reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.975 - Insurer to provide information, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
Effective - 28 Aug 1992
379.975. Insurer to provide information, when. —
Beginning January 1, 1993, in response to all original applications for a policy pursuant to subdivision (4) of section 375.001 and any such policy renewed from January 1, 1993, to December 31, 1993, for coverage on property located in the New Madrid Seismic Zone, as defined by the United States Geological Survey in Missouri, susceptible to Modified Mercalli intensity VII or above from an earthquake occurring along the New Madrid Fault with a potential magnitude of 7.6 on the Richter scale, the insurer shall provide information to the applicant or policyholder regarding the availability of insurance for loss caused by earthquake.
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(L. 1992 H.B. 1574 § 15)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.978 - Written disaster plan, insurer to develop, contents.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
Effective - 28 Aug 1992
379.978. Written disaster plan, insurer to develop, contents. —
Every insurance company which insures property for loss caused by earthquake, whether by policy, endorsement, rider or otherwise, shall prepare and retain a written disaster plan covering earthquakes. This plan shall include specific provisions regarding procedures for handling claims under the insurance company's issued policies or endorsements covering loss or damage from the peril of earthquake.
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(L. 1992 H.B. 1574 § 16)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.980 - Reorganization of domestic mutual insurance company, authority.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 1996
379.980. Reorganization of domestic mutual insurance company, authority. —
A domestic mutual insurance company organized and operating under this chapter may reorganize by forming a mutual insurance holding company as described in section 379.985, or by merging its policyholders' membership into such a mutual insurance holding company. The reorganized insurance company shall continue its corporate existence, either at the time of the reorganization or at some later time as a stock insurance company, or as a mutual insurance company. This authority is in addition to powers granted pursuant to chapter 382.
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(L. 1996 S.B. 759)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.982 - Formation of holding company, application — shareholder approval — issuance of shares.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 1996
379.982. Formation of holding company, application — shareholder approval — issuance of shares. —
1. A mutual insurance company proposing to reorganize pursuant to sections 379.980 to 379.988 shall form a mutual insurance holding company, hereafter referred to in sections 379.980 to 379.988 as a "mutual holding company", and shall file an application with the director which shall contain such insurer's plan of reorganization. The director shall review the application, and may retain such consultants as may be reasonably necessary, at the expense of the applicant; conduct an adequate review to assure that policyholders' interests are protected, and may conduct a public hearing. The director shall approve formation of the mutual holding company and the plan of reorganization if the director finds that the plan is fair and equitable to the policyholders. The director may condition such approval on the adoption of such modifications to the plan as the director finds necessary for the protection of the policyholders' interests.
2. No mutual insurance company may reorganize pursuant to sections 379.980 to 379.988 unless the reorganization plan is approved by a majority of the policyholders voting in person or by proxy at a special meeting called for that purpose. Any group of at least one hundred policyholders having a right to vote at such special meeting shall be entitled at their own expense to have the secretary of the company mail informational materials to all policyholders provided that such materials and the cost thereof are presented to the secretary at least forty-five days before the special meeting.
3. All of the shares of the capital stock of the reorganized insurance company, if any, shall be issued to the mutual holding company, which shall at all times own a majority of the voting shares of the capital stock of the reorganized insurance company, except that either at the time of the reorganization or, at some later time with the approval of the director, the mutual holding company may create a stock holding company pursuant to chapter 351 for the purpose of owning all of the stock of the reorganized insurance company, so long as the mutual holding company shall at all times own a majority of the voting shares of the capital stock of the stock holding company. Any subsidiaries of the reorganized insurance company may remain as subsidiaries of such company or become subsidiaries of the mutual or stock holding company provided that, if such subsidiaries shall be subsidiaries of a stock holding company then the reorganized insurance company shall be reimbursed the fair market value of its holdings in such subsidiaries in the event shares of the stock holding company are or have been issued to other than the mutual holding company.
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(L. 1996 S.B. 759)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.985 - Member's interest — nontransference of membership — immunity from liability — assessments, not imposed — security, membership interest.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 1996
379.985. Member's interest — nontransference of membership — immunity from liability — assessments, not imposed — security, membership interest. —
1. The membership interests of the policyholders of a reorganized insurance company shall become membership interests in the mutual holding company. Policyholders of the reorganized insurance company shall be members of the mutual holding company in accordance with the articles of incorporation and bylaws of the mutual holding company and the applicable provisions of this chapter relating to mutual insurance companies.
2. No member of a mutual holding company may transfer membership or any right arising therefrom.
3. A member of a mutual holding company is not, as such, personally liable for the acts, debts, liabilities or obligations of the company.
4. No assessments of any kind may be imposed upon the members of a mutual holding company by the directors, or members, or because of any liability of any company owned or controlled by the mutual holding company, or because of any act, debt or liability of the mutual holding company itself.
5. A membership interest in a domestic mutual holding company shall not constitute a security under the laws of this state.
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(L. 1996 S.B. 759)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.987 - Nonapplicability of certain provisions of insurance holding companies law — incorporation of mutual holding company, authority, approval — powers of mutual holding company, engaging in business of insurance, no authority, affiliation and merger agreements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 1996
379.987. Nonapplicability of certain provisions of insurance holding companies law — incorporation of mutual holding company, authority, approval — powers of mutual holding company, engaging in business of insurance, no authority, affiliation and merger agreements. —
1. Sections 382.040, 382.060 and 382.095 are not applicable to a reorganization or merger pursuant to sections 379.980 to 379.988.
2. A mutual holding company organized pursuant to sections 379.980 to 379.988 shall be incorporated pursuant to this chapter. The articles of incorporation and any amendments to such articles of the mutual holding company shall be subject to approval of the director and the attorney general in the same manner as those of a mutual insurance company.
3. A mutual holding company shall have the same powers granted to domestic insurance companies pursuant to chapter 382 relating to insurance holding company systems and shall be subject to its requirements and provisions and shall have all the powers granted to corporations organized pursuant to chapter 351. Neither the mutual holding company or any stock holding company created pursuant to sections 379.980 to 379.988 shall be an insurer or may engage in the business of insurance. A mutual holding company may enter into an affiliation agreement or a merger agreement either at the time of the reorganization, or at some later time with the approval of the director, with any mutual insurance company authorized to do business in this state. Any such merger agreement may authorize participating policyholders of the mutual insurance company to become members of the mutual holding company. Any such affiliation agreement or merger agreement is subject to the insurance laws of this state relating to such transactions entered into by a domestic mutual insurance company.
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(L. 1996 S.B. 759)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.988 - Mutual holding company subject to supervision of director, dissolution or liquidation — demutualization.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 1996
379.988. Mutual holding company subject to supervision of director, dissolution or liquidation — demutualization. —
1. A mutual holding company is subject to supervision of the director in the same manner as an insurer subject to the provisions of this chapter and shall automatically be a party to any proceeding pursuant to sections 375.1150 to 375.1246 involving an insurance company which, as a result of a reorganization pursuant to sections 375.1150 to 375.1246, is a subsidiary of the mutual holding company or a stock holding company created pursuant to section 379.982. In a proceeding pursuant to sections 375.1150 to 375.1246 involving the reorganized insurance company, the assets of the mutual holding company are deemed to be assets of the estate of the reorganized insurance company for purposes of satisfying the claims of the reorganized company's policyholders. A mutual holding company shall not dissolve or liquidate without the approval of the director or as ordered by the court pursuant to sections 375.1150 to 375.1246.
2. Sections 375.201, 375.206, 375.216, 375.221 and 375.226 are applicable to a demutualization of a mutual holding company as if it were a mutual insurance company. This section does not apply to those companies organized under chapter 354 or chapter 355 and does apply only to for-profit mutual property and casualty insurance companies.
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(L. 1996 S.B. 759)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1304 - Adoption of a name, deceptive practice.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1304. Adoption of a name, deceptive practice. —
No captive insurance company shall adopt a name that is the same, deceptively similar, or likely to be confused with or mistaken for any other existing business name registered in the state of Missouri.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1306 - Capital and surplus requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2013, 2 histories
379.1306. Capital and surplus requirements. —
1. No captive insurance company shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus of:
(1) In the case of a pure captive insurance company, not less than two hundred fifty thousand dollars;
(2) In the case of an association captive insurance company, not less than five hundred thousand dollars;
(3) In the case of an industrial insured captive insurance company, not less than five hundred thousand dollars; and
(4) In the case of a sponsored captive insurance company, not less than five hundred thousand dollars.
2. The director may prescribe additional capital and surplus based upon the type, volume, and nature of insurance business transacted.
3. Capital and surplus may be in the form of cash or an irrevocable letter of credit issued by a bank chartered by the state of Missouri or a member bank of the Federal Reserve System, and approved by the director.
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(L. 2007 S.B. 215, A.L. 2013 S.B. 287)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1308 - Approval for payment of dividends required.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1308. Approval for payment of dividends required. —
No captive insurance company shall pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the director. Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by or determined in accordance with formulas approved by the director. Notwithstanding the provisions of section 355.661, a captive insurance company organized under chapter 355 may make such distributions as are in conformity with its purposes and approved by the director.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1312 - Reports required.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2013, 2 histories
379.1312. Reports required. —
1. Captive insurance companies shall not be required to make any annual report except as provided in sections 379.1300 to 379.1351.
2. Prior to March first of each year, each captive insurance company shall submit to the director a report of its financial condition, verified by oath of two of its executive officers. Each captive insurance company shall report using generally accepted accounting principles, unless the director approves the use of statutory accounting principles, with any appropriate or necessary modifications or adaptations thereof required or approved or accepted by the director for the type of insurance and kinds of insurers to be reported upon, and as supplemented by additional information required by the director. Except as otherwise provided, each association captive insurance company shall file its report in the form required by section 375.041. The director shall by rule propose the forms in which pure captive insurance companies and industrial insured captive insurance companies shall report. Subdivision (3) of subsection 3 of section 379.1302 shall apply to each report filed under this section.
3. Any pure captive insurance company or an industrial insured captive insurance company may make written application for filing the required report on a fiscal year end. If an alternative reporting date is granted:
(1) The annual report is due sixty days after the fiscal year end; and
(2) In order to provide sufficient detail to support the premium tax return, the pure captive insurance company or industrial insured captive insurance company shall file prior to March first of each year for each calendar year end its balance sheet, income statement and statement of cash flows, verified by oath of two of its executive officers.
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(L. 2007 S.B. 215, A.L. 2013 S.B. 287)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1314 - Inspections, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1314. Inspections, when. —
1. At least once every three years and whenever the director determines it to be prudent, the director shall personally, or by some competent person appointed by the director, visit each captive insurance company and thoroughly inspect and examine its affairs to ascertain its financial condition, its ability to fulfill its obligations, and whether it has complied with the provisions of sections 379.1300 to 379.1350. The director may enlarge such three-year period to five years, provided the captive insurance company is subject to a comprehensive annual audit during such period of a scope satisfactory to the director by independent auditors approved by the director. The expenses and charges of the examination shall be paid to the state by the company or companies examined and the director shall issue his or her warrants for the proper charges incurred in all examinations, as provided in sections 374.160 and 374.162.
2. The provisions of sections 374.202 to 374.207 shall apply to examinations conducted under this section.
3. All examination reports, preliminary examination reports or results, working papers, recorded information, documents and copies thereof produced by, obtained by or disclosed to the director or any other person in the course of an examination made under this section are confidential and are not subject to subpoena and shall not be made public by the director or an employee or agent of the director without the written consent of the company, except to the extent provided in this subsection. Nothing in this subsection shall prevent the director from using such information in furtherance of the director's regulatory authority under this title. The director may, in the director's discretion, grant access to such information to public officers having jurisdiction over the regulation of insurance in any other state or country, or to law enforcement officers of this state or any other state or agency of the federal government at any time, so long as such officers receiving the information agree in writing to hold it in a manner consistent with this section.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1316 - Suspension or revocation of licensure, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1316. Suspension or revocation of licensure, when. —
1. The license of a captive insurance company may be suspended or revoked by the director for any of the following reasons:
(1) Insolvency or impairment of capital or surplus;
(2) Failure to meet the requirements of section 379.1306;
(3) Refusal or failure to submit an annual report, as required by sections 379.1300 to 379.1350, or any other report or statement required by law or by lawful order of the director;
(4) Failure to comply with the provisions of its own charter, bylaws, or other organizational document;
(5) Failure to submit to or pay the cost of examination or any legal obligation relative thereto, as required by sections 379.1300 to 379.1350;
(6) Use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders; or
(7) Failure otherwise to comply with the laws of this state.
2. Notwithstanding any other provision of sections 379.1300 to 379.1350, if the director finds upon examination, hearing, or other evidence that any captive insurance company has violated any provision of subsection 1 of this section, the director may suspend or revoke such company's license if the director deems it in the best interest of the public and the policyholders of such captive insurance company.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1318 - Investment requirements, compliance with.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1318. Investment requirements, compliance with. —
1. Association captive insurance companies shall comply with the investment requirements contained in chapter 375 and sections 379.080 and 379.082, as applicable. Investments of association captive insurance companies shall be valued in accordance with the valuation procedures established by the National Association of Insurance Commissioners for insurance companies, except to the extent it is inconsistent with accounting standards in use by the company and approved by the director. Notwithstanding any other provision of sections 379.1300 to 379.1350, the director may approve the use of alternative reliable methods of valuation and rating.
2. No pure captive insurance company or industrial insured captive insurance company shall be subject to any restrictions on allowable investments whatever, including those limitations contained in sections 379.080 and 379.082; provided, however, that the director may prohibit or limit any investment that threatens the solvency or liquidity of any such company.
3. No pure captive insurance company shall make a loan to or an investment in its parent company or affiliates without prior written approval of the director, and any such loan or investment shall be evidenced by documentation approved by the director.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1320 - Reinsurance may be provided, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1320. Reinsurance may be provided, when. —
1. Any captive insurance company may provide reinsurance, comprised in section 376.010 and subsection 1 of section 379.010, on risks ceded by any other insurer.
2. Any captive insurance company may take credit for the reinsurance of risks or portions of risks ceded to reinsurers complying with the provisions of section 375.246. Prior approval of the director shall be required for ceding or taking credit for the reinsurance of risks or portions of risks ceded to reinsurers or under reinsurance agreements not complying with section 375.246, except for business written by an alien captive insurance company outside the United States.
3. For all purposes of sections 379.1300 to 379.1350, insurance by a captive insurance company of any workers' compensation qualified self-insured plan of its parent and affiliates shall be deemed to be reinsurance.
4. In addition to reinsurers authorized under the provisions of section 375.246, a captive insurance company may take credit for the reinsurance of risks or portions of risks ceded to a pool, exchange, or association acting as a reinsurer which has been authorized by the director. The director may require any other documents, financial information, or other evidence that such a pool, exchange, or association will be able to provide adequate security for its financial obligations. The director may deny authorization or impose any limitations on the activities of a reinsurance pool, exchange, or association that, in the director's judgment, are necessary and proper to provide adequate security for the ceding captive insurance company and for the protection and consequent benefit of the public at large.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1322 - Rating organizations, company not required to join.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1322. Rating organizations, company not required to join. —
No captive insurance company shall be required to join a rating organization.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1324 - Prohibitions on joining or contributing to certain entities and funds.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1324. Prohibitions on joining or contributing to certain entities and funds. —
No captive insurance company shall be permitted to join or contribute financially to any plan, pool, association, or guaranty, or insolvency fund in this state, nor shall any such captive insurance company or any insured or affiliate thereof receive any benefit from any such plan, pool, association, or guaranty, or insolvency fund for claims arising out of the operations of such captive insurance company.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1328 - Rulemaking authority.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1328. Rulemaking authority. —
The director may promulgate rules under section 374.045, and from time to time amend such rules relating to captive insurance companies as are necessary to enable the director to carry out the provisions of sections 379.1300 to 379.1350.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1330 - Inapplicability of insurance laws to captive insurance companies.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1330. Inapplicability of insurance laws to captive insurance companies. —
No provisions of the insurance laws of this state, other than those contained in sections 379.1300 to 379.1350 or contained in specific references contained therein, shall apply to captive insurance companies.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1332 - Promotion of captive insurance, moneys from dedicated insurance fund to be used.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2009, 2 histories
379.1332. Promotion of captive insurance, moneys from dedicated insurance fund to be used. —
1. (1) The insurance dedicated fund under section 374.150 shall be adequately funded through the collection of fees and taxes for the purpose of providing the financial means for the director of the department of commerce and insurance to administer sections 379.1300 to 379.1350 and for reasonable expenses incurred in promoting the captive insurance industry in Missouri. All fees and assessments received by the department for the administration of sections 379.1300 to 379.1350 shall be paid into the fund. All fees received by the department from reinsurers who assume risk solely from captive insurance companies and are subject to the provisions of section 375.246 shall be deposited into the insurance dedicated fund.
(2) All payments from the insurance dedicated fund for the maintenance of staff and expenses associated with the administration of sections 379.1300 to 379.1350, including contractual services as necessary, shall be disbursed from the state treasury only upon warrants issued by the director, after receipt of proper documentation regarding services rendered and expenses incurred.
2. The director may anticipate receipts to the insurance dedicated fund through the administration of sections 379.1300 to 379.1350 and issue warrants based thereon.
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(L. 2007 S.B. 215, A.L. 2009 H.B. 577)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1336 - Insurance reorganization, receivership and injunctions provisions — applicability to captive insurance companies.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1336. Insurance reorganization, receivership and injunctions provisions — applicability to captive insurance companies. —
Except as otherwise provided in sections 379.1300 to 379.1350, the terms and conditions set forth in sections 375.1150 to 375.1246 pertaining to insurance reorganizations, receiverships and injunctions shall apply in full to captive insurance companies formed or licensed under sections 379.1300 to 379.1350.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1338 - Standards for risk management of controlled unaffiliated business.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1338. Standards for risk management of controlled unaffiliated business. —
The director may promulgate rules under section 374.045 establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by the pure captive insurance company; provided, however, that, until such time as rules under this section are adopted, the director may approve the coverage of such risks by a pure captive insurance company.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1340 - Branch captive may be established, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1340. Branch captive may be established, when. —
1. A branch captive may be established in this state in accordance with the provisions of sections 379.1300 to 379.1350 to write insurance, including insurance or reinsurance of the employee benefit business of its parent and affiliated companies which is subject to the provisions of the federal Employee Retirement Income Security Act of 1974, as amended. In addition to the general provisions of sections 379.1300 to 379.1350, the provisions of sections 379.1340 to 379.1350 shall apply to branch captive insurance companies.
2. No branch captive insurance company shall do any insurance business in this state unless it maintains the principal place of business for its branch operations in this state.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1342 - Trust fund required for branch captive insurance company.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1342. Trust fund required for branch captive insurance company. —
In the case of a branch captive insurance company, as security for the payment of liabilities attributable to the branch operations, the director shall require that a trust fund, funded by an irrevocable letter of credit or other acceptable asset, be established and maintained in the United States for the benefit of United States policyholders and United States ceding insurers under insurance policies issued or reinsurance contracts issued or assumed by the branch captive insurance company through its branch operations. The amount of such security shall be no less than the amount set forth in subdivision (1) of subsection 1 of section 379.1306 and the reserves on such insurance policies or such reinsurance contracts, including reserves for losses, allocated loss adjustment expenses, incurred but not reported losses, and unearned premiums with regard to business written through the branch operations; provided, however, the director may permit a branch captive insurance company that is required to post security for loss reserves on branch business by its reinsurer to reduce the funds in the trust account required by this section by the same amount so long as the security remains posted with the reinsurer. If the form of security selected is a letter of credit, the letter of credit shall be established by or issued or confirmed by a bank chartered in this state or a member bank of the Federal Reserve System.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1344 - Certificate for branch captive insurance companies.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1344. Certificate for branch captive insurance companies. —
In the case of a captive insurance company licensed as a branch captive, the alien captive insurance company shall petition the director to issue a certificate setting forth the director's finding that, after considering the character, reputation, financial responsibility, insurance experience, and business qualifications of the officers and directors of the alien captive insurance company, the licensing and maintenance of the branch operations will promote the general good of the state. The alien captive insurance company may register to do business in this state after the director's certificate is issued.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1346 - Reports and statements of branch captive insurance companies to be filed with director.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1346. Reports and statements of branch captive insurance companies to be filed with director. —
Prior to March first of each year, or with the approval of the director within sixty days after its fiscal year end, a branch captive insurance company shall file with the director a copy of all reports and statements required to be filed under the laws of the jurisdiction in which the alien captive insurance company is formed, verified by oath of two of its executive officers. If the director is satisfied that the annual report filed by the alien captive insurance company in its domiciliary jurisdiction provides adequate information concerning the financial condition of the alien captive insurance company, the director may waive the requirement for completion of the captive annual statement for business written in the alien jurisdiction.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1348 - Examination of branch captive insurance companies, limitations.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1348. Examination of branch captive insurance companies, limitations. —
1. The examination of a branch captive insurance company under section 379.1314 shall be of branch business and branch operations only, so long as the branch captive insurance company provides annually to the director a certificate of compliance, or its equivalent, issued by or filed with the licensing authority of the jurisdiction in which the branch captive insurance company is formed, and demonstrates to the director's satisfaction that it is operating in sound financial condition in accordance with all applicable laws and regulations of such jurisdiction.
2. As a condition of licensure, the alien captive insurance company shall grant authority to the director for examination of the affairs of the alien captive insurance company in the jurisdiction in which the alien captive insurance company is formed.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1350 - Applicability of tax to branch companies.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1350. Applicability of tax to branch companies. —
In the case of a branch captive insurance company, the tax provided for in section 379.1326 shall apply only to the branch business of such company.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1356 - Inapplicability of insurance laws.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1356. Inapplicability of insurance laws. —
No provision of the Missouri insurance laws, other than those specifically referenced in sections 379.1353 to 379.1421 apply to a SPLRC, its operations, assets, investments and SPLRC contracts. In the event of a conflict between a provision of the Missouri insurance laws and sections 379.1353 to 379.1421, the provisions of sections 379.1353 to 379.1421 shall control as to the SPLRC and its operations, assets, dividends, SPLRC contracts, and surplus notes and investments. The director may exempt all, or any one, SPLRC by rule or order from the provisions of sections 379.1353 to 379.1421 that he or she determines to be inappropriate, but may not expand the application of the Missouri insurance laws, except as specifically provided for in sections 379.1353 to 379.1421.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1361 - Plan of operation to be filed, contents.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1361. Plan of operation to be filed, contents. —
A SPLRC must file, as part of its application, a plan of operation to consist of a description of the contemplated financing transaction or transactions and a detailed description of transaction documents to which the SPLRC will be a party, including, but not limited to, the SPLRC contract and related transactions to which the SPLRC will be a party which must include:
(1) Draft documentation or, at the director's discretion, a written summary of all material agreements to which the SPLRC is to be a party that are to be entered into to effectuate the SPLRC contract and the financing transaction;
(2) The purpose of the transaction;
(3) Maximum amounts;
(4) Interrelationships of the various transactions, to which the SPLRC will be a party, required to effectuate the financing;
(5) Investment strategy for the SPLRC;
(6) Description of the underwriting, reporting and claims payment methods by which losses covered by the SPLRC contract will be reported, accounted for and settled;
(7) Initial minimum capital to be held by the SPLRC;
(8) Pro forma balance sheet and income statements illustrating the performance of the SPLRC, the SPLRC contract, and any ceded reinsurance agreements under scenarios reasonably requested by the director or specified by rule; and
(9) The pro forma balance sheets and income statements filed under this section must be updated by the SPLRC and filed with the director in the event of a material deviation from the original or most recently filed plan of operation. The plan of operation must specify which deviations are to be considered material.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1364 - License fee, amount.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1364. License fee, amount. —
Each SPLRC shall pay to the director a license fee for the year of registration of seven thousand five hundred dollars for processing its license. The provisions of sections 374.160 to 374.162 and sections 374.202 to 374.207 shall apply to examinations, investigations, and processing conducted under the authority of this section. In addition, each SPLRC shall pay a renewal fee for each year thereafter of seven thousand five hundred dollars. Each SPLRC may take a credit for the license and renewal fees paid against the taxes payable under section 379.1412, notwithstanding the imposition of an annual aggregate minimum tax by section 379.1412.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1367 - Approval of application, findings by director.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1367. Approval of application, findings by director. —
1. In order to approve an application and issue a license to a SPLRC under sections 379.1353 to 379.1421, the director must find that:
(1) The proposed plan of operation provides a reasonable and expected successful operation;
(2) The terms of the transactions proposed in the plan of operation to which the SPLRC is a party comply with sections 379.1353 to 379.1421; and
(3) The commissioner of the state of domicile of each ceding company has notified the director in writing or the applicant has otherwise provided assurance satisfactory to the director that such regulator has either approved or granted a nondisapproval of the SPLRC contract.
2. In evaluating the expectation of a successful operation, the director shall consider whether the proposed SPLRC and its management are of known good character and reasonably believed not to be affiliated, directly or indirectly, with a person known to have been involved with the improper manipulation of assets, accounts or reinsurance. In the event the commissioner of the state of domicile of any ceding company is not required to review the SPLRC contract, then the approval described in subdivision (3) of subsection 1 of this section shall not be required for licensing of the SPLRC hereunder.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1370 - Corporate status of company.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1370. Corporate status of company. —
A SPLRC may be established as either a stock corporation, a Missouri statutory close corporation, a limited liability company or other form of organization approved by the director.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1373 - Limitation on activities and name — number of incorporators required.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2009, 2 histories
379.1373. Limitation on activities and name — number of incorporators required. —
1. Activities of a SPLRC must be limited to those necessary to accomplish its purpose as outlined in its plan of operation.
2. The name must not be deceptively similar to or likely to be confused with another existing business name registered in the state.
3. The SPLRC must have at least three incorporators or organizers of whom not fewer than one must be a resident of the state.
4. The capital stock of a SPLRC incorporated as a stock company must be issued at not less than par value.
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(L. 2007 S.B. 215, A.L. 2009 H.B. 577)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1376 - Contract requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1376. Contract requirements. —
A SPLRC may enter into a SPLRC contract with a ceding company, provided:
(1) The SPLRC has been granted a license to transact business as an SPLRC under sections 379.1353 to 379.1421; and
(2) The SPLRC provides the director with evidence of an approval or nondisapproval from the insurance regulatory official of the ceding company's state or country of domicile to enter into the SPLRC contract. If the ceding company's domiciliary insurance regulatory official does not customarily provide evidence of such approval or nondisapproval, the director shall approve the SPLRC's execution of such SPLRC contract if such SPLRC contract would be acceptable if an assuming insurer domiciled in this state were to propose execution of the same with its ceding company for the purpose of assuming such reinsurance and an officer of the SPLRC provides the director with a certification that terms of the SPLRC contract meet the requirements for the ceding company to obtain credit in its state of domicile for reinsurance ceded under the SPLRC contract.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1379 - Swap agreements permitted.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1379. Swap agreements permitted. —
The SPLRC may enter into swap agreements for any purpose for which a Missouri domestic life insurer could enter into such a transaction under section 375.345 or when the underlying interests are permitted investments if held directly by the SPLRC.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1382 - Issuance of securities — approved activities by director.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1382. Issuance of securities — approved activities by director. —
1. A SPLRC may issue securities, subject to and in accordance with applicable law, its approved plan of operation and its organizational documents. A SPLRC may enter into and perform all its obligations under any required contract to facilitate the issuance of these securities.
2. Subject to the approval of the director, a SPLRC may:
(1) Account for the proceeds of surplus notes as surplus and not debt for purposes of statutory accounting; and
(2) Submit for prior approval of the director periodic written requests for payments of interest on and repayments of principal of surplus notes.
3. The director may approve formulas for the ongoing payment of interest payments or principal repayments, or both.
4. The obligation to repay principal or interest, or both, on the securities issued by the SPLRC must reflect the risk associated with the reinsurance obligations assumed by the SPLRC.
5. The approval given for the ongoing payment of interest or the repayment of principal related to any securities or surplus notes, as outlined in the plan of operations, may only be revoked or otherwise modified by the director in the event the performance of the insurance business assumed by the SPLRC under the SPLRC contract is demonstrated by the director to be following a scenario as to mortality, morbidity, investment, or lapse experience that will cause the SPLRC to fail to meet its obligations under the SPLRC contract.
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(L. 2007 S.B. 215)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1385 - Management of assets.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2007
379.1385. Management of assets. —
A SPLRC's assets must be managed in accordance with an investment management agreement filed with and approved by order of the director.
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(L. 2007 S.B. 215)