Section 374.202

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 374

Effective - 28 Aug 2008   

  374.202.  Purpose of law — definitions. — 1.  The purpose of sections 374.202 to 374.207 is to provide an effective and efficient system for examining the activities, operations, financial or market conduct, condition and affairs of all persons transacting the business of insurance in this state and all persons otherwise subject to the jurisdiction of the director.  The provisions of sections 374.202 to 374.207 are intended to enable the director to adopt a flexible system of examinations which directs resources as the director may deem appropriate and necessary for the administration of the insurance-related laws of this state.

  2.  As used in sections 374.202 to 374.207, the following terms mean:

  (1)  "Company", any person engaging in or proposing or attempting to engage in any transaction or kind of insurance or surety business and any person or group of persons who may otherwise be subject to the administrative, regulatory or taxing authority of the director, not assigned to the functional regulation of the divisions of finance, credit unions, or professional registration, or boards assigned to or within those divisions;

  (2)  "Department", the department of commerce and insurance of this state;

  (3)  "Director", the director of the department of commerce and insurance of this state;

  (4)  "Examiner", any individual or firm having been authorized by the director to conduct an examination under sections 374.202 to 374.207;

  (5)  "Insurer" has the same meaning as insurer under sections 375.1150 to 375.1246;

  (6)  "Person", any individual, aggregation of individuals, trust, association, partnership or corporation, or any affiliate thereof.

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(L. 1992 H.B. 1574, A.L. 2008 S.B. 788)