Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 200 - Insurance Solvency and Company Regulation › Chapter 17 - Admissions › Section 20 CSR 200-17.300 - Procedure for Redomestication

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This amendment removes outdated language and
				  updates the rule to reflect the modern procedure for redomesticating an
				  insurance company to or from Missouri.
(1) Redomestication to Missouri from Another
				State. In order to redomesticate an insurance company organized under the laws
				of any other state to the state of Missouri, the insurance company shall comply
				with the following forms and procedures in the chronological order set forth
				below beginning with subsection (A). The insurance company must-
(A) Obtain a certificate of authority to
				transact an insurance business in the state of Missouri, if not previously
				obtained;
(B) Obtain the approval
				of the current state of domicile to redomesticate to Missouri. This approval
				may be either unconditional or conditioned on future events such as Missouri's
				acceptance of the redomestication;
(C) Apply for redomestication to Missouri.
				The law (section
				375.908,
				RSMo) requires a company redomesticating to Missouri to comply with all the
				requirements of law relative to organizing and licensing a domestic insurer.
				This means that the company must-
1. Submit
				to the Division of Insurance Company Regulation (division) of the department a
				completed Uniform Certificate of Authority Application (UCAA)-primary
				application;
2. Designate its
				principal place of business at a place in Missouri;
3. Issue a declaration and amend and restate
				its articles of incorporation to comply with the requirements of Missouri law.
				See sections
				376.010
				to
				376.120,
				RSMo (life insurance companies) and 379.010 to 379.065, RSMo (other than life).
				A declaration of intent to redomesticate will be accepted as a substitute for a
				declaration of intent to form. The amended and restated articles will be
				accepted as a substitute for the charter. The quantity of directors referenced
				in section
				376.060,
				376.100,
				379.035,
				or 379.060, RSMo, as applicable, will be accepted as substitutes for the
				incorporators. Prior to publication, the insurance company is encouraged to
				provide a draft of the declaration and articles of incorporation to the
				division for review;
4. Publish
				the declaration and the amended and restated articles pursuant to law. The
				declaration may reflect the intent to redomesticate rather than the intent to
				form; and
5. File with the division
				an affidavit of publication from the publisher of the amended and restated
				articles, the amended and restated articles in triplicate original, and the
				order from the current state of domicile approving the redomestication or other
				evidence of approval acceptable to the director;
(D) If the insurance company's filings are in
				compliance with the applicable laws and regulations relating to a Missouri
				domestic insurance company, the division will cause the articles to be reviewed
				by the Missouri attorney general (AG). Upon receipt of the AG's certification,
				the department will file the articles and a copy of the AG's certification with
				the Missouri secretary of state for the issuance of a certificate of
				incorporation. (The secretary of state may require the payment of certain fees
				and taxes before issuing the certificate of incorporation);
(E) The division may contact the company to
				schedule a pre-licensing examination, which may, among other things, verify the
				statutory deposit, compliance with financial requirements, the location of the
				company's principal place of business, and the competency and integrity of the
				company's officers and directors; and
(F) Upon receipt of the certificate of
				incorporation, and notice from the division of the completion of its review of
				the application, the director will determine whether or not to issue a
				certificate of authority to transact the business of insurance in this state as
				a domestic insurance company.