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, […]
Section 379.1364 – License fee, amount.
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 […]
Section 379.1367 – Approval of application, findings by director.
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 […]
Section 379.1370 – Corporate status of company.
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)
Section 379.1373 – Limitation on activities and name — number of incorporators required.
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 […]
Section 379.1376 – Contract requirements.
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 […]
Section 379.1379 – Swap agreements permitted.
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)
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 […]