Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 200 - Insurance Solvency and Company Regulation › Chapter 2 - Reinsurance and Assumptions › Section 20 CSR 200-2.100 - Credit for Reinsurance

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: The director is adding a new section (7)
				  regarding reciprocal jurisdictions and reinsurance credit. Additional
				  amendments were necessary to update internal references. This amendment
				  effectuates section
				  375.246,
				  RSMo, as amended by SB 6 (2021).
(1) If any provision of this rule, or the
				application of the provision to any person or circumstance, is held invalid,
				the remainder of this rule, and the application of the provision to persons or
				circumstances other than those to which it is held invalid, shall not be
				affected.
(2) Credit for
				Reinsurance-Reinsurer Licensed in this State. Pursuant to section 375.246.1(1),
				RSMo, the director shall allow credit for reinsurance ceded by a domestic
				insurer to an assuming insurer that was licensed in this state as of any date
				on which statutory financial statement credit for reinsurance is claimed. For
				purposes of this rule, an insurer whose certificate of authority has been
				suspended or revoked for one (1) or more of the grounds set forth in section
				375.881.1(1), (2), or (3), RSMo, shall be deemed not licensed in this
				state.
(3) Credit for
				Reinsurance-Accredited Reinsurers.
(A)
				Pursuant to section 375.246.1(2), RSMo, the director shall allow credit for
				reinsurance ceded by a domestic insurer to an assuming insurer that is
				accredited as a reinsurer in this state as of the date on which statutory
				financial statement credit for reinsurance is claimed. An accredited reinsurer
				must-
1. File with the director the
				following:
A. A properly executed Reinsurer
				Application, the form of which is set forth as Exhibit 1 of this rule, included
				herein, revised December 10, 2013, or any form which substantially comports
				with the specified form;
B. A
				certified copy of a certificate of authority or other acceptable evidence that
				it is licensed to transact insurance or reinsurance in at least one (1) state
				or, in the case of a United States branch of an alien assuming insurer, is
				entered through and licensed to transact insurance or reinsurance in at least
				one (1) state;
C. A properly
				executed appointment of the director to acknowledge or receive service of
				process, the form of which is set forth as Exhibit 2 of this rule included
				herein, revised September 23, 2013, or any form which substantially comports
				with the specified form;
D. A
				properly executed Certificate of Assuming Insurer (Form AR-1), which is set
				forth as Exhibit 3 of this rule included herein, revised September 23, 2013, or
				any form which substantially comports with the specified form, as evidence of
				its submission to this state's jurisdiction and to this state's authority to
				examine its books and records;
E. A
				copy of its articles of incorporation or association, as amended, duly
				certified by the proper officer of the state under whose laws it is organized
				or incorporated;
F. A copy of its
				bylaws, certified by its secretary;
G. The National Association of Insurance
				Commissioner (NAIC) Uniform Certificate of Authority Application (UCAA) Form 11
				Biographical Affidavit, the form of which is included herein as Exhibit 4 of
				this rule, revised September 23, 2013, or any form which substantially comports
				with the specified form; and
H. A
				copy of the registration statement of any holding company system if it is a
				member of such a system.