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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.022.  Registry of insurance producers maintained by insurer — termination of producer, insurer to notify director. — 1.  An insurer authorized to transact the business of insurance in this state shall maintain a register of appointed insurance producers who are authorized to sell, solicit or negotiate contracts of insurance on behalf of the insurer.  Within thirty days of an insurer authorizing an insurance producer to transact the business of insurance on its behalf, the insurer shall enter the name and license number of the insurance producer in the company register of appointed insurance producers.  No fee shall be charged for adding a producer to or terminating a producer from the register.

  2.  An insurance producer shall not act on behalf of an insurer unless the insurance producer is listed on the company register of appointed insurance producers authorized to sell, solicit or negotiate contracts of insurance on behalf of the insurer.

  3.  The company register of appointed insurance producers shall be open to inspection and examination by the director during regular business hours of the insurer.

  4.  The company register of appointed insurance producers may be maintained electronically.

  5.  An insurer that terminates the appointment, employment, contract or other insurance business relationship with an insurance producer for one of the reasons set forth in section 375.141 shall, within thirty days following the effective date of the termination, notify the director of the reason for termination.  The insurer shall also update its company register of appointed insurance producers by entering the effective date of the termination within thirty days after the termination.

  6.  An insurer that terminates the appointment, employment, contract or other insurance business relationship with an insurance producer for any reason not set forth in section 375.141 shall update its company register of appointed insurance producers by entering the effective date of the termination within thirty days after the termination.

  7.  The insurer shall promptly notify the director if, upon further review or investigation, the insurer discovers additional information that would have been reportable to the director in accordance with subsection 1 of this section had the insurer then known of its existence.

  8.  Any information filed by an insurance company or obtained by the director pursuant to this section and any document, record or statement required by the director pursuant to the provisions of this section shall be deemed confidential and absolutely privileged.  There shall be no liability on the part of, and no cause of action shall arise against, any insurer, its producers or its authorized investigative sources or the director or the director's authorized representatives in connection with any written notice required by the section made by them in good faith.  The director shall, upon written request by the producer, furnish to the producer a copy of all information obtained pursuant to this section.

  9.  The director is authorized to use the documents, materials or other information in the furtherance of any regulatory or legal action brought as a part of the duties of the director.

  10.  Neither the director nor any person who received documents, materials or other information while acting under the authority of the director shall be permitted or required to testify in any private civil action concerning any confidential documents, materials, or information subject to subsection 1 of this section.

  11.  In order to assist in the performance of the duties of the director pursuant to this section, the director:

  (1)  May share documents, materials or other information, including the confidential and privileged documents, materials or information subject to subsection 5 of this section, with other state, federal, and international regulatory agencies, with the National Association of Insurance Commissioners, its affiliates or subsidiaries, and with state, federal, and international law enforcement authorities, provided that the recipient agrees to maintain the confidentiality and privileged status of the document, material or other information; and

  (2)  May receive documents, materials or information, including otherwise confidential and privileged documents, materials or information, from the National Association of Insurance Commissioners, its affiliates or subsidiaries and from regulatory and law enforcement officials of other foreign or domestic jurisdictions, and shall maintain as confidential or privileged any document, material or information received with notice or the understanding that it is confidential or privileged under the laws of the jurisdiction that is the source of the document, material or information.

  12.  No waiver of any applicable privilege or claim of confidentiality in the documents, materials, or information shall occur as a result of disclosure to the director pursuant to this section or as a result of sharing as authorized in subsection 7 of this section.

  13.  Nothing in this chapter shall prohibit the director from releasing final, adjudicated actions including for cause terminations that are open to public inspection pursuant to chapter 610 to a database or other clearinghouse service maintained by the National Association of Insurance Commissioners, its affiliates or subsidiaries of the National Association of Insurance Commissioners or any other like database or clearinghouse as deemed appropriate by the director.

  14.  If the director suspends, revokes, or refuses to issue or renew a license pursuant to section 375.141, he or she shall provide public notice.

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(L. 1967 p. 516, A.L. 1981 S.B. 10, A.L. 1991 H.B. 575, A.L. 1998 H.B. 1601, et al., A.L. 2000 S.B. 896, A.L. 2001 S.B. 193)

Effective 1-01-03


< end of effective 01 Jan 2003 >

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