Section 379.1406 – Examination required, when, procedure.
Effective – 28 Aug 2007 379.1406. Examination required, when, procedure. — An SPLRC must be examined by the director at least once every five years and no more frequently than once every three years. In addition, the director may also examine an SPLRC in the event of an event of insolvency. The SPLRC shall pay […]
Section 379.1409 – Record-keeping requirements.
Effective – 28 Aug 2007 379.1409. Record-keeping requirements. — The SPLRC shall maintain its books and records in the state and make the same available at any time for examination by the director. Notwithstanding the preceding, original books and records may be kept outside of the state, if a plan is adopted by the SPLRC […]
Section 379.1412 – Premium tax required, amount, procedure.
Effective – 28 Aug 2009, 2 histories 379.1412. Premium tax required, amount, procedure. — 1. Each SPLRC shall pay to the director of revenue on or before May first of each year a premium tax at the rate of two hundred fourteen thousandths of one percent on the first twenty million dollars of assumed reinsurance […]
Section 379.1415 – Confidentiality of records, exceptions.
Effective – 28 Aug 2007 379.1415. Confidentiality of records, exceptions. — Information filed with the director is confidential and may not be disclosed without the prior written consent of the SPLRC, except: (1) Information is discoverable in civil litigation provided: (a) The SPLRC is found by the court to be a necessary party; (b) The […]
Section 379.1418 – Grounds for liquidation — granting of relief, management of assets.
Effective – 28 Aug 2007 379.1418. Grounds for liquidation — granting of relief, management of assets. — 1. The director may apply by petition to the circuit court for an order authorizing the director to conserve, rehabilitate or liquidate a SPLRC domiciled in this state on one or more of the following grounds: (1) There […]
Section 379.1421 – Rulemaking authority.
Effective – 28 Aug 2007 379.1421. Rulemaking authority. — The director may promulgate all rules and regulations necessary to effectuate the purposes of sections 379.1353 to 379.1421. No regulations promulgated under this authority shall affect SPLRC contracts or other transactions approved prior to the effective date of such rules. Any rule or portion of a […]
Section 379.1382 – Issuance of securities — approved activities by director.
Effective – 28 Aug 2007 379.1382. Issuance of securities — approved activities by director. — 1. A SPLRC may issue securities, subject to and in accordance with applicable law, its approved plan of operation and its organizational documents. A SPLRC may enter into and perform all its obligations under any required contract to facilitate the […]
Section 379.1385 – Management of assets.
Effective – 28 Aug 2007 379.1385. Management of assets. — A SPLRC’s assets must be managed in accordance with an investment management agreement filed with and approved by order of the director. ——– (L. 2007 S.B. 215)
Section 379.1388 – Recognition of admitted assets — value of assets.
Effective – 28 Aug 2009, 2 histories 379.1388. Recognition of admitted assets — value of assets. — 1. A SPLRC may recognize as an admitted asset on its financial statements filed with the director: (1) Permitted investments; (2) Letters of credit; (3) Financial guarantee policies issued for the sole benefit of the ceding company by […]
Section 379.1391 – Prohibited acts.
Effective – 28 Aug 2007 379.1391. Prohibited acts. — A SPLRC shall not: (1) Enter into a SPLRC contract with a person that is not licensed or otherwise authorized to transact the business of insurance or reinsurance in at least its state or country of domicile; (2) Lend or otherwise invest or place in custody, […]