reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.225 - Supervisory college, powers of director — insurer liable for expenses of director's participation in supervisory college.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 2015
382.225. Supervisory college, powers of director — insurer liable for expenses of director's participation in supervisory college. —
1. With respect to any insurer registered under sections 382.100 to 382.180 and in accordance with subsection 3 of this section, the director shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this chapter. The powers of the director with respect to supervisory colleges include, but are not limited to, the following:
(1) Initiating the establishment of a supervisory college;
(2) Clarifying the membership and participation of other supervisors in the supervisory college;
(3) Clarifying the functions of the supervisory college and the role of other regulators including the establishment of a groupwide supervisor or host, who may be the director;
(4) Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and
(5) Establishing a crisis management plan.
2. Each registered insurer subject to this section shall be liable for and shall pay the reasonable expenses of the director's participation in a supervisory college in accordance with subsection 3 of this section including reasonable travel expenses. For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the director may establish a regular assessment to the insurer for the payment of such expenses.
3. In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management and governance processes, and as part of the examination of individual insurers in accordance with section 382.220, the director may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates including other state, federal, and international regulatory agencies. The director may enter into agreements in accordance with subsection 3 of section 382.230 providing the basis for cooperation between the director and the other regulatory agencies and the activities of the supervisory college. Nothing in this section shall delegate to the supervisory college the authority of the director to regulate or supervise the insurer or its affiliates within the director's jurisdiction.
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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 382.240 - Rules and regulations, how issued.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1971
382.240. Rules and regulations, how issued. —
The director may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations, and orders as are necessary to carry out the provisions of sections 382.010 to 382.300.
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(L. 1971 S.B. 101 § 27)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.250 - Injunction, when authorized.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1971
382.250. Injunction, when authorized. —
Whenever it appears to the director that any insurer or any director, officer, employee or agent thereof has committed or has threatened to commit a violation of sections 382.010 to 382.300 or of any rule, regulation, or order issued by the director pursuant to sections 382.010 to 382.300, the director may apply to the circuit court for the county in which the principal office of the insurer is located or to the circuit court for Cole County for an order enjoining the insurer or the director, officer, employee or agent thereof from violating or continuing to violate sections 382.010 to 382.300 or any such rule, regulation or order, and for such other equitable relief as the nature of the case and the interests of the insurer's policyholders, creditors, shareholders, or the public may require.
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(L. 1971 S.B. 101 § 28)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.265 - Penalties, certain actions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1992
382.265. Penalties, certain actions. —
1. Any insurer failing, without just cause, to file any registration statement as required in this section shall be required, after notice and hearing, to pay an administrative penalty of five hundred dollars for each day's delay, to be recovered by the director, and the penalty so recovered shall be paid to the state treasurer for deposit to the general revenue fund of this state. The maximum penalty under this section is fifty thousand dollars. The director may reduce the penalty if the insurer demonstrates to the director that the imposition of the penalty would constitute a financial hardship to the insurer.
2. Every director or officer of an insurance holding company system who knowingly violates, participates in, or assents to, or who knowingly shall permit any of the officers or agents of the insurer to engage in transactions or make investments which have not been properly reported or submitted pursuant to section 382.100, 382.195, or 382.210, or which violate this section, shall pay, in their individual capacity, an administrative penalty of not more than one hundred dollars per violation, after notice and hearing before the director. In determining the amount of the administrative penalty, the director shall take into account the appropriateness of the forfeiture with respect to the gravity of the violation, the history of previous violations, and such other matters as justice may require.
3. Whenever it appears to the director that any insurer subject to sections 382.010 to 382.300 or any director, officer, employee or agent thereof has engaged in any transaction or entered into a contract which is subject to section 382.190, 382.195, 382.200 or 382.210 and which would not have been approved had such approval been requested, the director may order the insurer to cease and desist immediately any further activity under that transaction or contract. After notice and hearing the director may also order the insurer to void any such contracts and restore the status quo if such action is in the best interest of the policyholders, creditors or the public.
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(L. 1992 H.B. 1574)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.270 - Criminal proceedings, when and where commenced, penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1971
382.270. Criminal proceedings, when and where commenced, penalty. —
Whenever it appears to the director that any insurer or any director, officer, employee or agent thereof has committed a willful violation of sections 382.010 to 382.300, the director may cause criminal proceedings to be instituted in the circuit court for the county in which the principal office of the insurer is located or if such insurer has no such office in the state, then by the attorney general against such insurer or the responsible director, officer, employee or agent thereof. Any insurer which is convicted of willfully violating sections 382.010 to 382.300 may be fined not more than ten thousand dollars. Any individual who is convicted of willfully violating sections 382.010 to 382.300 may be fined not more than three thousand dollars, or if such willful violation involves the deliberate perpetration of a fraud upon the director, he may be imprisoned for not more than two years or by both such fine and imprisonment.
­­--------
(L. 1971 S.B. 101 § 30)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.275 - False reports, filing of, penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2017, 2 histories, see footnote
382.275. False reports, filing of, penalty. —
Any officer, director, or employee of an insurance holding company system who knowingly subscribes to or makes or causes to be made any false statements or false reports or false filings with the intent to deceive the director in the performance of his duties under this chapter, upon conviction thereof, shall be guilty of a class E felony. Any fines imposed shall be paid by the officer, director, or employee in his individual capacity.
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(L. 1992 H.B. 1574, A.L. 2014 S.B. 491)
Effective 1-01-17
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.277 - Violation, basis for disapproving dividends or distributions and placing insurer under order of suspension.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 2018, 2 histories
382.277. Violation, basis for disapproving dividends or distributions and placing insurer under order of suspension. —
Whenever it appears to the director that any person has committed a violation of sections 382.040 to 382.090 and the violation prevents the full understanding of the enterprise risk to the insurer by affiliates or by the insurance holding company system, the violation may serve as an independent basis for disapproving dividends or distributions and for placing the insurer under an order of supervision in accordance with section 375.1160.
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(L. 2015 H.B. 50, A.L. 2018 S.B. 975 & 1024 Revision)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.280 - Director to take possession, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1971
382.280. Director to take possession, when. —
Whenever it appears to the director that any person has committed a violation of sections 382.010 to 382.300 which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders or the public, then the director may proceed as provided by law to take possession of the property of such domestic insurer and to conduct the business thereof.
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(L. 1971 S.B. 101 § 31)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.285 - Liquidation or rehabilitation, effects — maximum amount recoverable — liability, parent company, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1992
382.285. Liquidation or rehabilitation, effects — maximum amount recoverable — liability, parent company, when. —
1. If an order for liquidation or rehabilitation of a domestic insurer has been entered, the receiver appointed under such order shall have a right to recover on behalf of the insurer, from any parent corporation or holding company or person or affiliate who otherwise controlled the insurer, the amount of distributions, other than distributions of shares of the same class of stock, paid by the insurer on its capital stock, or any payment in the form of a bonus, termination settlement or extraordinary lump sum salary adjustment made by the insurer or its subsidiary to a director, officer or employee, where the distribution or payment is made at any time during the one year preceding the petition for liquidation, conservation or rehabilitation, as the case may be, subject to the limitations of subsections 2, 3, and 4 of this section.
2. No such distribution shall be recoverable if the parent or affiliate shows that when paid such distribution was lawful and reasonable, and that the insurer did not know and could not have reasonably known that such distribution might adversely affect the ability of the insurer to fulfill its contractual obligations.
3. Any person who was a parent corporation or holding company or a person who otherwise controlled the insurer or affiliate at the time such distributions were paid shall be liable up to the amount of distributions or payments under subsection 1 of this section such person received. Any person who otherwise controlled the insurer at the time such distributions were declared shall be liable up to the amount of distributions he would have received if they had been paid immediately. If two or more persons are liable with respect to the same distributions, they shall be jointly and severally liable.
4. The maximum amount recoverable under this subsection shall be the amount needed in excess of all other available assets of the impaired or insolvent insurer to pay the contractual obligations of the impaired or insolvent insurer and to reimburse any guaranty funds.
5. To the extent that any person liable under subsection 3 of this section is insolvent or otherwise fails to pay claims due from it pursuant to such subsection, its parent corporation or holding company or person who otherwise controlled it at the time the distribution was paid shall be jointly and severally liable for any resulting deficiency in the amount recovered from such parent corporation or holding company or person who otherwise controlled it.
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(L. 1992 H.B. 1574)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.290 - Revocation of insurer's license, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1971
382.290. Revocation of insurer's license, when. —
Whenever it appears to the director that any person has committed a violation of sections 382.010 to 382.300 which makes the continued operation of an insurer contrary to the interests of policyholders or the public, the director may, after giving notice and an opportunity to be heard, determine to suspend, revoke or refuse to renew such insurer's license or authority to do business in this state for such period as he finds is required for the protection of policyholders or the public. Any such determination shall be accompanied by specific findings of fact and conclusions of law.
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(L. 1971 S.B. 101 § 32)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.300 - Appeals from director's action, procedure.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 1971
382.300. Appeals from director's action, procedure. —
1. Any person aggrieved by any act, determination, rule, regulation, order or any other action of the director pursuant to sections 382.010 to 382.300 may appeal therefrom to the circuit court for Cole County. The court shall conduct its review without a jury and by trial de novo, but if all parties, including the director, so stipulate, the review shall be confined to the record. Portions of the records may be introduced by stipulation into evidence in a trial de novo as to those parties so stipulating.
2. The filing of an appeal pursuant to this section shall stay the application of any rule, regulation, order or other action of the director to the appealing party unless the court, after giving such party notice and an opportunity to be heard, determines that such a stay would be detrimental to the interests of policyholders, shareholders, creditors or the public.
3. Any person aggrieved by any failure of the director to act or make a determination required by sections 382.010 to 382.300 may petition the circuit court for Cole County for a writ in the nature of a mandamus or a peremptory mandamus directing the director to act or make the determination forthwith.
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(L. 1971 S.B. 101 § 33)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.400 - Definitions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 2009
382.400. Definitions. —
As used in sections 382.400 to 382.409, the following terms mean:
(1)
"Accredited state"
, a state in which the insurance department or regulatory agency has qualified as meeting the minimum financial regulatory standards promulgated and established from time to time by the National Association of Insurance Commissioners;
(2)
"Control"
or
"controlled
" has the meaning prescribed by section 382.010;
(3)
"Controlled insurer"
, a licensed insurer which is controlled, directly or indirectly, by a producer;
(4)
"Controlling producer"
, a producer who, directly or indirectly, controls an insurer;
(5)
"Licensed insurer"
or
"insurer"
, any person, firm, association or corporation duly licensed to transact a property or casualty insurance business in this state. The following are not licensed insurers for the purposes of sections 382.400 to 382.410
*
:
(a) All risk retention groups as defined in the federal Superfund Amendments Reauthorization Act of 1986, as amended, and the federal Risk Retention Act, 15 U.S.C. Section 3901, et seq., as amended, and sections 375.1080 to 375.1105;
(b) All residual market pools and joint underwriting authorities or associations; and
(c) All captive insurers. For the purposes of sections 382.400 to 382.410
*
,
"captive insurers"
are insurance companies owned by another organization whose exclusive purpose is to insure risks of the parent organization and affiliated companies or, in the case of groups and associations, insurance organizations owned by the insureds whose exclusive purpose is to insure risks to member organizations and group members and their affiliates;
(6)
"Producer"
, an insurance broker or brokers or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, the person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of an insurance contract on behalf of an insured other than the person, firm, association, or corporation.
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(L. 1992 H.B. 1574 § 7, A.L. 2009 H.B. 577)
*Section 382.410 was repealed by S.B. 613 Revision § A, 2007.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.402 - Applicability of law.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 2009
382.402. Applicability of law. —
Sections 382.400 to 382.409 shall apply to licensed insurers either domiciled in this state or domiciled in a state that is not an accredited state having in effect laws substantially similar to the provisions of sections 382.400 to 382.409. All provisions of this chapter, to the extent they are not superseded by sections 382.400 to 382.409, shall continue to apply to all parties within holding company systems subject to sections 382.400 to 382.409.
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(L. 1992 H.B. 1574 § 8, A.L. 2009 H.B. 577)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.407 - Notice to insured, producer to provide, contents.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 2009
382.407. Notice to insured, producer to provide, contents. —
The producer, prior to the effective date of the policy, shall deliver written notice to the prospective insured disclosing the relationship between the producer and the controlled insurer, except that if the business is placed through a subproducer who is not a controlling producer, the controlling producer shall retain in his records a signed commitment from the subproducer that the subproducer is aware of the relationship between the insurer and the producer and that the subproducer has or will notify the insured.
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(L. 1992 H.B. 1574 § 10, A.L. 2009 H.B. 577)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.409 - Noncompliance with law, powers of director — receiver in liquidation, powers.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 28 Aug 2009
382.409. Noncompliance with law, powers of director — receiver in liquidation, powers. —
1. (1) If the director believes that the controlling producer or any other person has not materially complied with sections 382.400 to 382.410
*
, or any regulation or order promulgated hereunder, after notice and opportunity to be heard, the director may order the controlling producer to cease placing business with the controlled insurer; and
(2) If it was found that because of such material noncompliance that the controlled insurer or any policyholder thereof has suffered any loss or damage, the director may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or other appropriate relief.
2. If an order of liquidation or rehabilitation of the controlled insurer has been entered pursuant to sections 375.1150 to 375.1246, and the receiver appointed under that order believes that the controlling producer or any other person has not materially complied with sections 382.400 to 382.410
*
, or any regulation or order promulgated hereunder, and the insurer suffered any loss or damage therefrom, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer.
3. Nothing contained in this section shall affect the right of the director to impose any other penalties provided for by law.
4. Nothing contained in this section is intended to or shall in any manner alter or affect the rights of policyholders, claimants, creditors or other third parties.
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(L. 1992 H.B. 1574 § 11, A.L. 2009 H.B. 577)
*Section 382.410 was repealed by S.B. 613 Revision § A, 2007.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.500 - Applicability — findings of general assembly.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2016, see footnote
382.500. Applicability — findings of general assembly. —
1. The provisions of sections 382.500 to 382.550 shall apply to all insurers domiciled in this state that are not exempt under section 382.525.
2. The general assembly finds and declares that an own risk and solvency assessment (ORSA) summary report contains confidential and sensitive information related to an insurer or insurance group's identification of risks material and relevant to the insurer or insurance group filing such report. Such information includes proprietary and trade secret information that has the potential for harm and competitive disadvantage to the insurer or insurance group if such information is made public. An ORSA summary report shall be a confidential document filed with the director, shall be shared only as stated in sections 382.500 to 382.550 to assist the director in the performance of the director's duties, and shall not be subject to public disclosure.
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(L. 2015 H.B. 50)
Effective 1-01-16
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.505 - Definitions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2016, see footnote
382.505. Definitions. —
As used in sections 382.500 to 382.550, the following terms shall mean:
(1)
"Director"
, the director of the department of commerce and insurance;
(2)
"Insurance group"
, those insurers and affiliates included within an insurance holding company system as defined in sections 382.010 to 382.300;
(3)
"Insurer"
, the same meaning as such term is defined in section 382.010; except that, insurer shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state;
(4)
"NAIC"
, the National Association of Insurance Commissioners;
(5)
"Own risk and solvency assessment"
or
"ORSA"
, a confidential internal assessment appropriate to the nature, scale, and complexity of an insurer or insurance group conducted by such insurer or insurance group of the material and relevant risks associated with the insurer's or insurance group's current business plan, and the sufficiency of capital resources to support such risks;
(6)
"ORSA guidance manual"
, the current version of the Own Risk and Solvency Assessment Guidance Manual developed and adopted by the National Association of Insurance Commissioners (NAIC), as amended. A change in the ORSA guidance manual shall be effective on January first following the calendar year in which the changes have been adopted by the NAIC;
(7)
"ORSA summary report"
, a confidential high-level summary of an insurer's or insurance group's own risk and solvency assessment.
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(L. 2015 H.B. 50)
Effective 1-01-16
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.510 - Risk management framework to be maintained.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2016, see footnote
382.510. Risk management framework to be maintained. —
An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. Such requirement may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.
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(L. 2015 H.B. 50)
Effective 1-01-16
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.515 - ORSA to be conducted, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2016, see footnote
382.515. ORSA to be conducted, when. —
Subject to the provisions of section 382.525, an insurer or the insurance group of which the insurer is a member shall conduct an ORSA consistent with a process comparable to the ORSA guidance manual. An ORSA shall be conducted no less than annually and additionally at any time when there are significant changes to the risk profile of the insurer or the insurance group of which the insurer is a member, as determined by the insurer or the insurance group.
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(L. 2015 H.B. 50)
Effective 1-01-16
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.520 - ORSA summary report required, when, contents.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2016, see footnote
382.520. ORSA summary report required, when, contents. —
1. Upon the director's request and no more than once each year, an insurer shall submit to the director an ORSA summary report or any combination of reports that together contain the information described in the ORSA guidance manual applicable to the insurer and to the insurance group of which the insurer is a member. Notwithstanding any request from the director, if the insurer is a member of an insurance group, the insurer shall submit the report or reports required under this subsection if the director is the lead state regulator of the insurance group as determined by the procedures within the Financial Analysis Handbook adopted by the National Association of Insurance Commissioners.
2. The report or reports shall include a signature of the insurer's or insurance group's chief risk officer or other executive having responsibility for the oversight of the insurer's enterprise risk management process attesting to the best of his or her belief and knowledge that the insurer applies the enterprise risk management process described in the ORSA summary report and that a copy of the report has been provided to the insurer's board of directors or the appropriate committee thereof.
3. An insurer may comply with subsection 1 of this section by providing the most recent and substantially similar report or reports provided by the insurer or another member of an insurance group of which the insurer is a member to the director of another state or to a supervisor or regulator of a foreign jurisdiction if such report or reports provide information that is comparable to the information described in the ORSA guidance manual. Any such report or reports in a language other than English shall be accompanied by a translation of such report or reports into the English language.
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(L. 2015 H.B. 50)
Effective 1-01-16
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.530 - ORSA summary report to be prepared consistent with ORSA guidance manual — review, procedures.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2016, see footnote
382.530. ORSA summary report to be prepared consistent with ORSA guidance manual — review, procedures. —
1. An ORSA summary report shall be prepared consistent with the ORSA guidance manual, subject to the requirements of subsection 2 of this section. Documentation and supporting information shall be maintained and made available upon examination or upon request of the director.
2. The review of an ORSA summary report and any additional requests for information shall be made using similar procedures currently used in the analysis and examination of multistate or global insurers and insurance groups.
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(L. 2015 H.B. 50)
Effective 1-01-16
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.540 - Violation, failure to file ORSA summary report.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2016, see footnote
382.540. Violation, failure to file ORSA summary report. —
1. Subject to subsection 1 of section 374.215, any insurer failing without just cause to timely file an ORSA summary report as required in sections 382.500 to 382.550 commits a level two violation under section 374.049 with respect to each day's delay.
2. The director may enforce the provisions of sections 382.500 to 382.550 under sections 374.046 to 374.049.
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(L. 2015 H.B. 50)
Effective 1-01-16
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.545 - Severability clause.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2016, see footnote
382.545. Severability clause. —
If any provision of sections 382.500 to 382.550 or the application thereof to any person or circumstance is held invalid, such determination shall not affect the provisions or applications of sections 382.500 to 382.550 which may be given effect without the invalid provision or application, and to that end the provisions of sections 382.500 to 382.550 are severable.
­­--------
(L. 2015 H.B. 50)
Effective 1-01-16
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.550 - Effective date — first filing date.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2016, see footnote
382.550. Effective date — first filing date. —
Sections 382.500 to 382.550 shall become effective January 1, 2016. The first filing of ORSA summary reports shall be in 2016 in accordance with section 382.520.
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(L. 2015 H.B. 50)
Effective 1-01-16
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.600 - Purpose — applicability.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2019, see footnote
382.600. Purpose — applicability. —
1. The purpose of sections 382.600 to 382.640 is to:
(1) Provide the director a summary of an insurer or insurance group's corporate governance structure, policies, and practices to permit the director to gain and maintain an understanding of the insurer or insurance group's corporate governance framework;
(2) Outline the requirements for completing a corporate governance annual disclosure with the director; and
(3) Provide for the confidential treatment of the corporate governance annual disclosure and related information that will contain confidential and sensitive information related to an insurer or insurance group's internal operations and proprietary and trade secret information which if made public could potentially cause the insurer or insurance group competitive harm or disadvantage.
2. Nothing in sections 382.600 to 382.640 shall be construed to prescribe or impose corporate governance standards and internal procedures beyond that which are required under applicable state corporate law. Notwithstanding the foregoing, nothing in sections 382.600 to 382.640 shall be construed to limit the director's authority or the rights or obligations of third parties under chapter 374 relating to the examination of insurers.
3. The requirements of sections 382.600 to 382.640 shall apply to all insurers domiciled in this state.
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(L. 2018 S.B. 593)
Effective 1-01-19
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.605 - Definitions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2019, see footnote
382.605. Definitions. —
As used in sections 382.600 to 382.640, the following terms shall mean:
(1)
"Corporate governance annual disclosure"
or
"CGAD"
, a confidential report filed by the insurer or insurance group made in accordance with the requirements of sections 382.600 to 382.640;
(2)
"Director"
, the director of the department of commerce and insurance, his or her deputies, or the department of commerce and insurance, as applicable;
(3)
"Insurance group"
, those insurers and affiliates included within an insurance holding company system as defined in section 382.010;
(4)
"Insurer"
, an insurance company as defined in section 375.012; except that it shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state;
(5)
"NAIC"
, the National Association of Insurance Commissioners;
(6)
"ORSA summary report"
, the report filed in accordance with sections 382.500 to 382.550.
­­--------
(L. 2018 S.B. 593)
Effective 1-01-19
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.615 - CGAD inquiries, responses to — recordkeeping.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2019, see footnote
382.615. CGAD inquiries, responses to — recordkeeping. —
1. The insurer or insurance group shall have discretion over the responses to the CGAD inquiries, provided that the CGAD shall contain the material information necessary to permit the director to gain an understanding of the insurer or insurance group's corporate governance structure, policies, and practices. The director may request additional information that he or she deems material and necessary to provide the director with a clear understanding of the corporate governance policies and the reporting or information system or controls implementing those policies.
2. Notwithstanding subsection 1 of this section, the CGAD shall be prepared consistent with regulations promulgated by the director. Documentation and supporting information shall be maintained and made available upon examination or upon request of the director.
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(L. 2018 S.B. 593)
Effective 1-01-19
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.630 - Failure to timely file, penalty — enforcement.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2019, see footnote
382.630. Failure to timely file, penalty — enforcement. —
1. Any insurer failing without just cause to timely file a CGAD as required under sections 382.600 to 382.640 commits a level two violation under section 374.049 for each day's delay; provided that, the total maximum fine under this section is five thousand dollars. The director may reduce the penalty if the insurer demonstrates to the director that the imposition of the penalty would constitute a financial hardship to the insurer.
2. The director may enforce the provisions of sections 382.600 to 382.640 under sections 374.046 to 374.049.
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(L. 2018 S.B. 593)
Effective 1-01-19
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.635 - Rulemaking authority.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2019, see footnote
382.635. Rulemaking authority. —
The director may, upon notice and opportunity for all interested persons to be heard, issue such rules, regulations, and orders as shall be necessary to carry out the provisions of sections 382.600 to 382.640. 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 August 28, 2018, shall be invalid and void.
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(L. 2018 S.B. 593)
Effective 1-01-19
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 382 - Insurance Holding Companies › Section 382.640 - Severability clause.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 382
• Effective - 01 Jan 2019, see footnote
382.640. Severability clause. —
If any provision of sections 382.600 to 382.640 or the application thereof to any person or circumstance is held invalid under the Constitution of the United States or the Constitution of the state of Missouri, such determination shall not affect the provisions or applications of sections 382.600 to 382.640, which may be given effect without the invalid provision or application, and to that end the provisions of sections 382.600 to 382.640, with the exception of section 382.620, are severable.
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(L. 2018 S.B. 593)
Effective 1-01-19
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 383 - Malpractice Insurance › Section 383.005 - Definitions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 383
Effective - 28 Aug 2008
383.005. Definitions. —
As used in this chapter, unless otherwise clearly indicated by the context, the following words mean:
(1)
"Department"
, the department of commerce and insurance; and
(2)
"Director"
, the director of the department of commerce and insurance.
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(L. 2008 S.B. 788)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 383 - Malpractice Insurance › Section 383.010 - Authority to form business entity to provide malpractice insurance — nonresidents may be members, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 383
• Effective - 28 Aug 2006
383.010. Authority to form business entity to provide malpractice insurance — nonresidents may be members, when. —
1. Notwithstanding any direct or implied prohibitions in chapter 375, 377, or 379, any three or more persons, residents of this state, being licensed under the provisions of chapter 330, 331, 332, 334, 335, 336, 338 or 339, or under rule 8 of the supreme court of Missouri or architects licensed pursuant to chapter 327, may, as provided in sections 383.010 to 383.040, form a business entity for the purpose of providing malpractice insurance or indemnification for such persons upon the assessment plan, and upon compliance with section 379.260, liability and automobile insurance as defined in subdivisions (1) and (3) of section 379.230 may be provided upon the assessment plan to those persons licensed pursuant to chapter 197 and for whom medical malpractice insurance is provided under this section, except that automobile insurance shall be provided only for ambulances as defined in section 190.100. Any entity licensed under chapter 197, professional corporations, and limited liability companies, corporations, limited liability partnerships, partnerships, and other similar entities formed for the practice of law or medicine may also become members of any such entity. The term
"persons"
as used in sections 383.010 to 383.040 includes such hospitals, professional corporations and real estate business entities.
2. Anything in this section to the contrary notwithstanding, any persons duly licensed under the provisions of the laws of any other state who, if licensed under any similar provisions of the laws of this state, would be eligible to become members and insureds of an entity created under the authority of this section may become members and insureds of such an entity, irrespective of whether such persons are residents of this state; provided, however, that any such persons must be employed by, or be a partner, shareholder or member of, a professional corporation, corporation, copartnership or association insured by or to be insured by such an entity.
3. Notwithstanding any provision of law which might be construed to the contrary, sections 379.882 and 379.888, defining commercial casualty insurance, shall not include professional malpractice insurance policies issued by any insurer in this state.
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(L. 1975 S.B. 458 § 1, A.L. 1977 S.B. 245, A.L. 1978 S.B. 744, A.L. 1985 H.B. 657 & 337, A.L. 1986 H.B. 1392, A.L. 1989 H.B. 774, A.L. 1990 H.B. 1739, A.L. 2006 H.B. 1837)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 383 - Malpractice Insurance › Section 383.015 - License fee — registered agent required — articles of association required, contents of — bylaws, provisions required and allowed.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 383
• Effective - 26 Jun 1975, see footnote
383.015. License fee — registered agent required — articles of association required, contents of — bylaws, provisions required and allowed. —
1. Any such group of persons desiring to provide malpractice insurance or indemnification for its members shall pay a license fee of one hundred dollars and shall file articles of association with the director of the department of commerce and insurance. The articles shall be filed in accordance with the provisions of sections 375.201 to 375.236 and shall also include the names of persons initially associated, the method by which other persons may be admitted to the association as members, the purposes for which organized, the amount of the initial assessment which has been paid into the association, the method of assessment thereafter, and the maximum amount of any assessment which the association may make against any member. The articles of association shall provide for bylaws and for the amendment of the articles of association and bylaws.
2. Each association shall designate and maintain a registered agent within this state, and service upon the agent shall be service upon the association and each of its members.
3. The articles of association shall be accompanied by a copy of the initial bylaws of the association. The bylaws shall provide for a governing body for the association, a manner of election thereof, the manner in which assessments will be made, the specific kinds of insurance or indemnification which will be offered, the classes of membership which will be offered, and may provide that assessments of various amounts for particular classes of membership may be made. All assessments shall be uniform within classes. The bylaws may provide for the transfer of risks to other insurance companies or for reinsurance.
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(L. 1975 S.B. 458 § 2)
Effective 6-26-75
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 383 - Malpractice Insurance › Section 383.016 - Articles of association and bylaws, additional contents.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 383
• Effective - 28 Aug 2006
383.016. Articles of association and bylaws, additional contents. —
The articles of association and the bylaws of any association created under the provisions of sections 383.010 to 383.040 shall:
(1) Specify and define the types of assessments, including but not limited to initial, regular, operating, special, any other assessment to cover losses and expenses incurred in the operation of the association, or any other assessment to maintain or restore the association's assets, solvency, or surplus;
(2) Specify by type of assessment the assessments that shall apply to members, former members, or both members and former members of the association; and
(3) With respect to any assessment to cover losses and expenses incurred in the operation of the association and any assessment to maintain or restore the association's assets, solvency, or surplus specify:
(a) The exact method and criteria by which the amounts of each type of assessment are to be determined;
(b) The time in which the assessments must be paid;
(c) That such assessments shall be made without limitation as to frequency;
(d) The maximum amount of any single assessment; and
(e) How such assessments apply to members and former members.
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(L. 2006 H.B. 1837)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 383 - Malpractice Insurance › Section 383.020 - Director to issue license, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 383
• Effective - 26 Jun 1975, see footnote
383.020. Director to issue license, when. —
The director of the department of commerce and insurance shall, within thirty days after any such articles of association are filed with him, determine if the proposed association meets the requirements of sections 383.010 to 383.040, and if it does, shall issue a license to the association authorizing it to do business for a one-year period.
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(L. 1975 S.B. 458 § 3)
Effective 6-26-75