Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 200 - Insurance Solvency and Company Regulation › Chapter 4 - Record Retention for Financial Audits › Section 20 CSR 200-4.010 - Books, Records, Accounts and Vouchers

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This amendment updates the rule to comport
				  with modern record formats and retention capabilities.
PURPOSE: This regulation describes the requirements
				  for record-keeping for insurance companies and related entities doing business
				  in this state. This regulation was adopted pursuant to the provisions of
				  section
				  374.045,
				  RSMo 2016 and to implement sections
				  144.027,
				  287.350,
				  354.190,
				  354.465, 354.717, 374.190, 374.205, 374.210, 375.149, 375.150, 375.151,
				  375.938, 375.1009, 376.1082, 379.343 and 379.475, RSMo 2016.
(1) Records to be Maintained for Purposes of
				Financial Examinations. Every domestic insurer, foreign insurer, health
				services corporation, health maintenance organization, prepaid dental plan,
				managing general agent, and third-party administrator licensed to do business
				in this state shall maintain its books, records, documents, and other business
				records in an order that the insurer's financial condition may be readily
				ascertained by the department, taking into consideration other record retention
				requirements. All such records must be maintained for not less than three (3)
				years, or, for domestic insurers, health services corporations, health
				maintenance organizations, and prepaid dental plans, until the full-scope
				financial examination reviewing the time period that the record relates to is
				closed, whichever is longer.
(2)
				Form of Record. Electronic or other image-processing reproductions of records
				shall be equivalent to the originals and may be certified as same in actions or
				proceedings before the department unless inconsistent with department rules
				governing the action or proceeding. However, the maintenance of records in a
				computer-based format shall be archival in nature only, so as to preclude the
				possibility of alteration of the contents of the record by computer after the
				initial transfer of the record to this format. In addition, all records must be
				capable of duplication to hard copy upon the request of a financial
				examiner.
(3) Location of Files.
				All financial books, records and accounts necessary for the annual statement of
				a Missouri insurer must be kept in a central location.
(4) Time Limits. The insurer shall provide,
				within five (5) working days, any record requested by any duly appointed
				financial examiner of the director conducting an on-site financial examination.
				When the requested record is not or cannot be produced by the insurer within
				five (5) working days, the nonproduction violates this rule, unless the insurer
				can demonstrate to the satisfaction of the director that there is a reasonable
				justification for that delay.
*Original authority: 144.027, RSMo 1983, amended 1986,
					 1990; 287.350, RSMo 1929, amended 1939; 354.190, RSMo 1983; 354.465, RSMo 1983;
					 374.045, RSMo 1967; 374.190, RSMo 1909, amended 1919, 1929, 1939, 1949, 1967;
					 374.210, RSMo 1909, amended 1919, 1929, 1939, 1949; 379.343, RSMo 1992;
					 379.475, RSMo 1947; 354.717, RSMo 1987; 375.149, RSMo 1990; 375.150, RSMo 1990;
					 375.151, RSMo 1990 and 375.938, RSMo 1959, amended 1978,
					 1991.