reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1117 - Transactions between insurer and broker, written authorization required — contents.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jul 1992, see footnote
375.1117. Transactions between insurer and broker, written authorization required — contents. —
Transactions between an RB and the insurer it represents in such capacity shall only be entered into pursuant to a written authorization, specifying the responsibilities of each party. The authorization shall, at a minimum, contain provisions that:
(1) The insurer may terminate the RB's authority at any time;
(2) The RB shall render accounts to the insurer accurately detailing all material transactions, including information necessary to support all commissions, charges and other fees received by or owing to the RB, and remit all funds due to the insurer within thirty days of receipt;
(3) All funds collected for the insurer's account shall be held by the RB in a fiduciary capacity in a bank which is a qualified United States financial institution;
(4) The RB shall comply with section 375.1120;
(5) The RB shall comply with the written standards established by the insurer for the cession or retrocession of all risks;
(6) The RB shall disclose to the insurer any relationship with any reinsurer to which business will be ceded or retroceded.
­­--------
(L. 1991 H.B. 385, et al. § 40)
Effective 7-01-92
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1120 - Records to be maintained by broker, duration — contents.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jul 1992, see footnote
375.1120. Records to be maintained by broker, duration — contents. —
1. For at least twenty-three years after expiration of each contract of reinsurance of medical malpractice insurance and transacted by the RB, and for at least ten years after expiration of each contract of reinsurance or any other insurance transacted by the RB, the RB shall keep a complete record for each transaction showing:
(1) The type of contract, limits, underwriting restrictions, classes or risks and territory;
(2) Period of coverage, including effective and expiration dates, cancellation provisions and notice required of cancellation;
(3) Reporting and settlement requirements of balances;
(4) Rate used to compute the reinsurance premium;
(5) Names and addresses of assuming reinsurers;
(6) Rates of all reinsurance commissions, including the commissions on any retrocessions handled by the RB;
(7) Related correspondence and memoranda;
(8) Proof of placement;
(9) Details regarding retrocessions handled by the RB including the identity of retrocessionaires and percentage of each contract assumed or ceded;
(10) Financial records, including, but not limited to, premium and loss accounts; and
(11) When the RB procures a reinsurance contract on behalf of a licensed ceding insurer:
(a) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
(b) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that such reinsurer has delegated binding authority to the representative.
2. The insurer shall have access and the right to copy and audit all accounts and records maintained by the RB related to its business in a form usable by the insurer.
­­--------
(L. 1991 H.B. 385, et al. § 41)
Effective 7-01-92
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1122 - Insurer's use of broker, restrictions — financial condition statement required.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jul 1992, see footnote
375.1122. Insurer's use of broker, restrictions — financial condition statement required. —
1. An insurer shall not engage the services of any person, firm, association or corporation to act as an RB on its behalf, unless such person is licensed as required by subsection 1 of section 375.1115.
2. An insurer may not employ an individual who is employed by an RB with which it transacts business, unless such RB is under common control with the insurer and subject to the provisions of chapter 382.
3. The insurer shall annually obtain a copy of statements of the financial condition of each RB with which it transacts business.
­­--------
(L. 1991 H.B. 385, et al. § 42)
Effective 7-01-92
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1127 - Reinsurance manager, prohibited acts.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jul 1992, see footnote
375.1127. Reinsurance manager, prohibited acts. —
The RM shall not:
(1) Bind retrocessions on behalf of the reinsurer, except that the RM may bind facultative retrocessions pursuant to obligatory facultative agreements if the contract with the reinsurer contains reinsurance underwriting guidelines for such retrocessions. Such guidelines shall include a list of reinsurers with which such automatic agreements are in effect, and for each such reinsurer, the coverages and amounts or percentages that may be reinsured, and commission schedules;
(2) Commit the reinsurer to participate in reinsurance syndicates;
(3) Appoint any producer without assuring that the producer is lawfully licensed to transact the type of reinsurance for which he is appointed;
(4) Without prior approval of the reinsurer, pay or commit the reinsurer to pay a claim, net of retrocessions, that exceeds the lesser of an amount specified by the reinsurer or one percent of the reinsurer's policyholder's surplus as of December thirty-first of the last complete calendar year;
(5) Collect any payment from a retrocessionaire or commit the reinsurer to any claim settlement with a retrocessionaire, without prior approval of the reinsurer. If prior approval is given, a report must be promptly forwarded to the reinsurer;
(6) Jointly employ an individual who is employed by the reinsurer; or
(7) Appoint a subRM.
­­--------
(L. 1991 H.B. 385, et al. § 44)
Effective 7-01-92
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1130 - Insurer's use of manager, restrictions — financial condition statement required.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jul 1992, see footnote
375.1130. Insurer's use of manager, restrictions — financial condition statement required. —
1. The reinsurer shall not engage the services of any person, firm, association or corporation to act as an RM on its behalf unless such person is licensed as required by subsection 2 of section 375.1115.
2. The reinsurer shall annually obtain a copy of statements of the financial condition of each RM which such reinsurer has engaged prepared by an independent certified accountant in a form acceptable to the director.
3. If an RM establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the RM. This opinion shall be in addition to any other required loss reserve certification.
4. Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the RM.
5. Within thirty days of termination of a contract with an RM, the reinsurer shall provide written notification of such termination to the director.
6. A reinsurer shall not appoint to its board of directors, any officer, director, employee, controlling shareholder or subproducer of its RM. This subsection shall not apply to relationships governed by chapter 382.
­­--------
(L. 1991 H.B. 385, et al. § 45)
Effective 7-01-92
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1132 - Examination of reinsurance manager, director may conduct.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jul 1992, see footnote
375.1132. Examination of reinsurance manager, director may conduct. —
1. A reinsurance intermediary shall be subject to examination by the director. The director shall have access to all books, bank accounts and records of the reinsurance intermediary in a form usable to the director.
2. An RM may be examined as if it were the reinsurer.
­­--------
(L. 1991 H.B. 385, et al. § 46)
Effective 7-01-92
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1135 - Penalties, director may assess, procedures.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 2007
375.1135. Penalties, director may assess, procedures. —
1. If the director determines that a reinsurance intermediary, insurer, or reinsurer 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 375.1110 to 375.1140 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 375.1110 to 375.1140 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 two violation under section 374.049. The director may also suspend or revoke the license or certificate of authority of a reinsurance intermediary, insurer, or reinsurer for any willful violation.
2. If the director believes that a reinsurance intermediary, insurer, or reinsurer 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 375.1110 to 375.1140 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 375.1110 to 375.1140 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 two violation under section 374.049.
3. In addition to any other relief authorized by sections 374.046 and 374.047, if a violation was committed by the reinsurance intermediary, such reinsurance intermediary shall make restitution to the insurer, reinsurer, rehabilitator or liquidator of the insurer or reinsurer for the net losses incurred by the insurer or reinsurer attributable to such violation.
4. Nothing contained in sections 375.1110 to 375.1140 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants, creditors or other third parties or confer any rights to such persons.
­­--------
(L. 1991 H.B. 385, et al. § 47, A.L. 2007 S.B. 66)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1137 - Application fee, reinsurance intermediary license — renewal.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jul 1992, see footnote
375.1137. Application fee, reinsurance intermediary license — renewal. —
The initial application fee for a reinsurance intermediary license is one hundred dollars. The license shall be renewed annually on the anniversary date of issuance and continue in effect until refused, revoked or suspended by the director in accordance with sections 375.1110 to 375.1140, except that if the annual renewal fee for the license is not paid on or before the anniversary date, the license terminates.
­­--------
(L. 1991 H.B. 385, et al. § 48)
Effective 7-01-92
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1140 - Effective date.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jul 1992, see footnote
375.1140. Effective date. —
Sections 375.1110 to 375.1140 shall take effect on July 1, 1992. No insurer or reinsurer may continue to use the services of a reinsurance intermediary on and after July 1, 1992, unless such use is in compliance with sections 375.1110 to 375.1140.
­­--------
(L. 1991 H.B. 385, et al. § 49)
Effective 7-01-92
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1150 - Citation of law — applicability.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1991
375.1150. Citation of law — applicability. —
1. Sections 375.1150 to 375.1246 shall be cited as the "Insurers Supervision, Rehabilitation and Liquidation Act".
2. The proceedings authorized by sections 375.1150 to 375.1246 may be applied to:
(1) All insurers conducting business which are doing, or have done, an insurance business in this state, and against whom claims arising from that business may exist now or in the future except companies covered by chapter 380;
(2) All insurers which propose to do an insurance business in this state;
(3) All insurers which have insureds resident in this state;
(4) All prepaid health care delivery plans, prepaid dental plans, health services corporations and health maintenance organizations;
(5) All nonprofit service plans and all fraternal benefit societies and beneficial societies;
(6) All malpractice associations operating pursuant to an assessment plan;
(7) All other persons organized or in the process of organizing with the intent to do an insurance business in this state; and
(8) All title insurance companies.
­­--------
(L. 1991 H.B. 385, et al. § 50)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1155 - Receiver may petition for injunctions, restraining orders — purposes — delinquency proceeding does not stay other rights and enforcement.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 2010
375.1155. Receiver may petition for injunctions, restraining orders — purposes — delinquency proceeding does not stay other rights and enforcement. —
1. Any receiver appointed in a proceeding under sections 375.1150 to 375.1246 may at any time apply for, and any court of general jurisdiction may grant, such restraining orders, preliminary and permanent injunctions, and other orders as may be deemed necessary and proper to prevent:
(1) The transaction of further business;
(2) The transfer of property;
(3) Interference with the receiver or with a proceeding under sections 375.1150 to 375.1246;
(4) Waste of the insurer's assets;
(5) Dissipation and transfer of bank accounts;
(6) The institution or further prosecution of any actions or proceedings;
(7) The obtaining of preferences, judgments, attachments, garnishments or liens against the insurer, its assets or its policyholders;
(8) The levying of execution against the insurer, its assets or its policyholders;
(9) The making of any sale or deed for nonpayment of taxes or assessments that would lessen the value of the assets of the insurer;
(10) The withholding from the receiver of books, accounts, documents, or other records relating to the business of the insurer; or
(11) Any other threatened or contemplated action that might lessen the value of the insurer's assets or prejudice the rights of policyholders, creditors or shareholders, or the administration of any proceeding under this act.
2. The receiver may apply to any court outside of the state for the relief described in subsection 1 of this section.
3. Notwithstanding any other provision of this section to the contrary, the commencement of a delinquency proceeding under sections 375.1150 to 375.1246 does not operate as a stay or prohibition of any right to cause of netting, liquidation, setoff, termination, acceleration or close out of obligations, or enforcement of any security agreement or arrangement or other credit enhancement or guarantee or reimbursement obligation under or in connection with any netting agreement or qualified financial contract as provided for in section 375.1191.
­­--------
(L. 1991 H.B. 385, et al. § 53, A.L. 1992 H.B. 1574, A.L. 2010 S.B. 583)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1156 - Cooperation with receiver and director required — penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 2007
375.1156. Cooperation with receiver and director required — penalty. —
1. Any officer, manager, director, trustee, owner, employee or agent of any insurer, or any other persons with authority over or in charge of any segment of the insurer's affairs, shall cooperate with the director or any receiver in any proceeding under sections 375.1150 to 375.1246 or any investigation preliminary to the proceeding. The term
"person"
as used in this section, shall include any person who exercises control directly or indirectly over activities of the insurer through any holding company or other affiliate of the insurer.
"To cooperate"
shall include, but shall not be limited to, the following:
(1) To reply promptly in writing to any inquiry from the director requesting such a reply; and
(2) To make available to the director any books, accounts, documents, or other records or information or property of or pertaining to the insurer and in its possession, custody or control.
2. It is unlawful for any person included in subsection 1 of this section to obstruct or interfere with the director in the conduct of any delinquency proceeding or any investigation preliminary or incidental thereto.
3. This section shall not be construed to abridge otherwise existing legal rights, including the right to resist a petition for liquidation or other delinquency proceedings, or other orders.
4. In any proceeding under sections 375.1150 to 375.1246, the director and his deputies shall be responsible on their official bonds for the faithful performance of their duties. If the court deems it desirable for the protection of the assets, it may at any time require an additional bond from the director or his deputies, and such bonds shall be paid for out of the assets of the insurer as a cost of administration.
­­--------
(L. 1991 H.B. 385, et al. § 54, A.L. 1992 H.B. 1574, A.L. 2007 S.B. 66)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1158 - Provisions apply prospectively, exceptions — restrictions on insurer in delinquency proceeding.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1992
375.1158. Provisions apply prospectively, exceptions — restrictions on insurer in delinquency proceeding. —
1. Unless otherwise provided, the portions of sections 375.1150 to 375.1246 which substantively affect the rights of any person shall be only applicable prospectively. The provisions of sections 375.650 to 375.700, sections 375.740 and 375.750, and sections 375.950 to 375.990 shall be effective and apply only to proceedings instituted pursuant to those sections prior to August 28, 1991. The provisions of sections 375.1150 to 375.1246 which are procedural in nature and which do not conflict with any provision of sections 375.570 to 375.750 and sections 375.950 to 375.990 applicable to any proceeding instituted prior to August 28, 1991, shall be applicable to proceedings instituted prior to August 28, 1991; provided that the provisions of this subsection shall not affect any final order entered by a court of competent jurisdiction prior to August 28, 1991.
2. No insurer that is subject to any delinquency proceedings, whether formal or informal, administrative or judicial, shall:
(1) Be released from such proceeding, unless such proceeding is converted into a judicial rehabilitation or liquidation proceeding;
(2) Be permitted to solicit or accept new business or request or accept the restoration of any suspended or revoked license or certificate of authority;
(3) Be returned to the control of its shareholders or private management; or
(4) Have any of its assets returned to the control of its shareholders or private management.
­­Until all payments of or on account of the insurer's contractual obligations by all guaranty associations and all expenses on account of such delinquency proceedings, along with all expenses thereof and interest on all such payments and expenses, shall have been repaid to the department of commerce and insurance and guaranty associations or a plan of repayment by the insurer shall have been approved by the director. Moneys collected by the director pursuant to this section shall be transferred to the state treasurer and deposited to the general revenue fund.
3. In any delinquency proceeding under sections 375.1150 to 375.1246, certified copies of the statement made by the company proceeded against, or of reports of examinations of the company made by the director or persons appointed by him, shall be received, if offered by the director, as prima facie evidence of the facts therein contained pertaining to the condition and affairs of the insurer.
­­--------
(L. 1991 H.B. 385, et al. § 55, A.L. 1992 H.B. 1574)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1161 - Violations, penalties.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 2007
375.1161. 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 375.1150 to 375.1246 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 375.1150 to 375.1246 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 four violation under section 374.049. The director may also suspend or revoke the license or certificate of authority of such person for any willful violation.
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 375.1150 to 375.1246 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 375.1150 to 375.1246 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 four violation under section 374.049.
­­--------
(L. 2007 S.B. 66)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1162 - Director may order activities to prevent delinquency proceeding.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1991
375.1162. Director may order activities to prevent delinquency proceeding. —
Whenever the director has reasonable cause to believe, and determines that any domestic insurer has committed or engaged in, or is about to commit or engage in, any act, practice, or transaction that would subject it to delinquency proceedings under sections 375.1150 to 375.1246, he may make and serve upon the insurer and any other persons involved, such orders as are reasonably necessary to correct, eliminate or remedy such conduct, condition or ground. Any such order of the director may be appealed as provided by section 536.150.
­­--------
(L. 1991 H.B. 385, et al. § 57)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1164 - Seizure order, director may petition for, when — effects.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1992
375.1164. Seizure order, director may petition for, when — effects. —
1. The director may file in a court of this state a petition alleging, with respect to a domestic insurer:
(1) That there exist any grounds that would justify a court order for a formal delinquency proceeding against an insurer under sections 375.1150 to 375.1246;
(2) That the interest of policyholders, creditors or the public will be endangered by delay.
2. Upon the filing under subsection 1 of this section, the court may issue forthwith, ex parte and without a hearing, an order which shall direct the director to secure and take immediate possession and control of the property, books, accounts, documents, and other records of an insurer, and of the premises occupied by it for transaction of its business; and until further order of the court enjoin the insurer and its officers, managers, agents, and employees from disposition of its property and from the transaction of its business except with the written consent of the director.
3. The court shall specify within the order its duration, which shall be such time as the court deems necessary for the director to ascertain the condition of the insurer. On motion of either party or on its own motion, the court may from time to time hold such hearings after such notice as it deems appropriate, and may extend, shorten, or modify the terms of the seizure order. The court shall vacate the seizure order if the director fails to commence a formal proceeding under the act
*
after having had a reasonable opportunity to do so. An order of the court made pursuant to a formal proceeding under sections 375.1150 to 375.1246 shall vacate the seizure order.
4. Entry of a seizure order under this section shall not constitute an anticipatory breach of contract of the insurer.
5. An insurer subject to an ex parte order under this section may petition the court at any time after the issuance of such order for a hearing and review of the order. The court shall hold such a hearing and review not more than fifteen days after the request.
6. If, at any time after the issuance of such an order, it appears to the court that any person whose interest is or will be substantially affected by the order did not appear at the hearing and has not been served, the court may order that notice be given. An order that notice be given shall not stay the effect of any order previously issued by the court.
­­--------
(L. 1991 H.B. 385, et al. § 58, A.L. 1992 H.B. 1574)
*"The act" (H.B. 1574, 1992) contained numerous sections. Consult Disposition of Sections table for a definitive listing.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1166 - Director to serve as rehabilitator — duties — periodic accounting required — immunity, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1992
375.1166. Director to serve as rehabilitator — duties — periodic accounting required — immunity, when. —
1. An order to rehabilitate the business of a domestic insurer, or an alien insurer domiciled in this state, shall appoint the director and his successors as rehabilitator, and shall direct the rehabilitator forthwith to take possession pursuant to the supervision of the court. The filing or recording of the order with the clerk of the circuit court or recorder of deeds of the county in which the principal office or place of business is located shall impart the same notice as a deed, bill of sale, or other evidence of title duly filed or recorded to the insurer and shall by operation of law vest title to all assets of the insurer in the rehabilitator.
2. Any order issued under this section shall require periodic accounting to the court by the rehabilitator. Accountings shall be at such intervals as the court specifies in its order, but no less frequently than semiannually. Each accounting shall include a report concerning the rehabilitator's opinion as to the likelihood that a plan under subsection 4 of section 375.1168 will be prepared by the rehabilitator and the timetable for doing so.
3. Entry of an order of rehabilitation shall not constitute an anticipatory breach of any contracts of the insurer, nor shall it be grounds for retroactive revocation or retroactive cancellation of any contracts of the insurer, unless such revocation or cancellation is made by the rehabilitator pursuant to section 375.1168.
4. The director as rehabilitator, any special deputy, all employees, agents, and attorneys of the rehabilitator and the special deputy, and all employees of the state of Missouri when acting with respect to the rehabilitation shall enjoy official immunity and be immune from any claim against them personally for any act or omission while acting in good faith in the performance of their functions and duties in connection with the rehabilitation during the period of rehabilitation. This subsection shall be applicable to any rehabilitation proceeding instituted on or after August 28, 1991.
­­--------
(L. 1991 H.B. 385, et al. § 60, A.L. 1992 H.B. 1574)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1170 - Stay of other pending actions, duration — statute of limitations not to run.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1991
375.1170. Stay of other pending actions, duration — statute of limitations not to run. —
1. Any court in this state before which any action or proceeding in which the insurer is a party, or is obligated to defend a party, is pending when a rehabilitation order against the insurer is entered shall stay the action or proceeding for ninety days and such additional time as is necessary for the rehabilitator to obtain proper representation and prepare for further proceedings. The rehabilitator shall take such action respecting the pending litigation as he deems necessary in the interests of justice and for the protection of creditors, policyholders, and the public. The rehabilitator shall immediately consider all litigation pending outside this state and shall petition the courts having jurisdiction over that litigation for stays whenever necessary to protect the estate of the insurer.
2. No statute of limitations or defense of laches shall run with respect to any action by or against an insurer between the filing of a petition for appointment of a rehabilitator for that insurer and the order granting or denying that petition. Any action against the insurer that might have been commenced when the petition was filed may be commenced for at least one hundred twenty days after the order of rehabilitation is entered or the petition is denied. The rehabilitator may, upon an order for rehabilitation, within one year or such other longer time as applicable law may permit, institute an action or proceeding on behalf of the insurer upon any cause of action against which the period of limitation fixed by applicable laws has not expired at the time of the filing of the petition upon which such order is entered.
3. Any guaranty association or foreign guaranty association shall have standing to appear in any court proceeding concerning the rehabilitation of an insurer if such association is or has a reasonable probability of becoming liable to act as a result of the rehabilitation.
­­--------
(L. 1991 H.B. 385, et al. § 62)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1172 - Records deemed public, when — exceptions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1992
375.1172. Records deemed public, when — exceptions. —
In all proceedings and judicial reviews thereof under sections 375.1164 to 375.1170, all records of the insurer, other documents, and all department of commerce and insurance files and court records and papers, so far as they pertain to or are a part of the record of the proceedings, shall be and remain open and public records until the termination of such proceedings; except as is necessary to obtain compliance therewith, unless and until the court, upon motion of the receiver, and after hearing arguments from the parties, shall determine that preservation of the assets and claims of the insurer require confidentiality as to specific records or documents, and shall enter an order of such findings.
­­--------
(L. 1991 H.B. 385, et al. § 63, A.L. 1992 H.B. 1574)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1174 - Director may petition for liquidation, grounds — termination of rehabilitation proceedings, when, effect.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1991
375.1174. Director may petition for liquidation, grounds — termination of rehabilitation proceedings, when, effect. —
1. Whenever the director believes further attempts to rehabilitate an insurer would substantially increase the risk of loss to creditors, policyholders or the public, or would be futile, the director may petition the court for an order of liquidation. A petition under this subsection shall have the same effect as a petition under section 375.1175. The court shall permit the directors of the insurer to take such actions as are reasonably necessary to defend against the petition and may order payment from the estate of the insurer of such reasonable costs and other expenses of defense as justice may require.
2. If the payment of policy obligations is suspended in substantial part for a period of six months at any time after the appointment of the rehabilitator and the rehabilitator has not filed an application for approval of a plan under subsection 4 of section 375.1168, the rehabilitator shall petition the court for an order of liquidation on grounds of insolvency.
3. The rehabilitator may at any time petition the court for an order terminating rehabilitation of an insurer. The court shall also permit the directors of the insurer to petition the court for an order terminating rehabilitation of the insurer and may order payment from the estate of the insurer of such costs and other expenses of such petition as justice may require. If the court finds that grounds for rehabilitation under section 375.1165 no longer exist, it shall order that the insurer be restored to possession of its property and the control of the business. The court may also make that finding and issue that order at any time upon its own motion.
­­--------
(L. 1991 H.B. 385, et al. § 64)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1175 - Grounds for liquidation — voluntary dissolution and liquidation, conditions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 03 Aug 2010, see footnote
375.1175. Grounds for liquidation — voluntary dissolution and liquidation, conditions. —
1. The director may petition the court for an order directing him to liquidate a domestic insurer or an alien insurer domiciled in this state on the basis:
(1) Of any ground for an order of rehabilitation as specified in section 375.1165, whether or not there has been a prior order directing the rehabilitation of the insurer;
(2) That the insurer is insolvent;
(3) That the insurer is in such condition that the further transaction of business would be hazardous, financially or otherwise, to its policyholders, its creditors or the public;
(4) That the insurer is found to be in such condition after examination that it could not meet the requirements for incorporation and authorization specified in the law under which it was incorporated or is doing business; or
(5) That the insurer has ceased to transact the business of insurance for a period of one year.
2. Notwithstanding any other provision of this chapter, a domestic insurer organized as a stock insurance company may voluntarily dissolve and liquidate as a corporation under
*
sections 351.462 to 351.482, provided that:
(1) The director, in his or her sole discretion, approves the articles of dissolution prior to filing such articles with the secretary of state. In determining whether to approve or disapprove the articles of dissolution, the director shall consider, among other factors, whether:
(a) The insurer's annual financial statements filed with the director show no written insurance premiums for five years; and
(b) The insurer has demonstrated that all policyholder claims have been satisfied or have been transferred to another insurer in a transaction approved by the director; and
(c) An examination of the insurer pursuant to sections 374.202 to 374.207 has been completed within the last five years; and
(2) The domestic insurer files with the secretary of state a copy of the director's approval, certified by the director, along with articles of dissolution as provided in section 351.462 or 351.468.
­­--------
(L. 1991 H.B. 385, et al. § 65, A.L. 1992 H.B. 1574, A.L. 2010 S.B. 583 with S.B. 834, A.L. 2010 H.B. 1764 referendum, Adopted August 3, 2010)
Effective 8-03-10 (H.B. 1764); 8-28-10 (S.B. 583); 8-28-10 (S.B. 834)
*Words "pursuant to" appear in original rolls of S.B. 834.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1178 - Life and health policies, termination of, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1991
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 life or health insurance or annuities or any period or coverage of such policies not covered by a guaranty association or foreign guaranty association shall terminate under subsections 3 and 4 of this section.
3. All policies, including bonds and other noncancelable business, other than life and health insurance or annuities, in effect at the time of issuance of an order of liquidation shall continue in force only for the lesser of:
(1) A period of thirty days from the date of entry of the liquidation orders;
(2) The expiration of the policy coverage;
(3) The date when the insured has replaced the insurance coverage with equivalent insurance with another insurer or otherwise terminated the policy;
(4) The liquidator has effected a transfer of the policy obligation pursuant to subdivision (8) of subsection 1 of section 375.1182; or
(5) The date proposed by the liquidator and approved by the court to cancel coverage.
4. An order of liquidation under section 375.1176 shall terminate coverages at the time specified in subsection 1 of this section notwithstanding any other section of law.
­­--------
(L. 1991 H.B. 385, et al. § 67)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1180 - Dissolution order, director may petition for — effect.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1991
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 order. The court may order dissolution of the corporation upon petition by the director upon or after the granting of a liquidation order. If the dissolution has not previously been ordered, it shall be effected by operation of law upon the discharge of the liquidator if the insurer is insolvent but may be ordered by the court upon the discharge of the liquidator if the insurer is under a liquidation order for some other reason. The court ordering such dissolution shall continue to supervise the dissolution until the discharge of the liquidator.
­­--------
(L. 1991 H.B. 385, et al. § 68)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1184 - Contracts and leases of insurer, liquidator may disaffirm — procedures — liability of liquidator, how calculated.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1991
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 his sole discretion, determines to be burdensome; and
(3) The disaffirmance or repudiation of which the liquidator determines, in his sole discretion, will promote the orderly administration of the affairs of the insurer.
2. The liquidator shall determine whether or not to exercise the right of repudiation under this section within a reasonable period following the entry of the order of liquidation. In the sole discretion of the liquidator, the contract shall be repudiated as of either:
(1) The date of the entry of the order of liquidation; or
(2) Some other date subsequent to the entry of the order of liquidation selected by the liquidator for the disaffirmance or repudiation of such contract or agreement.
3. The liability of the liquidator for the disaffirmance or repudiation of any contract pursuant to subsection 1 of this section shall be calculated as of the date of repudiation, and shall be limited to actual direct compensatory damages. Any such damages shall be submitted as a claim to the liquidator pursuant to sections 375.1206 to 375.1222. For purposes of this subsection, the term
"actual direct compensatory damages"
does not include:
(1) Punitive or exemplary damages;
(2) Damages for lost profits or opportunity; or
(3) Damages for pain and suffering.
4. An agreement which tends to diminish or defeat the interest of the liquidator in any asset acquired by him under section 375.1176, whether acquired before or subsequent to the entry of the order of liquidation, shall not be valid against the liquidator unless such agreement:
(1) Is in writing;
(2) Was executed by the insurer and any person claiming an adverse interest thereunder, including the obligor, contemporaneously with the acquisition of the asset by the insurer;
(3) Was approved by the board of directors of the insurer, which approval shall be reflected in the minutes of said board; and
(4) Has been, continuously, from the time of its execution, an official record of the insurer maintained and readily available to the director or examiners of the department of commerce and insurance.
­­--------
(L. 1991 H.B. 385, et al. § 70)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1185 - Notices provided by liquidator, procedures.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1991
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 department of commerce and insurance of each state in which the insurer is doing business;
(2) By first class mail to any guaranty association or foreign guaranty association which is or may become obligated as a result of the liquidation;
(3) By first class mail to all known insurance agents of the insurer;
(4) By first class mail to all persons known or reasonably expected to have claims against the insurer including all policyholders, at their last known address as indicated by the records of the insurer; and
(5) By publication in a newspaper of general circulation in the county in which the insurer has its principal place of business and in such other locations as the liquidator deems appropriate.
2. Notice under subsection 1 of this section to agents of the insurer and to potential claimants who are policyholders shall include, where applicable, notice that coverage by state guaranty associations may be available for all or part of policy benefits in accordance with applicable state guaranty laws.
3. The liquidator shall promptly provide to the guaranty association such information concerning the identities and addresses of such policyholders and their policy coverages as may be within the liquidator's possession or control, and otherwise cooperate with guaranty associations to assist them in providing to such policyholders timely notice of the guaranty associations' coverage of policy benefits including, as applicable, coverage of claims and continuation or termination of coverage.
­­--------
(L. 1991 H.B. 385, et al. § 71)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.1186 - Agent of insurer, duty to provide information to liquidator — penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1991
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 notice, shall provide to the liquidator, in addition to the information he may be required to provide pursuant to section 375.1156, the information in the agent's records related to any policy issued by the insurer through the agent and, if the agent is a general agent, the information in the general agent's records related to any policy issued by the insurer through any agent under contract to him, including the name and address of such subagent. Such information shall include information relating to premiums collected and held by the agent and all commissions relating to such policies, whether earned or unearned. A policy shall be deemed issued through an agent if the agent has a property interest in the expiration of the policy, or if the agent has had in his possession a copy of the declarations of the policy at any time during the life of the policy, except where the ownership of the expiration of the policy has been transferred to another person.
2. Any agent failing to provide information to the liquidator as required in subsection 1 of this section may be subject to payment of an administrative penalty of not more than one thousand dollars for each day that the agent refuses to provide the information requested and the department of commerce and insurance may suspend any license issued by the department to the agent. Any penalty provided by this subsection may be imposed after a hearing conducted by the director. Any moneys collected by the department of commerce and insurance pursuant to imposition of such administrative penalties shall be paid to the state treasurer for deposit to the general revenue fund.
­­--------
(L. 1991 H.B. 385, et al. § 72)