Effective – 28 Aug 2007 379.1353. Definitions. — As used in sections 379.1353 to 379.1421, the following terms shall mean: (1) “Affiliate”, a company that controls, is controlled by or under common control with the special purpose life reinsurance captive “SPLRC” as defined in this section; (2) “Affiliated agreements”, written agreements, including an SPLRC contract, […]
Effective – 28 Aug 2007 379.1356. Inapplicability of insurance laws. — No provision of the Missouri insurance laws, other than those specifically referenced in sections 379.1353 to 379.1421 apply to a SPLRC, its operations, assets, investments and SPLRC contracts. In the event of a conflict between a provision of the Missouri insurance laws and sections […]
Effective – 28 Aug 2007 379.1359. License application — requirements for transaction of business — licensure requirements — issuance of license, fee. — 1. A SPLRC, when permitted by its organizational documents, may apply to the director for a license to conduct reinsurance in this state as authorized by sections 379.1353 to 379.1421. 2. A […]
Effective – 28 Aug 2007 379.1361. Plan of operation to be filed, contents. — A SPLRC must file, as part of its application, a plan of operation to consist of a description of the contemplated financing transaction or transactions and a detailed description of transaction documents to which the SPLRC will be a party, including, […]
Effective – 28 Aug 2007 379.1364. License fee, amount. — Each SPLRC shall pay to the director a license fee for the year of registration of seven thousand five hundred dollars for processing its license. The provisions of sections 374.160 to 374.162 and sections 374.202 to 374.207 shall apply to examinations, investigations, and processing conducted […]
Effective – 28 Aug 2007 379.1367. Approval of application, findings by director. — 1. In order to approve an application and issue a license to a SPLRC under sections 379.1353 to 379.1421, the director must find that: (1) The proposed plan of operation provides a reasonable and expected successful operation; (2) The terms of the […]
Effective – 28 Aug 2007 379.1370. Corporate status of company. — A SPLRC may be established as either a stock corporation, a Missouri statutory close corporation, a limited liability company or other form of organization approved by the director. ——– (L. 2007 S.B. 215)
Effective – 28 Aug 2009, 2 histories 379.1373. Limitation on activities and name — number of incorporators required. — 1. Activities of a SPLRC must be limited to those necessary to accomplish its purpose as outlined in its plan of operation. 2. The name must not be deceptively similar to or likely to be confused […]
Effective – 28 Aug 2007 379.1376. Contract requirements. — A SPLRC may enter into a SPLRC contract with a ceding company, provided: (1) The SPLRC has been granted a license to transact business as an SPLRC under sections 379.1353 to 379.1421; and (2) The SPLRC provides the director with evidence of an approval or nondisapproval […]
Effective – 28 Aug 2007 379.1379. Swap agreements permitted. — The SPLRC may enter into swap agreements for any purpose for which a Missouri domestic life insurer could enter into such a transaction under section 375.345 or when the underlying interests are permitted investments if held directly by the SPLRC. ——– (L. 2007 S.B. 215)
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 […]
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)
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 […]
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, […]
Effective – 28 Aug 2007 379.1394. Dividend-payments, limitations. — 1. A SPLRC may not declare or pay dividends in any form to its owners other than in accordance with the transaction agreements. 2. Dividends may not decrease the capital of the SPLRC below the minimum initial capital requirement. 3. After giving effect to the dividends […]
Effective – 28 Aug 2007 379.1397. Changes in plan of operation, directors approval required. — Any material changes to a SPLRC’s plan of operation shall require the prior written approval of the director. However, if initially approved in the plan of operation, the subsequent issuance of securities, additional financing, substitution of a party to a […]
Effective – 28 Aug 2007 379.1400. Affiliated agreements to be filed with director. — Copies of all completed affiliated agreements to which the SPLRC is a party, including but not limited to the SPLRC contract or contracts and any ceded reinsurance agreements to which the SPLRC is a party must be filed with the director […]
Effective – 28 Aug 2007 379.1403. Audited financial report required, requirements. — 1. No later than five months after the fiscal year end of the SPLRC, the SPLRC shall file with the director an audited financial report by an independent certified public accountant of the financial statements of the SPLRC and any trust accounts established […]
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 […]
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 […]
