Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 100 - Insurer Conduct › Chapter 8 - Market Conduct Examination › Section 20 CSR 100-8.018 - Post-Examination Procedure

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This amendment updates obsolete language and
				  clarifies standards for completion of the examination, final report, and
				  investigatory hearings.
(1)
				The post-examination procedure will be conducted in a manner consistent with
				the purposes of section
				374.185,
				RSMo. In accordance with the National Association of Insurance Commissioners
				(NAIC) market conduct uniform examination procedures and section
				374.205,
				RSMo, the director will adhere to the following timelines and procedures
				following the completion of an examination, unless the division and the company
				mutually agree to modify the timeline:
(A) No
				later than sixty (60) days following completion of the examination, the
				examiner-in-charge or audit manager will file with the department a verified
				draft report of examination under oath. Completion of the examination will be
				defined as the date the examiner-in-charge signs and submits the draft report
				to the audit manager for approval and signature;
(B) Within ten (10) days of receipt of the
				verified draft report, the division will send the draft report via certified
				mail to the company together with a notice which affords the company examined a
				reasonable opportunity to respond with written comments or make a written
				submission or rebuttal with respect to any matter contained in the examination
				report;
(C) The company is not
				obligated to submit written comments, submissions, or rebuttals to the draft
				report as allowed in subsection (1)(B) of this rule. However, if the company
				chooses to do so, its written response is due within thirty (30) days of
				receipt of the draft report, unless a mutual agreement is reached with the
				division to extend the deadline;
(D) The division will make a good faith
				effort to informally resolve issues and prepare a final report of after receipt
				of the company's written comments, submissions, or rebuttals;
(E) The division may modify the examination
				findings and finalize the report, as appropriate. Upon determination that the
				report is final, the division will forward a copy of the final report to the
				company along with a notice apprising the company of its rights under
				subsection (1)(F), below;
(F) The
				company may, within thirty (30) days of receipt of the final report, accept the
				final report, accept the findings of the report, file written comments, or
				petition the director to modify the findings with a written request for a
				confidential investigatory hearing pursuant to section 374.205.3(3)(c). The
				company is not obligated to submit a response to the final report. The director
				may allow an additional thirty (30) days if requested by the company. If the
				company submits a written request for a hearing within the time allowed, a
				hearing will be held in accordance with the process in section 374.205.3(4),
				RSMo. Within twenty (20) days of the conclusion of the hearing, the director
				will issue an order pursuant to section 374.205.3(3)(a), RSMo; and
(G) If a hearing pursuant to subsection
				(1)(F) above is not requested, within thirty (30) days of the end of the period
				allowed for the receipt of an acceptance or comments by the company, the
				director will fully consider and review the report, together with any written
				comments, any relevant portions of the examiner's work papers, and any proposed
				settlement, and enter an order pursuant to section 374.205.3(3)(a), (b) or (d).