☰ Revisor of Missouri

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 382

Effective - 28 Aug 2009 bottom

  382.409.  Noncompliance with law, powers of director — receiver in liquidation, powers. — 1.  (1)  If the director believes that the controlling producer or any other person has not materially complied with sections 382.400 to 382.410*, or any regulation or order promulgated hereunder, after notice and opportunity to be heard, the director may order the controlling producer to cease placing business with the controlled insurer; and

  (2)  If it was found that because of such material noncompliance that the controlled insurer or any policyholder thereof has suffered any loss or damage, the director may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or other appropriate relief.

  2.  If an order of liquidation or rehabilitation of the controlled insurer has been entered pursuant to sections 375.1150 to 375.1246, and the receiver appointed under that order believes that the controlling producer or any other person has not materially complied with sections 382.400 to 382.410*, or any regulation or order promulgated hereunder, and the insurer suffered any loss or damage therefrom, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer.

  3.  Nothing contained in this section shall affect the right of the director to impose any other penalties provided for by law.

  4.  Nothing contained in this section is intended to or shall in any manner alter or affect the rights of policyholders, claimants, creditors or other third parties.

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(L. 1992 H.B. 1574 § 11, A.L. 2009 H.B. 577)

*Section 382.410 was repealed by S.B. 613 Revision § A, 2007.


---- end of effective   28 Aug 2009 ----

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