Section 379.1367

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

Effective - 28 Aug 2007   

  379.1367.  Approval of application, findings by director. — 1.  In order to approve an application and issue a license to a SPLRC under sections 379.1353 to 379.1421, the director must find that:

  (1)  The proposed plan of operation provides a reasonable and expected successful operation;

  (2)  The terms of the transactions proposed in the plan of operation to which the SPLRC is a party comply with sections 379.1353 to 379.1421; and

  (3)  The commissioner of the state of domicile of each ceding company has notified the director in writing or the applicant has otherwise provided assurance satisfactory to the director that such regulator has either approved or granted a nondisapproval of the SPLRC contract.

  2.  In evaluating the expectation of a successful operation, the director shall consider whether the proposed SPLRC and its management are of known good character and reasonably believed not to be affiliated, directly or indirectly, with a person known to have been involved with the improper manipulation of assets, accounts or reinsurance.  In the event the commissioner of the state of domicile of any ceding company is not required to review the SPLRC contract, then the approval described in subdivision (3) of subsection 1 of this section shall not be required for licensing of the SPLRC hereunder.

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(L. 2007 S.B. 215)