Section 375.1270

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 28 Aug 2014   

  375.1270.  Foreign insurers to submit RBC report to director, when — plan, submission of, when — powers of director. — 1.  Any foreign insurer or foreign health organization shall, upon the written request of the director, submit to the director an RBC report as of the end of the calendar year just ended the later of:

  (1)  The date an RBC report would be required to be filed by a domestic insurer or domestic health organization under sections 375.1250 to 375.1275; or

  (2)  Fifteen days after the request is received by the foreign insurer or foreign health organization.

  2.  Any foreign insurer or foreign health organization shall, at the written request of the director, promptly submit to the director a copy of any RBC plan that is filed with the chief insurance regulatory official of any other state.

  3.  In the event of a company action level event regulatory action level event or authorized control level event with respect to any foreign insurer or foreign health organization as determined under the RBC statute applicable in the state of domicile of the insurer or, if no RBC provision is in force in that state, under the provisions of sections 375.1250 to 375.1275, if the chief insurance regulatory official of the state of domicile of the foreign insurer or foreign health organization fails to require the foreign insurer or foreign health organization to file an RBC plan in the manner specified under the RBC statute or, if no RBC provision is in force in the state, under section 375.1255, the director may require the foreign insurer or foreign health organization to file an RBC plan with the director.  In such event, the failure of the foreign insurer or foreign health organization to file an RBC plan with the director shall be grounds to order the insurer or foreign health organization to cease and desist from writing new insurance business in this state, pursuant to the procedures set forth in section 374.046.

  4.  In the event of a mandatory control level event with respect to any foreign insurer or foreign health organization, if no domiciliary receiver has been appointed with respect to the foreign insurer or foreign health organization under the rehabilitation and liquidation statute applicable in the state of domicile of the foreign insurer or foreign health organization, the director may make application to the circuit court of Cole County permitted pursuant to section 375.1234 with respect to the liquidation of property of foreign insurers or foreign health organizations found in this state, and the occurrence of the mandatory control level event shall be considered adequate grounds for the application.

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(L. 1993 H.B. 709 § 10, A.L. 1996 S.B. 759, A.L. 2014 H.B. 1968)