reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.025 - Consideration for referrals, when, penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 01 Jan 2008, see footnote
381.025. Consideration for referrals, when, penalty. —
1. As used in this section, the term
"county"
or
"counties"
includes any city not within a county.
2. Nothing in sections 381.011 to 381.412 shall be construed as prohibiting the division of premiums and charges between or among a title insurer and its title agent or agency, two or more title insurers, one or more title insurers and one or more title agents or agencies, or two or more title agents or agencies, provided such division of premiums and charges does not constitute a violation of the Real Estate Settlement Procedures Act, 12 U.S.C. Section 2601, et seq., as amended.
3. A violation of any provision under section 381.141
*
is a level three violation under section 374.049.
4. If the director fails to initiate a proceeding to enforce section 381.141
*
within forty-five days following receipt of written notice of such violation, any title insurer, title agency, or title agent doing business in the same county may maintain an action for injunctive relief against a title insurer, title agency, or title agent violating any provision of this section. In any action under this subsection, the court may award to the successful party the court costs of the action together with reasonable attorney fees.
­­--------
(L. 2000 S.B. 894, A.L. 2007 S.B. 66)
Effective 1-01-08
*Section 381.141 was repealed by S.B. 894, 2000. S.B. 894 was declared unconstitutional as a violation of the clear title requirement of Art. III, Sec. 23.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.026 - Recording of deeds and security instruments.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 01 Jan 2008, see footnote
381.026. Recording of deeds and security instruments. —
1. The settlement agent shall present for recording all deeds and security instruments for real estate closings handled by it within five business days after completion of all conditions precedent thereto unless otherwise instructed by all of the parties to the transaction.
2. Nothing in this chapter shall be deemed to prohibit the recording of documents prior to the time funds are available for disbursement with respect to a transaction in which a title insurer, title agency, or title agent not affiliated with a title agency is the settlement agent, provided all parties to whom payment will become due upon such recording consent thereto in writing.
­­--------
(L. 2007 S.B. 66)
Effective 1-01-08
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.038 - Retention of records required, limitation, penalty for violation.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 01 Jan 2008, see footnote
381.038. Retention of records required, limitation, penalty for violation. —
1. For the purposes of this section, the term
"direct operations"
means that portion of a title insurer's operations which are attributable to business written by a bona fide employee.
2. Records relating to escrow and security deposits shall be preserved and retained by a title insurer engaged in direct operations, title agency, and title agent for as long as appropriate to the circumstances but, in no event less than seven years after the escrow or security deposit account has been closed.
3. A title agent and a title agency shall remit premiums to the title insurer under the term of its agency contract, but in no event later than within sixty days of receiving an invoice from the title insurer. A title insurer, title agency, or title agent shall promptly issue each title insurance policy within forty-five days after compliance with the requirements of the commitment for insurance, unless special circumstances as defined by rule delay the issuance.
4. This section shall not apply to a title insurer acting as coinsurer if one of the other coinsurers has complied with this section, and shall not apply to a reinsurer.
5. A violation of any provision under this section is a level two violation under section 374.049.
­­--------
(L. 2000 S.B. 894, A.L. 2007 S.B. 66)
Effective 1-01-08
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.042 - Rules, authority, procedure.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 01 Jan 2008, see footnote
381.042. Rules, authority, procedure. —
1. The director under the authority in section 374.045 may issue rules, regulations, and orders necessary to carry out the provisions of this chapter.
2. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536 and, if applicable, section 536.028. This section and chapter 536 are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536 to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after January 1, 2008, shall be invalid and void.
­­--------
(L. 2000 S.B. 894, A.L. 2007 S.B. 66)
Effective 1-01-08
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.045 - Violations, penalties.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 01 Jan 2008, see footnote
381.045. Violations, penalties. —
1. If the director determines that a person has engaged, is engaging, or has taken a substantial step toward engaging in an act, practice, omission or course of business constituting a violation in this chapter or a rule adopted or order issued pursuant thereto, or a person has materially aided or is materially aiding an act, practice, omission, or course of business constituting a violation in this chapter or a rule adopted or order issued pursuant thereto, the director may issue such administrative orders as authorized under section 374.046. The director may also suspend or revoke the license of a producer under section 375.141 or the certificate of authority of any title insurer as authorized under section 374.047 for any such willful violation.
2. If the director believes that a person has engaged, is engaging, or has taken a substantial step toward engaging in an act, practice, omission or course of business constituting a violation in this chapter 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 in this chapter or a rule adopted or order issued pursuant thereto, the director may maintain a civil action for relief authorized under section 374.048.
3. Nothing contained in this section shall affect the right of the director to impose any other penalties provided for in the laws relating to the business of insurance.
4. Nothing contained in this chapter is intended to or shall in any other manner limit or restrict the rights of policyholders, claimants, and creditors.
­­--------
(L. 2000 S.B. 894, A.L. 2007 S.B. 66)
Effective 1-01-08
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.048 - Court actions authorized, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 01 Jan 2008, see footnote
381.048. Court actions authorized, when. —
1. The director may bring an action against any title insurer, title agency, title agent, or any director, officer, agent, employee, trustee, or affiliate of a title insurer, title agency, or title agent in a court of competent jurisdiction to enjoin violations of the Real Estate Settlement Procedures Act, 12 U.S.C. Section 2607, as amended.
2. A violation of any provision under the federal Real Estate Settlement Procedures Act, as amended, is a level two violation under section 374.049.
­­--------
(L. 2000 S.B. 894, A.L. 2007 S.B. 66)
Effective 1-01-08
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.052 - Persons authorized to conduct title insurance business.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 01 Jan 2008, see footnote
381.052. Persons authorized to conduct title insurance business. —
No person other than a domestic, foreign, or non-United States title insurer organized on the stock plan and duly licensed by the director shall transact title insurance business as an insurer in this state.
­­--------
(L. 2000 S.B. 894, A.L. 2007 S.B. 66)
Effective 1-01-08
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.055 - Powers of title insurer.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 01 Jan 2008, see footnote
381.055. Powers of title insurer. —
Subject to the exceptions and restrictions contained in this chapter, a title insurer shall have the power to:
(1) Do only title insurance business; and
(2) Reinsure title insurance policies.
­­--------
(L. 2000 S.B. 894, A.L. 2007 S.B. 66)
Effective 1-01-08
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.062 - Establishment and maintenance of minimum paid-in capital and paid-in initial surplus necessary for insurance business license.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 01 Jan 2008, see footnote
381.062. Establishment and maintenance of minimum paid-in capital and paid-in initial surplus necessary for insurance business license. —
Any title insurer authorized to do an insurance business in this state shall establish and maintain a minimum paid-in capital of not less than four hundred thousand dollars and, in addition, surplus of at least four hundred thousand dollars. Beginning January 1, 2013, any title insurer authorized to do an insurance business in this state shall establish and maintain a minimum paid-in capital of not less than eight hundred thousand dollars and, in addition, surplus of at least eight hundred thousand dollars.
­­--------
(L. 2000 S.B. 894, A.L. 2007 S.B. 66)
Effective 1-01-08
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.065 - Net retained liability limits, maximum amount — reinsurance allowed — waiver by director of risk, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 01 Jan 2008, see footnote
381.065. Net retained liability limits, maximum amount — reinsurance allowed — waiver by director of risk, when. —
1. The net retained liability of a title insurer for a single risk in regard to real property located in this state, or in regard to a title insurance policy issued in this state and insuring personal property, whether assumed directly or as reinsurance, shall not exceed the aggregate of fifty percent of surplus as regards policyholders plus the statutory premium reserve less the company's investment in title plants, all as shown in the most recent annual statement of the insurer on file with the director.
2. For purposes of this chapter:
(1) A single risk shall be the insured amount of any title insurance policy, except that, where two or more title insurance policies are issued simultaneously covering different estates in the same property, a single risk shall be the sum of the insured amounts of all the title insurance policies; and
(2) A policy under which a claim payment reduces the amount of insurance under one or more other title insurance policies shall be included in computing the single risk sum only to the extent that its amount exceeds the aggregate amount of the policy or policies whose amount of insurance is reduced.
3. A title insurer may obtain reinsurance for all or any part of its liability under its title insurance policies or reinsurance agreements and may also reinsure title insurance policies issued by other title insurers on single risks located in this state or elsewhere. Reinsurance on policies issued on real property located in this state, or on policies issued in this state and insuring personal property, may be obtained from any title insurers licensed to transact title insurance business in this state, any other state, or the District of Columbia and which have a combined capital and surplus of at least one million six hundred thousand dollars.
4. The director may waive the limitation of this section for a particular risk upon application of the title insurer and for good cause shown.
­­--------
(L. 2000 S.B. 894, A.L. 2007 S.B. 66)
Effective 1-01-08
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.068 - Investment in title plant, amount restricted, considered asset.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 01 Jan 2008, see footnote
381.068. Investment in title plant, amount restricted, considered asset. —
In determining the financial condition of a title insurer doing business under this chapter, the general investment provisions of sections 379.080 to 379.082 shall apply; except that, an investment in a title plant or plants in an amount equal to the actual cost shall be allowed as an admitted asset for title insurers. The aggregate amount of the investment shall not exceed twenty percent of surplus to policyholders, as shown on the most recent annual statement of the title insurer on file with the director.
­­--------
(L. 2000 S.B. 894, A.L. 2007 S.B. 66)
Effective 1-01-08
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.075 - Additional insurance laws applicable to title insurers, insurer's supervision, rehabilitation and liquidation act, exceptions — liquidation or insolvency, treatment of security and escrow funds, filing of claims, cancellation of policies, payment of fully earned premiums.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 01 Jan 2008, see footnote
381.075. Additional insurance laws applicable to title insurers, insurer's supervision, rehabilitation and liquidation act, exceptions — liquidation or insolvency, treatment of security and escrow funds, filing of claims, cancellation of policies, payment of fully earned premiums. —
1. Sections 375.570 to 375.750 and sections 375.1150 to 375.1246 shall apply to all title insurers subject to this chapter, except as otherwise provided in this section. In applying such sections, the court shall consider the unique aspects of title insurance and shall have broad authority to fashion relief that provides for the maximum protection of the title insurance policyholders.
2. Security and escrow funds held by or on behalf of the title insurer shall not become general assets and shall be administered as secured claims as defined in section 375.1152.
3. Title insurance policies that are in force at the time an order of liquidation is entered shall not be cancelled except upon a showing to the court of good cause by the liquidator. The determination of good cause shall be within the discretion of the court. In making this determination, the court shall consider the unique aspects of title insurance and all other relevant circumstances.
4. The court may set appropriate dates that potential claimants must file their claims with the liquidator. The court may set different dates for claims based upon the title insurance policy than for all other claims. In setting dates, the court shall consider the unique aspects of title insurance and all other relevant circumstances.
5. As of the date of the order of insolvency or liquidation, all premiums paid, due or to become due under policies of the title insurers shall be fully earned. It shall be the obligation of title agencies, title agents, insureds, or representatives of the title insurer to pay fully earned premium to the liquidator or rehabilitator.
­­--------
(L. 2000 S.B. 894, A.L. 2007 S.B. 66)
Effective 1-01-08
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.112 - Premium tax, premium income defined.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 01 Jan 2008, see footnote
381.112. Premium tax, premium income defined. —
For purposes of the premium tax imposed by sections 148.320 and 148.340, the
"premium income received by a title insurer"
shall mean the amount within the definition of "premium".
­­--------
(L. 2000 S.B. 894, A.L. 2007 S.B. 66)
Effective 1-01-08
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.122 - Director authorized to inspect books and records.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 01 Jan 2008, see footnote
381.122. Director authorized to inspect books and records. —
The director may during normal business hours examine, audit and inspect any and all books and records maintained by a title insurer, title agency, or title agent under this chapter.
­­--------
(L. 2000 S.B. 894, A.L. 2007 S.B. 66)
Effective 1-01-08
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.161 - Contract of title insurance through specific agent, agency, or insurer prohibited.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 01 Jan 2008, 2 histories, see footnote
381.161. Contract of title insurance through specific agent, agency, or insurer prohibited. —
1. No producer or other person, except the person paying the premium for the title insurance, shall require, directly or indirectly, or through any trustee, director, officer, agent, employee, or affiliate, as a condition, agreement, or understanding to selling or furnishing any other person any loan, or extension thereof, credit, sale, property, contract, lease or service, that such other person shall place any contract of title insurance of any kind through any particular title agent, agency, or title insurer. No title agent, agency, or title insurer shall knowingly participate in any such prohibited plan or transaction. No person shall fix a price charged for such thing or service, or discount from or rebate upon price, on the condition, agreement, or understanding that any title insurance is to be obtained through a particular agent, agency, or title insurer.
2. A violation of any provision under this section is a level three violation under section 374.049.
­­--------
(L. 1987 S.B. 251 § 18, Repealed L. 2000 S.B. 894 § D, L. 2007 S.B. 66)
Effective 1-01-08
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.400 - Definitions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 28 Aug 1993
381.400. Definitions. —
1. As used in this section and sections 381.403 and 381.405, the following terms mean:
(1)
"Construction completion guaranty"
, an agreement wherein a person guarantees or warrants that the improvements which are the subject of the guaranty will be completed or that the funds deposited under the guaranty are sufficient to complete such improvements;
(2)
"Construction deposit guaranty"
, an agreement wherein a person agrees to accept funds from a mortgage lender, owner or purchaser of real estate or agrees to assure the proper application of funds already paid to a third party to pay for the cost of construction of improvements on such real estate, for disbursement to parties furnishing labor or material for the construction of such improvement and wherein the person guarantees to the party depositing the funds against loss from misapplication of the funds or inability to obtain a refund of the funds when such party is entitled to a refund thereof;
(3)
"Construction escrow agreement"
, an agreement wherein a person agrees to accept from a mortgage lender, owner or purchaser of real estate funds to pay for the cost of construction of improvements on such real estate, for disbursement to the owner, general contractor, or parties furnishing labor or material for the construction of such improvement, but which does not contain any guarantee to the party depositing the funds against loss from misapplication of the funds or inability to obtain a refund of the funds. The issuance of title insurance against mechanics' liens does not constitute a construction deposit guaranty or construction completion guaranty;
(4)
"Insured closing letter"
, a statement issued by a title insurance company to a party to a real estate transaction, acknowledging that the title insurance agency or agent closing a transaction in connection with which the title insurance company's policy is being issued, is a duly licensed and authorized agency or agent of the title insurance company, that the performance of settlement services by such agency or agent is within the scope of its authority as agency or agent for the title insurance company, and promising to be responsible for the misapplication of funds or documents by the agency or agent or its failure to follow written instructions in connection with the closing;
(5)
"Licensee"
, a title insurance company organized under the laws of this state or operating under a certificate of authority in this state, or a title insurance agency or agent licensed by the director.
­­--------
(L. 1993 S.B. 18 § 381.143 subsec. 1)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.403 - Title insurance companies and agents may enter into construction escrow agreements and issue insured closing letters.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 28 Aug 1993
381.403. Title insurance companies and agents may enter into construction escrow agreements and issue insured closing letters. —
Licensees may:
(1) Enter into construction escrow agreements as part of their services as title insurance companies or title insurance agencies;
(2) Issue insured closing letters, if the licensee is a title insurance company.
­­--------
(L. 1993 S.B. 18 § 381.143 subsec. 2)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.405 - Construction and guaranty agreements not authorized for title insurance companies — title insurance against mechanic liens and insured closing letters, authorized.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 28 Aug 1993
381.405. Construction and guaranty agreements not authorized for title insurance companies — title insurance against mechanic liens and insured closing letters, authorized. —
No licensee may enter or offer to enter into any:
(1) Construction deposit guaranty;
(2) Construction completion guaranty;
(3) Contract of guaranty or suretyship wherein the licensee agrees to answer for the debt, obligation or default of a third party, including, but not limited to, statements of responsibility for the acts or omissions of parties which would constitute an insured closing letter if the party on whose behalf the statement is made had been a title insurance agency or agent for the issuer. The provisions of this section shall not prohibit licensees from issuing title insurance against mechanics' liens, nor prohibit a title insurance company from issuing insured closing letters regarding its own duly licensed agency or agent.
­­--------
(L. 1993 S.B. 18 § 381.143 subsec. 3)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.410 - Definitions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 28 Aug 2008, 2 histories
381.410. Definitions. —
As used in this section and section 381.412, the following terms mean:
(1)
"Cashier's check"
, a check, however labeled, drawn on the financial institution, which is signed only by an officer or employee of such institution, is a direct obligation of such institution, and is provided to a customer of such institution or acquired from such institution for remittance purposes;
(2)
"Certified funds"
, United States currency, funds conveyed by a cashier's check, certified check, teller's check, as defined in Federal Reserve Regulations CC, or wire transfers, including written advice from a financial institution that collected funds have been credited to the settlement agent's account;
(3)
"Director"
, the director of the department of commerce and insurance, unless the settlement agent's primary regulator is another department. When the settlement agent is regulated by such department, that department shall have jurisdiction over this section and section 381.412;
(4)
"Financial institution"
:
(a) A person or entity doing business under the laws of this state or the United States relating to banks, trust companies, savings and loan associations, credit unions, commercial and consumer finance companies, industrial loan companies, insurance companies, small business investment corporations licensed under the Small Business Investment Act of 1958, 15 U.S.C. Section 661, et seq., as amended, or real estate investment trusts as defined in 26 U.S.C. Section 856, as amended, or institutions constituting the Farm Credit System under the Farm Credit Act of 1971, 12 U.S.C. Section 2000, et seq., as amended; or
(b) A mortgage loan company or mortgage banker doing business under the laws of this state or the United States which is subject to licensing, supervision, or auditing by the Federal National Mortgage Association, or the Federal Home Loan Mortgage Corporation, or the United States Veterans' Administration, or the Government National Mortgage Association, or the United States Department of Housing and Urban Development, or a successor of any of the foregoing agencies or entities, as an approved seller or servicer, if their principal place of business is in Missouri or a state which is contiguous to Missouri;
(5)
"Settlement agent"
, a person, corporation, partnership, or other business organization which accepts funds and documents as fiduciary for the buyer, seller or lender for the purposes of closing a sale of an interest in real estate located within the state of Missouri, and is not a financial institution, or a member in good standing of the Missouri Bar, or a person licensed under chapter 339.
­­--------
(L. 1996 S.B. 664, A.L. 2000 S.B. 894, A.L. 2007 S.B. 66, A.L. 2008 S.B. 788)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 381 - Title Insurance Law › Section 381.412 - Settlement agents, accepting funds, exemption — title insurer, deposit of funds — violation, fine.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 381
• Effective - 10 Jun 2008, 2 histories, see footnote
381.412. Settlement agents, accepting funds, exemption — title insurer, deposit of funds — violation, fine. —
1. A settlement agent who accepts funds of more than two thousand five hundred dollars for closing a real estate transaction shall require a buyer, seller, or lender who is not a financial institution to convey such funds to the settlement agent as certified funds. A check shall be exempt from the provisions of this section if drawn on:
(1) An escrow account of a licensed real estate broker, as regulated and described in section 339.105; or
(2) An escrow account of a title insurer or title insurance agency licensed to do business in Missouri; or
(3) An agency of the United States of America, the state of Missouri, or any county or municipality of the state of Missouri; or
(4) An account by a financial institution.
2. It is unlawful for any title insurer, title agency, or title agent, as defined in section 381.009
*
, to make any payment, disbursement or withdrawal from an escrow account which it maintains as a depository of funds received from the public for the settlement of real estate transactions unless a corresponding deposit of funds was made to the escrow account for the benefit of the payee or payees:
(1) At least ten days prior to such payment, disbursement, or withdrawal; or
(2) Which consisted of certified funds; or
(3) Consisted of a check made exempt from this section by the provisions of subsection 1 of this section.
3. A violation of any provision of this section is a level two violation under section 374.049.
­­--------
(L. 1996 S.B. 664, A.L. 1997 S.B. 148, A.L. 2000 S.B. 894, A.L. 2007 S.B. 66, A.L. 2008 S.B. 1009)
Effective 6-10-08
*Section 381.009 was repealed by S.B. 66, 2007.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.030 - Disposal of investment required, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1971
382.030. Disposal of investment required, when. —
If an insurer ceases to control a subsidiary, it shall dispose of any investment therein made pursuant to sections 382.010 to 382.300 within three years from the time of the cessation of control or within such further time as the director may prescribe, unless at any time after the investment has been made, the investment meets the requirements for investment under any other investment law applicable to the insurer, and the insurer has notified the director thereof.
­­--------
(L. 1971 S.B. 101 § 5)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.070 - Excepted transactions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1993
382.070. Excepted transactions. —
The provisions of sections 382.040, 382.050 and 382.060 shall not apply to:
(1) Any transaction which is subject to the provisions of section 375.355 or 375.861; or
(2) Any offer, request, invitation, agreement or acquisition which the director by order shall exempt therefrom as not having been made or entered into for the purpose and not having the effect of changing or influencing the control of a domestic insurer, or as otherwise not comprehended within the purposes of sections 382.010 to 382.300.
­­--------
(L. 1971 S.B. 101 § 9, A.L. 1983 H.B. 633 merged with S.B. 333, A.L. 1992 H.B. 1574, A.L. 1993 H.B. 709)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.080 - Prohibited acts.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 2015
382.080. Prohibited acts. —
The following shall be violations of sections 382.040 to 382.090:
(1) The failure to file any statement, amendment, or other material required to be filed pursuant to section 382.040 or 382.050; or
(2) The effectuation or any attempt to effectuate an acquisition of control of, divestiture of, or merger with a domestic insurer covered by sections 382.040 to 382.090, unless the director has given approval.
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(L. 1971 S.B. 101 § 10, A.L. 2015 H.B. 50)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.090 - Jurisdiction, acceptance of — service, how had.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1971
382.090. Jurisdiction, acceptance of — service, how had. —
The courts of this state are hereby vested with jurisdiction over every person not resident, domiciled, or authorized to do business in this state who files a statement with the director under sections 382.010 to 382.300, and over all actions involving such person arising out of violations of sections 382.010 to 382.300, and each such person shall be deemed to have performed acts equivalent to and constituting an appointment by him of the director to be his true and lawful attorney upon whom may be served all lawful process in any action, suit or proceeding arising out of violations of sections 382.010 to 382.300. Copies of all such lawful process shall be served on the director and transmitted by registered or certified mail by the director to such person at his last known address.
­­--------
(L. 1971 S.B. 101 § 11)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.100 - Registration required.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1992
382.100. Registration required. —
Every insurer which is authorized to do business in this state and which is a member of an insurance holding company system, except a foreign insurer subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in sections 382.010 to 382.300, shall register with the director. Every insurer which is subject to registration under sections 382.010 to 382.300 shall register within sixty days after September 28, 1971, or fifteen days after it becomes subject to registration, whichever is later, and annually thereafter by March first of each year for the previous calendar year, unless the director for good cause shown extends the time for registration, and then within such extended time. The director may require any authorized insurer which is a member of a holding company system which is not subject to registration under this section to furnish a copy of the registration statement, the summary specified in subsection 2 of section 382.110, or other information filed by it with the insurance regulatory authority of its state of domicile.
­­--------
(L. 1971 S.B. 101 § 12, A.L. 1992 H.B. 1574)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.120 - Information to be kept current, when changes reported.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1993
382.120. Information to be kept current, when changes reported. —
Each registered insurer shall keep current the information required to be disclosed in its registration statement by reporting all material changes or additions on amendment forms provided by the director within fifteen days after the end of the month in which it learns of each such change or addition, but, subject to section 382.210, each registered insurer shall so report all dividends and other distributions to shareholders promptly on the declaration thereof. No life or title insurer subject to registration under section 382.100 shall pay any dividend unless it has reported the dividend to the director:
(1) Within five days of its being declared; and
(2) At least ten days before it is paid.
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(L. 1971 S.B. 101 § 15, A.L. 1993 H.B. 709)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.130 - Termination of registration, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1971
382.130. Termination of registration, when. —
The director shall terminate the registration of any insurer which demonstrates that it no longer is a member of an insurance holding company system.
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(L. 1971 S.B. 101 § 16)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.140 - Consolidated registration statements or amendments, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1971
382.140. Consolidated registration statements or amendments, when. —
The director may require or allow two or more affiliated insurers subject to registration under the provisions of sections 382.010 to 382.300 to file a consolidated registration statement or consolidated reports amending their consolidated registration statement or their individual registration statements.
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(L. 1971 S.B. 101 § 17)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.150 - Registration for affiliates authorized.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1971
382.150. Registration for affiliates authorized. —
The director may allow an insurer which is authorized to do business in this state and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under section 382.100 and to file all information and material required to be filed under section 382.110.
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(L. 1971 S.B. 101 § 18)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.160 - Exemption from registration and reports, how and when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 2015
382.160. Exemption from registration and reports, how and when. —
The provisions of sections 382.100 to 382.180 shall not apply to any insurer, information or transaction if and to the extent that the director by rule, regulation, or order shall exempt the same from such provisions.
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(L. 1971 S.B. 101 § 19, A.L. 2015 H.B. 50)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.170 - Disclaimer of affiliation, effect of.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 2015
382.170. Disclaimer of affiliation, effect of. —
Any person may file with the director a disclaimer of affiliation with any authorized insurer or the disclaimer may be filed by the insurer or any member of an insurance holding company system. The disclaimer shall fully disclose all material relationships and bases for affiliation between such person and such insurer as well as the basis for disclaiming such affiliation. A disclaimer of affiliation shall be deemed to have been granted unless the director, within thirty days following receipt of a complete disclaimer, notifies the filing party that the disclaimer is disallowed. In the event of disallowance, the disclaiming party may request an administrative hearing, which shall be granted. The disclaiming party shall be relieved of its duty to register under this section if approval of the disclaimer has been granted by the director or if the disclaimer is deemed to have been approved.
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(L. 1971 S.B. 101 § 20, A.L. 2015 H.B. 50)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.175 - Enterprise risk report, contents, filing of, due date.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 2015
382.175. Enterprise risk report, contents, filing of, due date. —
Upon request of the director, the ultimate controlling person of every insurer subject to registration shall file an annual enterprise risk report. The report shall be appropriate to the nature, scale, and complexity of the operations of the insurance holding company and shall, to the best of the ultimate controlling person's knowledge and belief, identify the material risks within the insurance holding company system, if any, that could pose enterprise risk to the insurer. The report shall be filed with the lead state insurance commissioner of the insurance holding company system as determined by procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners. The first enterprise risk report shall be due and filed no later than May 1, 2016, and annually thereafter by the first day of May each year, unless the lead state insurance commissioner extends the time for filing for good cause shown.
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(L. 2015 H.B. 50)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.177 - Liquidity stress test, filing of — scope criteria — NAIC compliance.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 2021
382.177. Liquidity stress test, filing of — scope criteria — NAIC compliance. —
1. The ultimate controlling person of every insurer subject to registration and also scoped into the NAIC liquidity stress test framework shall file the results of a specific year's liquidity stress test. The filing shall be made to the lead state insurance director of the insurance holding company system as determined by the procedures within the Financial Analysis Handbook adopted by the NAIC.
2. The NAIC liquidity stress test framework includes scope criteria applicable to a specific data year. These scope criteria are reviewed at least annually by the NAIC's financial stability task force or its successor. Any change to the NAIC liquidity stress test framework or to the data year for which the scope criteria are to be measured shall be effective on January first of the year following the calendar year in which such changes are adopted. Insurers meeting at least one threshold of the scope criteria are considered scoped into the NAIC liquidity stress test framework for the specified data year unless the lead state insurance director, in consultation with the NAIC financial stability task force or its successor, determines the insurer shall not be scoped into the framework for that data year. Similarly, insurers that do not trigger at least one threshold of the scope criteria are considered scoped out of the NAIC liquidity stress test framework for the specified data year unless the lead state insurance director, in consultation with the NAIC financial stability task force or its successor, determines the insurer shall be scoped into the framework for that data year. Regulators wish to avoid having insurers scoped into and out of the NAIC liquidity stress test framework on a frequent basis, the lead state insurance director, in consultation with the financial stability task force or its successor, shall assess this concern as part of the determination for an insurer.
3. The performance of, and filing of the results from, a specific year's liquidity stress test shall comply with the NAIC liquidity stress test framework's instructions and reporting templates for that year and any lead state insurance director determinations, in conjunction with the financial stability task force or its successor, provided within the framework.
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(L. 2021 S.B. 6)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.180 - Failure to file registration statement, summary, or enterprise risk report a violation.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 2015
382.180. Failure to file registration statement, summary, or enterprise risk report a violation. —
The failure to file a registration statement, summary of the registration statement, or enterprise risk filing required under sections 382.100 to 382.180 within the time specified for the filing is a violation of sections 382.100 to 382.180.
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(L. 1971 S.B. 101 § 21, A.L. 2015 H.B. 50)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.190 - Transactions with affiliates, how conducted.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 2015
382.190. Transactions with affiliates, how conducted. —
Material transactions by registered insurers with their affiliates are subject to the following standards:
(1) The terms shall be fair and reasonable;
(2) Charges or fees for services shall be reasonable;
(3) Expenses incurred and payment received shall be allocated to the insurer in conformity with customary insurance accounting practices consistently applied;
(4) The books, accounts and records of each party shall be maintained so as to clearly and accurately disclose the precise nature and details of the transactions including such accounting information as is necessary to support the reasonableness of the charges or fees to the respective parties;
(5) The insurer's surplus as regards policyholders following any dividends or distributions to shareholder affiliates shall be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs; and
(6) Agreements for cost-sharing services and management shall include such provisions as required by the director by rule.
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(L. 1971 S.B. 101 § 22, A.L. 1992 H.B. 1574, A.L. 2015 H.B. 50)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.200 - Reasonable surplus, how determined.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1992
382.200. Reasonable surplus, how determined. —
For the purposes of sections 382.010 to 382.300 in determining whether an insurer's surplus as regards policyholders is reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs, the following factors, among others, shall be considered:
(1) The size of the insurer as measured by its assets, capital and surplus, reserves, premium writings, insurance in force and other appropriate criteria;
(2) The extent to which the insurer's business is diversified among the several lines of insurance;
(3) The number and size of risks insured in each line of business;
(4) The extent of the geographical dispersion of the insurer's insured risks;
(5) The nature and extent of the insurer's reinsurance program;
(6) The quality, diversification and liquidity of the insurer's investment portfolio;
(7) The recent past and projected future trend in the size of the insurer's investment portfolio;
(8) The surplus as regards policyholders maintained by other comparable insurers;
(9) The adequacy of the insurer's reserves; and
(10) The quality and liquidity of investments in subsidiaries made pursuant to sections 382.010 to 382.300. The director may treat any such investment as a disallowed asset for purposes of determining the adequacy of surplus as regards policyholders whenever in his judgment such investment so warrants.
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(L. 1971 S.B. 101 § 23, A.L. 1992 H.B. 1574)