Section 379.1316

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

Effective - 28 Aug 2007   

  379.1316.  Suspension or revocation of licensure, when. — 1.  The license of a captive insurance company may be suspended or revoked by the director for any of the following reasons:

  (1)  Insolvency or impairment of capital or surplus;

  (2)  Failure to meet the requirements of section 379.1306;

  (3)  Refusal or failure to submit an annual report, as required by sections 379.1300 to 379.1350, or any other report or statement required by law or by lawful order of the director;

  (4)  Failure to comply with the provisions of its own charter, bylaws, or other organizational document;

  (5)  Failure to submit to or pay the cost of examination or any legal obligation relative thereto, as required by sections 379.1300 to 379.1350;

  (6)  Use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders; or

  (7)  Failure otherwise to comply with the laws of this state.

  2.  Notwithstanding any other provision of sections 379.1300 to 379.1350, if the director finds upon examination, hearing, or other evidence that any captive insurance company has violated any provision of subsection 1 of this section, the director may suspend or revoke such company's license if the director deems it in the best interest of the public and the policyholders of such captive insurance company.

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(L. 2007 S.B. 215)