Effective – 28 Aug 2013, 3 histories 379.1300. Definitions. — As used in sections 379.1300 to 379.1351, the following terms shall mean: (1) “Affiliated company”, any company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management; (2) “Alien captive insurance […]
Effective – 28 Aug 2009, 2 histories 379.1302. Licensure — prohibited acts — requirements for conducting business — application requirements. — 1. Any captive insurance company, when permitted by its articles of association, charter, or other organizational document, may apply to the director for a license to do any and all insurance and annuity contracts […]
Effective – 28 Aug 2007 379.1304. Adoption of a name, deceptive practice. — No captive insurance company shall adopt a name that is the same, deceptively similar, or likely to be confused with or mistaken for any other existing business name registered in the state of Missouri. ——– (L. 2007 S.B. 215)
Effective – 28 Aug 2013, 2 histories 379.1306. Capital and surplus requirements. — 1. No captive insurance company shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus of: (1) In the case of a pure captive insurance company, not less than two hundred fifty thousand dollars; (2) […]
Effective – 28 Aug 2007 379.1308. Approval for payment of dividends required. — No captive insurance company shall pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the director. Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned […]
Effective – 28 Aug 2013, 3 histories 379.1310. Incorporation as a stock insurer permitted, when. — 1. A pure captive insurance company may be incorporated as a stock insurer with its capital divided into shares and held by the stockholders as a nonprofit corporation with one or more members, or as a manager-managed limited liability […]
Effective – 28 Aug 2013, 2 histories 379.1312. Reports required. — 1. Captive insurance companies shall not be required to make any annual report except as provided in sections 379.1300 to 379.1351. 2. Prior to March first of each year, each captive insurance company shall submit to the director a report of its financial condition, […]
Effective – 28 Aug 2007 379.1314. Inspections, when. — 1. At least once every three years and whenever the director determines it to be prudent, the director shall personally, or by some competent person appointed by the director, visit each captive insurance company and thoroughly inspect and examine its affairs to ascertain its financial condition, […]
Effective – 28 Aug 2007 379.1316. Suspension or revocation of licensure, when. — 1. The license of a captive insurance company may be suspended or revoked by the director for any of the following reasons: (1) Insolvency or impairment of capital or surplus; (2) Failure to meet the requirements of section 379.1306; (3) Refusal or […]
Effective – 28 Aug 2007 379.1318. Investment requirements, compliance with. — 1. Association captive insurance companies shall comply with the investment requirements contained in chapter 375 and sections 379.080 and 379.082, as applicable. Investments of association captive insurance companies shall be valued in accordance with the valuation procedures established by the National Association of Insurance […]
Effective – 28 Aug 2007 379.1320. Reinsurance may be provided, when. — 1. Any captive insurance company may provide reinsurance, comprised in section 376.010 and subsection 1 of section 379.010, on risks ceded by any other insurer. 2. Any captive insurance company may take credit for the reinsurance of risks or portions of risks ceded […]
Effective – 28 Aug 2007 379.1322. Rating organizations, company not required to join. — No captive insurance company shall be required to join a rating organization. ——– (L. 2007 S.B. 215)
Effective – 28 Aug 2007 379.1324. Prohibitions on joining or contributing to certain entities and funds. — No captive insurance company shall be permitted to join or contribute financially to any plan, pool, association, or guaranty, or insolvency fund in this state, nor shall any such captive insurance company or any insured or affiliate thereof […]
Effective – 28 Aug 2013, 3 histories 379.1326. Premium tax imposed, amount, procedure. — 1. Each captive insurance company shall pay to the director of revenue, on or before May first of each year, a premium tax at the rate of thirty-eight-hundredths of one percent on the first twenty million dollars and two hundred eighty-five-thousandths […]
Effective – 28 Aug 2007 379.1328. Rulemaking authority. — The director may promulgate rules under section 374.045, and from time to time amend such rules relating to captive insurance companies as are necessary to enable the director to carry out the provisions of sections 379.1300 to 379.1350. ——– (L. 2007 S.B. 215)
Effective – 28 Aug 2007 379.1330. Inapplicability of insurance laws to captive insurance companies. — No provisions of the insurance laws of this state, other than those contained in sections 379.1300 to 379.1350 or contained in specific references contained therein, shall apply to captive insurance companies. ——– (L. 2007 S.B. 215)
Effective – 28 Aug 2009, 2 histories 379.1332. Promotion of captive insurance, moneys from dedicated insurance fund to be used. — 1. (1) The insurance dedicated fund under section 374.150 shall be adequately funded through the collection of fees and taxes for the purpose of providing the financial means for the director of the department […]
Effective – 28 Aug 2007 379.1336. Insurance reorganization, receivership and injunctions provisions — applicability to captive insurance companies. — Except as otherwise provided in sections 379.1300 to 379.1350, the terms and conditions set forth in sections 375.1150 to 375.1246 pertaining to insurance reorganizations, receiverships and injunctions shall apply in full to captive insurance companies formed […]
Effective – 28 Aug 2007 379.1338. Standards for risk management of controlled unaffiliated business. — The director may promulgate rules under section 374.045 establishing standards to ensure that a parent or affiliated company is able to exercise control of the risk management function of any controlled unaffiliated business to be insured by the pure captive […]
Effective – 28 Aug 2009 379.1339. Conversion to reciprocal insurer, when, procedure. — 1. An association captive insurance company or industrial insured captive insurance company formed as a stock or mutual corporation may be converted to or merged with and into a reciprocal insurer in accordance with a plan therefor and the provisions of this […]
