☰ Revisor of Missouri

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

< > Effective - 28 Aug 2009, 2 histories    bottom

  379.1388.  Recognition of admitted assets — value of assets. — 1.  A SPLRC may recognize as an admitted asset on its financial statements filed with the director:

  (1)  Permitted investments;

  (2)  Letters of credit;

  (3)  Financial guarantee policies issued for the sole benefit of the ceding company by an insurer having a rating of no less than AAA by Standard and Poor's or less than AAA by Moody's Investor Service; and

  (4)  Surety bonds issued for the sole benefit of the ceding company by an insurer having a rating of no less than AAA by Standard and Poor's or no less than AAA by Moody's Investors Service.

  2.  (1)  The assets of a SPLRC shall be valued in the same manner as the assets of a Missouri domestic life insurer; however, letters of credit, financial guarantee policies, and surety bonds issued without recourse to the SPLRC, or with recourse to the SPLRC with a priority no higher than afforded to class 7 claims under section 375.1218, shall be valued as follows.  Letters of credit shall be valued at the amount available for drawings by the SPLRC or its ceding company as of the time of valuation.  A financial guarantee policy shall be valued at the amount available to pay aggregate claims as of the time of valuation.  A surety bond shall be valued at the amount available to pay aggregate claims as of the time of valuation.

  (2)  Notwithstanding the preceding, the director may by order authorize a SPLRC to value one or more of its assets through an alternative method.

­­--------

(L. 2007 S.B. 215, A.L. 2009 H.B. 577)


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

use this link to bookmark section  379.1388


 - All versions
Effective End
379.1388 8/28/2009
379.1388 8/28/2007 8/28/2009

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
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House