☰ Revisor of Missouri


Chapter 375

< > Effective - 01 Jul 1992, see footnote    bottom

  375.1130.  Insurer's use of manager, restrictions — financial condition statement required. — 1.  The reinsurer shall not engage the services of any person, firm, association or corporation to act as an RM on its behalf unless such person is licensed as required by subsection 2 of section 375.1115.

  2.  The reinsurer shall annually obtain a copy of statements of the financial condition of each RM which such reinsurer has engaged prepared by an independent certified accountant in a form acceptable to the director.

  3.  If an RM establishes loss reserves, the reinsurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the RM.  This opinion shall be in addition to any other required loss reserve certification.

  4.  Binding authority for all retrocessional contracts or participation in reinsurance syndicates shall rest with an officer of the reinsurer who shall not be affiliated with the RM.

  5.  Within thirty days of termination of a contract with an RM, the reinsurer shall provide written notification of such termination to the director.

  6.  A reinsurer shall not appoint to its board of directors, any officer, director, employee, controlling shareholder or subproducer of its RM.  This subsection shall not apply to relationships governed by chapter 382.


(L. 1991 H.B. 385, et al. § 45)

Effective 7-01-92

---- end of effective  01 Jul 1992 ----

use this link to bookmark section  375.1130

Click here for the Reorganization Act of 1974 - or - Concurrent Resolutions Having Force & Effect of Law
In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions End Report

Site changes Pictures Contact

Other Links
Legislative Research Oversight MOLIS
Library MO WebMasters
Missouri Senate
State of Missouri
Missouri House