2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1300 - Definitions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2013, 3 histories
379.1300. Definitions. —
As used in sections 379.1300 to 379.1351, the following terms shall mean:
(1)
"Affiliated company"
, any company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management;
(2)
"Alien captive insurance company"
, any insurance company formed to write insurance business for its parents and affiliates and licensed under the laws of an alien jurisdiction that imposes statutory or regulatory standards in a form acceptable to the director on companies transacting the business of insurance in such jurisdiction;
(3)
"Annuity"
, a contract issued for a valuable consideration under which the obligations are assumed with respect to periodic payments for a specified term or terms or where the making or continuance of all or of some of such payments, or the amount of any such payments, is dependent upon the continuance of human life;
(4)
"Association"
, any legal association of individuals, corporations, limited liability companies, partnerships, associations, or other entities that has been in continuous existence for at least one year, the member organizations of which or which does itself, whether or not in conjunction with some or all of the member organizations:
(a) Own, control, or hold with power to vote all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer;
(b) Have complete voting control over an association captive insurance company incorporated as a mutual insurer;
(c) Constitute all of the subscribers of an association captive insurance company formed as a reciprocal insurer; or
(d) Have complete voting control over an association captive insurance company formed as a limited liability company;
(5)
"Association captive insurance company"
, any company that insures risks of the member organizations of the association and their affiliated companies; except that, association captive insurance company shall not include, without limitation, any reciprocal insurer that has not chosen to apply for and is not licensed as a captive insurance company under section 379.1302;
(6)
"Branch business"
, any insurance business transacted by a branch captive insurance company in this state;
(7)
"Branch captive insurance company"
, any alien captive insurance company licensed by the director to transact the business of insurance in this state through a business unit with a principal place of business in this state;
(8)
"Branch operations"
, any business operations of a branch captive insurance company in this state;
(9)
"Captive insurance company"
, any pure captive insurance company, association captive insurance company, sponsored captive insurance company, or industrial insured captive insurance company formed or licensed under sections 379.1300 to 379.1351. For purposes of sections 379.1300 to 379.1351, a branch captive insurance company shall be a pure captive insurance company with respect to operations in this state, unless otherwise permitted by the director;
(10)
"Controlled unaffiliated business"
, any company:
(a) That is not in the corporate system of a parent and affiliated companies;
(b) That has an existing contractual relationship with a parent or affiliated company; and
(c) Whose risks are managed by a pure captive insurance company in accordance with section 379.1338;
(11)
"Director"
, the director of the department of commerce and insurance;
(12)
"Excess workers' compensation insurance"
, in the case of an employer that has insured or self-insured its workers' compensation risks in accordance with applicable state or federal law, insurance in excess of a specified per-incident or aggregate limit established by the director;
(13)
"Industrial insured"
, an insured:
(a) Who procures the insurance of any risk or risks by use of the services of a full-time employee acting as an insurance manager or buyer;
(b) Whose aggregate annual premiums for insurance on all risks total at least twenty-five thousand dollars; and
(c) Who has at least twenty-five full-time employees;
(14)
"Industrial insured captive insurance company"
, any company that insures risks of the industrial insureds that comprise the industrial insured group and their affiliated companies;
(15)
"Industrial insured group"
, any group of industrial insureds that collectively:
(a) Own, control, or hold with power to vote all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer;
(b) Have complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer;
(c) Constitute all of the subscribers of an industrial insured captive insurance company formed as a reciprocal insurer; or
(d) Have complete voting control over an industrial captive insurance company formed as a limited liability company;
(16)
"Member organization"
, any individual, corporation, limited liability company, partnership, association, or other entity that belongs to an association;
(17)
"Mutual corporation"
, a corporation organized without stockholders and includes a nonprofit corporation with members;
(18)
"Parent"
, a corporation, limited liability company, partnership, other entity, or individual that directly or indirectly owns, controls, or holds with power to vote more than fifty percent of the outstanding voting:
(a) Securities of a pure captive insurance company organized as a stock corporation; or
(b) Membership interests of a pure captive insurance company organized as a nonprofit corporation;
(19)
"Pure captive insurance company"
, any company that insures risks of its parent and affiliated companies or controlled unaffiliated business.
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(L. 2007 S.B. 215, A.L. 2009 H.B. 577, A.L. 2013 S.B. 287)