be reasonably requested by the director.
2. For the general support of the government of this state there is levied upon the insured or self-insurer who procures insurance pursuant to subsection 1 of this section a tax at the rate of five percent of the gross amount of the premium. Before April sixteenth of the year next succeeding the year in which the insurance was so procured, continued or renewed, the insured shall remit to the department of revenue the amount of the tax. The department of revenue shall notify the director of the sums collected from each insured or self-insurer.
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(L. 1987 H.B. 700 § 16 subsecs. 1 to 5, A.L. 1989 S.B. 250, A.L. 2009 H.B. 577, A.L. 2011 S.B. 132)
Effective 7-07-11
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.054 - Delinquent tax, penalty, interest.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 28 Aug 2007
384.054. Delinquent tax, penalty, interest. —
Any tax imposed by sections 384.011 to 384.071 which is delinquent in payment shall be subject to a penalty of one percent of the tax per diem up to ten percent of the tax. Any delinquent tax shall bear interest at the rate determined under section 32.065 from the time such tax is due.
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(L. 1987 H.B. 700 § 16 subsec. 6, A.L. 1989 S.B. 250, A.L. 2007 S.B. 66)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.057 - Licensee to file annual statement, contents — report to director, contents.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 07 Jul 2011, 2 histories, see footnote
384.057. Licensee to file annual statement, contents — report to director, contents. —
1. Before March second of each year, each surplus lines broker shall report under oath to the director on forms prescribed by him or her a statement showing, with respect to the year ending the immediately preceding December thirty-first for nonadmitted insurance where the home state of the insured is this state:
(1) The gross amounts charged for surplus lines insurance, exclusive of sums collected for the payment of federal, state or local taxes;
(2) The amount of net premiums with respect to the insurance. For the purpose of this section,
"net premiums"
means the gross amount of charges for surplus lines insurance, exclusive of sums collected for the payment of federal, state and local taxes, less returned premiums.
2. No later than within forty-five days after the end of each calendar quarter ending March thirty-first, June thirtieth, September thirtieth, and December thirty-first each surplus lines broker shall report under oath to the director on forms prescribed by him or her a statement showing, with respect to each respective calendar quarter for nonadmitted insurance where the home state of the insured is this state:
(1) The gross amounts charged for surplus lines insurance, exclusive of sums collected for the payment of federal, state, or local taxes;
(2) The amount of net premiums with respect to the insurance. For the purpose of this section,
"net premiums"
means the gross amount of charges for surplus lines insurance, exclusive of sums collected for the payment of federal, state, and local taxes, less returned premiums.
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(L. 1987 H.B. 700 § 16 subsec. 7, A.L. 1989 S.B. 250, A.L. 2009 H.B. 577, A.L. 2011 S.B. 132)
Effective 7-07-11
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.059 - Premium tax applicable to surplus lines, rate, payment — broker may charge tax to insured.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 28 Aug 1989
384.059. Premium tax applicable to surplus lines, rate, payment — broker may charge tax to insured. —
1. There is hereby imposed on surplus brokers for the privilege of doing the business of a surplus lines broker in this state a tax of five percent of the net premium received with respect to surplus lines insurance on risks located in this state and subject to sections 375.136, 375.301, 375.786 and sections 384.011 to 384.071 as shown on the annual report filed with the department pursuant to section 384.057. For the purpose of this section,
"net premiums"
means the gross amount of charges for surplus lines insurance exclusive of sums collected for the payment of federal, state and local taxes, less returned premiums. The tax shall be paid before April sixteenth of each year. Nothing in sections 375.136, 375.301, 375.786 and sections 384.011 to 384.071 shall exempt from the tax levied by this section any surplus lines insurance covering risks in this state procured by a surplus lines broker or other broker for or on behalf of an airline, railroad, or motor carrier. The portion of the risk in this state shall be in the proportion that the carrier's revenue miles in this state bears to its total revenue miles.
2. The surplus lines broker may collect from the insured an amount equal to the tax provided for in this section.
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(L. 1987 H.B. 700 § 17, A.L. 1989 S.B. 250)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.061 - Premium tax to be levied only on entire gross premium for nonadmitted or surplus lines insurance policies.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 07 Jul 2011, see footnote
384.061. Premium tax to be levied only on entire gross premium for nonadmitted or surplus lines insurance policies. —
1. Notwithstanding any other provision of this chapter or regulation implementing a provision of this chapter, the five percent tax on net premiums imposed by sections 384.051 and 384.059 shall be levied upon and only upon the entire gross premium for nonadmitted or surplus lines insurance policies for which the home state of the insured is Missouri.
2. Notwithstanding any other provision of this chapter or regulation implementing a provision of this chapter:
(1) The placement of nonadmitted insurance shall be subject to the statutory and regulatory requirements of this chapter only if this state is the insured's home state; and
(2) A surplus lines broker is required to be licensed as a surplus lines licensee under the provisions of this chapter only if this state is the insured's home state.
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(L. 1989 S.B. 250, A.L. 2011 S.B. 132)
Effective 7-07-11
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.062 - Premium taxes collected by licensee but unpaid to department, actions authorized — taxes payable to department.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 28 Aug 2009, 2 histories
384.062. Premium taxes collected by licensee but unpaid to department, actions authorized — taxes payable to department. —
1. If any tax, penalty, or interest payable by a surplus lines licensee under the provisions of sections 384.011 to 384.071 is not paid within the time prescribed, the same shall be recoverable in a suit brought by the director against the surplus lines licensee.
2. All taxes, penalties, and interest or delinquent taxes levied pursuant to this chapter shall be paid to the department of revenue, who shall notify the director of the sums collected from each surplus lines licensee. All checks and drafts remitted for the payment of such taxes, penalties and interest shall be made payable to the director of revenue.
3. Taxes collected pursuant to this chapter are taxes collected by the director of revenue within the meaning of section 139.031.
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(L. 1987 H.B. 700 § 18, A.L. 1989 S.B. 250, A.L. 2004 S.B. 1299, A.L. 2009 H.B. 577)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.065 - Revocation, suspension or refusal to renew license of licensee, grounds — notice — hearing.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 28 Aug 2004
384.065. Revocation, suspension or refusal to renew license of licensee, grounds — notice — hearing. —
The director may suspend, revoke, or refuse to renew the license of a surplus lines licensee after notice and hearing as provided under the applicable provisions of this state's laws upon any one or more of the following grounds:
(1) Removal of the resident surplus lines licensee's office from this state;
(2) Removal of the resident surplus lines licensee's office accounts and records from this state during the period during which such accounts and records are required to be maintained under section 384.059;
(3) Closing of the surplus lines licensee's office for a period of more than thirty business days, unless permission is granted by the director;
(4) Failure to make and file required reports;
(5) Failure to transmit required tax on surplus lines premiums;
(6) Violation of any provision of sections 384.011 to 384.071; or
(7) For any cause for which an insurance license could be denied, revoked, suspended or renewal refused under section 375.141.
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(L. 1987 H.B. 700 § 19, A.L. 2004 S.B. 1299)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.068 - Cause of action on contracts of insurance may be brought against insurer — policy to contain appropriate language — insurer deemed to have subjected himself to this section — service of process.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 01 Jul 1987, see footnote
384.068. Cause of action on contracts of insurance may be brought against insurer — policy to contain appropriate language — insurer deemed to have subjected himself to this section — service of process. —
1. A surplus lines insurer may be sued upon any cause of action arising in this state under any surplus lines insurance contract made by it or evidence of insurance issued or delivered by the surplus lines licensee pursuant to the procedure provided in sections 375.256 to 375.266. Any such policy issued by the surplus lines licensee shall contain a provision stating the substance of this section and designating the person to whom the director shall mail process.
2. Each surplus lines insurer assuming a surplus lines insurance shall be deemed thereby to have subjected itself to the provisions of sections 384.011 to 384.071.
3. The remedies provided in this section are in addition to any other methods provided by law for service of process upon insurers.
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(L. 1987 H.B. 700 § 20)
Effective 7-01-87
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 384 - Surplus Lines Insurance › Section 384.071 - Violations, penalties.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 384
• Effective - 28 Aug 2007
384.071. 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 384.011 to 384.071 or a rule adopted or order issued pursuant thereto, or that a person has materially aided or is materially aiding an act, practice, omission, or course of business constituting a violation of sections 384.011 to 384.071 or a rule adopted or order issued pursuant thereto, the director may issue such administrative orders as authorized under section 374.046. A violation of any of these sections is a level three violation under section 374.049.
2. If the director believes 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 384.011 to 384.071 or a rule adopted or order issued pursuant thereto, or that a person has materially aided or is materially aiding an act, practice, omission, or course of business constituting a violation of sections 384.011 to 384.071 or a rule adopted or order issued pursuant thereto, the director may maintain a civil action for relief authorized under section 374.048. A violation of any of these sections is a level three violation under section 374.049.
3. Any surplus lines licensee who in this state represents or aids a nonadmitted insurer in violation of the provisions of sections 384.011 to 384.071 may be found guilty of a class B misdemeanor and subject to a fine not in excess of one thousand dollars.
4. The above penalties are not exclusive remedies.
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(L. 1987 H.B. 700 § 21, A.L. 2007 S.B. 66)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 385 - Credit Insurance and Service Contracts › Section 385.010 - Purpose clause.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 385
• Effective - 28 Aug 1992
385.010. Purpose clause. —
The purpose of sections 385.010 to 385.080 is to promote the public welfare by regulating credit life insurance and credit accident and sickness insurance, credit casualty insurance, credit involuntary unemployment insurance and credit property insurance. Nothing in sections 385.010 to 385.080 is intended to prohibit or discourage reasonable competition. The provisions of sections 385.010 to 385.080 shall be liberally construed.
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(L. 1977 H.B. 610 § 1, A.L. 1992 S.B. 519)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 385 - Credit Insurance and Service Contracts › Section 385.015 - Scope of law.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 385
• Effective - 28 Aug 2020, 2 histories
385.015. Scope of law. —
All life insurance, accident and sickness insurance, involuntary unemployment insurance, credit casualty insurance, and property insurance written in connection with loans or other credit transactions shall be subject to the provisions of sections 385.010 to 385.080, except insurance for which no identifiable charge is made to the debtor and insurance written in connection with a loan or other credit transaction of more than fifteen years duration; nor shall insurance be subject to the provisions of sections 385.010 to 385.080 if the issuance of the insurance is an isolated transaction on the part of the insurer not related to an agreement or a plan for insuring debtors of the creditor or where the issuance of such insurance is in connection with a residential real estate secured credit transaction commitment exceeding twenty-five thousand dollars, which may be accessed on a discretionary basis by the debtor.
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(L. 1977 H.B. 610 § 2, A.L. 1987 H.B. 510, A.L. 1992 S.B. 519, A.L. 2020 S.B. 599)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 385 - Credit Insurance and Service Contracts › Section 385.025 - Credit life and accident insurance, form in which it shall be issued.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 385
• Effective - 28 Aug 1977
385.025. Credit life and accident insurance, form in which it shall be issued. —
Credit life insurance and credit accident and sickness insurance shall be issued only in the following forms:
(1) Individual policies of life insurance issued to debtors on a term plan;
(2) Individual policies of accident and sickness insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance;
(3) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;
(4) Group policies of accident and sickness insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage.
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(L. 1977 H.B. 610 § 4)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 385 - Credit Insurance and Service Contracts › Section 385.030 - Amount of insurance permitted — payments, amount of, limited.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 385
• Effective - 10 Jul 1991, see footnote
385.030. Amount of insurance permitted — payments, amount of, limited. —
1. The initial amount of credit life insurance shall not exceed the total amount repayable under the contract of indebtedness and, where an indebtedness is repayable in substantially equal installments, the amount of insurance shall at no time exceed the scheduled or actual amount of unpaid indebtedness, whichever is greater.
2. Notwithstanding the provisions of subsection 1 of this section, insurance on agricultural credit transaction commitments, not exceeding forty-eight months in duration, may be written up to the amount of the loan commitment on a nondecreasing or level term plan.
3. Notwithstanding any other provision of this section, insurance on educational credit transaction commitments may be written for the amount of the portion of the commitment that has not been advanced by the creditor.
4. The total amount of periodic indemnity payable by credit accident and sickness insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of the indebtedness, and the amount of each periodic indemnity payment shall not exceed the original indebtedness divided by the number of periodic installments or divided by the number of months of its term in the case of an agricultural loan commitment insured under subsection 2 of this section.
5. Notwithstanding any other provision of this section, insurance on residential real estate secured credit transaction commitments may be written up to the amount of the loan commitment.
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(L. 1977 H.B. 610 § 5, A.L. 1987 H.B. 510, A.L. 1991 S.B. 352)
Effective 7-10-91
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 385 - Credit Insurance and Service Contracts › Section 385.035 - Term of policy, prepayment of debt, effect of.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 385
• Effective - 28 Aug 1977
385.035. Term of policy, prepayment of debt, effect of. —
The term of any credit life insurance or credit accident and sickness insurance, subject to acceptance by the insurer, shall commence on the date when the debtor becomes obligated to the creditor, except that, where a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to such indebtedness shall commence on the effective date of the policy. Where evidence of insurability is required and such evidence is furnished more than thirty days after the date when the debtor becomes obligated to the creditor, the term of the insurance may commence on the date on which the insurance company determines the evidence to be satisfactory, and in such event there shall be an appropriate refund or adjustment of any charge to the debtor for insurance. The term of such insurance shall not extend more than thirty days beyond the scheduled maturity date of the indebtedness except when extended without additional cost to the debtor. If the indebtedness is discharged due to renewal or refinancing prior to the scheduled maturity date, the insurance in force shall be terminated before any new insurance may be issued in connection with the renewed or refinanced indebtedness. In all cases of loan termination prior to scheduled maturity, all credit life and credit accident and sickness insurance shall be terminated and a refund shall be paid or credited as provided in section 385.050.
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(L. 1977 H.B. 610 § 6)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 385 - Credit Insurance and Service Contracts › Section 385.040 - Policy or group certificate, contents of, delivery required — policy or certificate not delivered, effect of.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 385
• Effective - 28 Aug 1977
385.040. Policy or group certificate, contents of, delivery required — policy or certificate not delivered, effect of. —
1. All credit life insurance and credit accident and sickness insurance shall be evidenced by an individual policy, or in the case of group insurance by a certificate of insurance, which individual policy or group certificate of insurance shall be delivered to the debtor.
2. Each individual policy or group certificate of credit life insurance, or credit accident and sickness insurance, or both, shall, in addition to other requirements of law, set forth the name and home office address of the insurer, the name or names of the debtor, the premium or amount of payment by the debtor separately for credit life insurance and credit accident and sickness insurance, a description of the coverage including the amount and term thereof, and any exceptions, limitations and restrictions, and shall state that the benefits shall be paid to the creditor to reduce or extinguish the unpaid indebtedness and, wherever the amount of insurance may exceed the unpaid indebtedness, that any excess shall be payable to a beneficiary, other than the creditor, named by the debtor or to his estate.
3. The individual policy or group certificate of insurance shall be delivered to the insured debtor at the time the indebtedness is incurred except as hereinafter provided.
4. If the individual policy or group certificate of insurance is not delivered to the debtor at the time the indebtedness is incurred, a copy of the application for the policy or a notice of proposed insurance, signed by the debtor and setting forth the name and home office address of the insurer, the name or names of the debtor, the premium or amount of payment by the debtor, if any, separately for credit life insurance and credit accident and sickness insurance, the amount, term and a brief description of the coverage provided, shall be delivered to the debtor at the time the indebtedness is incurred. The copy of the application for or notice of proposed insurance, shall also refer exclusively to insurance coverage, and shall be separate and apart from the loan, sale or other credit statement of account, instrument or agreement, unless the information required by this subsection is prominently set forth therein. Upon acceptance of the insurance by the insurer and within thirty days of the date upon which the indebtedness is incurred, the insurer shall cause the individual policy or group certificate of insurance to be delivered to the debtor. The application or notice of proposed insurance shall state that, upon acceptance by the insurer, the insurance shall become effective as provided in section 385.035.
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(L. 1977 H.B. 610 § 7)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 385 - Credit Insurance and Service Contracts › Section 385.050 - Revision of premium schedules, procedure for — refunds paid, when — limit on charge for credit life.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 385
• Effective - 28 Aug 2008, 2 histories
385.050. Revision of premium schedules, procedure for — refunds paid, when — limit on charge for credit life. —
1. Any insurer may revise its schedules of premium rates from time to time and shall file the revised schedules with the director. No insurer shall issue any credit life insurance policy or credit accident and sickness insurance policy for which the premium rate exceeds that determined by the schedules of the insurer as then approved by the director.
2. Each individual policy or group certificate shall provide that in the event of termination of the insurance prior to the scheduled maturity date of the indebtedness, any refund of an amount paid by the debtor for insurance shall be paid or credited promptly to the person entitled thereto; provided, however, that no refund of less than one dollar need be made. The formula to be used in computing the refund shall be the actuarial method of calculating refunds which produces a refund equal to the original premium multiplied by the ratio of the sum of the remaining insured balances divided by the sum of the original insured balances. In determining the number of months for which a premium is earned, the first month's premium may be considered as earned on the first day of coverage and for all successive months' premiums, on the coverage anniversary date in each successive month.
3. If a creditor requires a debtor to make any payment for credit life insurance or credit accident and sickness insurance and an individual policy or group certificate of insurance is not issued, the creditor shall immediately give written notice to the debtor and shall promptly make an appropriate credit to the account.
4. The amount charged to a debtor for any credit life or credit accident and sickness insurance shall not exceed the premiums charged by the insurer, as computed at the time the charge to the debtor is determined.
5. Nothing in sections 385.010 to 385.080 shall be construed to authorize any payments for insurance now prohibited under any statute, or rule thereunder, governing credit transactions.
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(L. 1977 H.B. 610 § 9, A.L. 2002 S.B. 895, A.L. 2008 H.B. 1893 merged with S.B. 1168)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 385 - Credit Insurance and Service Contracts › Section 385.055 - Who may issue credit life insurance.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 385
• Effective - 28 Aug 1977
385.055. Who may issue credit life insurance. —
All policies and certificates of credit life insurance and credit accident and sickness insurance shall be delivered or issued for delivery in this state only by an insurer authorized to do an insurance business herein and shall be issued only through holders of licenses issued by the director. No person shall solicit, negotiate, or procure debtors to become insured under individual or group or any other form of policy unless such person is licensed as an agent, agency or broker by the director.
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(L. 1977 H.B. 610 § 10)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 385 - Credit Insurance and Service Contracts › Section 385.060 - Reporting and settlement of claims — who may adjust claims.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 385
• Effective - 28 Aug 1977
385.060. Reporting and settlement of claims — who may adjust claims. —
1. All claims shall be promptly reported to the insurer or its designated claims representative, and the insurer shall maintain adequate claim files. All claims shall be settled promptly and in accordance with the terms of the insurance contract.
2. All claims shall be paid either by draft drawn upon the insurer or by check of the insurer to the order of the claimant to whom payment of the claim is due pursuant to the policy provisions, or upon direction of the claimant to one specified.
3. No plan or arrangement shall be used whereby any person, firm or corporation other than the insurer or its designated claims representative shall be authorized to settle or adjust claims. The creditor shall not be designated as claims representative for the insurer in adjusting claims.
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(L. 1977 H.B. 610 § 11)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 385 - Credit Insurance and Service Contracts › Section 385.065 - Debtor to be informed of his option to use existing policies of insurance as security — policy may be obtained from any licensed insurer.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 385
• Effective - 28 Aug 1977
385.065. Debtor to be informed of his option to use existing policies of insurance as security — policy may be obtained from any licensed insurer. —
When life insurance or accident and sickness insurance is required or requested as additional security for any indebtedness, the debtor shall be informed of the option of furnishing the required amount of insurance, or any portion thereof, through existing policies of insurance owned or controlled by him or of procuring and furnishing the required coverage through any insurer authorized to transact such insurance business within this state.
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(L. 1977 H.B. 610 § 12)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 385 - Credit Insurance and Service Contracts › Section 385.075 - Regulatory powers of director.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 385
• Effective - 28 Aug 1977
385.075. Regulatory powers of director. —
The director may, after notice and hearing, pursuant to section 374.045, issue the rules and regulations that he deems necessary to effectuate the purposes of sections 385.010 to 385.080, or to eliminate devices or plans designed to avoid or render ineffective the provisions of sections 385.010 to 385.080. The director may require such information as is reasonably necessary for the enforcement of sections 385.010 to 385.080.
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(L. 1977 H.B. 610 § 14)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 385 - Credit Insurance and Service Contracts › Section 385.080 - Credit life, accident and health insurance must be placed directly in companies holding a certificate of authority to do business in this state.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 385
• Effective - 28 Aug 1977
385.080. Credit life, accident and health insurance must be placed directly in companies holding a certificate of authority to do business in this state. —
Credit life and credit accident and health insurance may be written or issued in Missouri only when placed directly in insurance companies duly granted certificate of authority to do such business in this state
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(L. 1977 H.B. 610 § 15)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 385 - Credit Insurance and Service Contracts › Section 385.204 - Reimbursement insurance policies, requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 385
• Effective - 01 Jan 2008, see footnote
385.204. Reimbursement insurance policies, requirements. —
Reimbursement insurance policies insuring motor vehicle extended service contracts issued, sold, or offered for sale in this state shall conspicuously state that, upon failure of the provider to perform under the contract, such as failure to return the unearned provider fee, the insurer that issued the policy shall pay on behalf of the provider any sums the provider is legally obligated to pay or shall provide the service for which the provider is legally obligated to perform according to the provider's contractual obligations under the motor vehicle extended service contracts issued or sold by the provider.
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(L. 2007 H.B. 221)
Effective 1-01-08