Revisor Home

previous nextEffective 01 Jan 2019, see footnote bottom

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.1052.  Temporary exemption, granted when — denial of, petition for hearing, procedures — schedule of compliance — effective date of requirements. — 1.  Upon written application of any insurer, the director may grant a temporary exemption from compliance with sections 375.1025 to 375.1062 if the director finds, upon review of the application, that compliance with sections 375.1025 to 375.1062 would constitute a financial or organizational hardship upon the insurer.  An exemption may be granted at any time and from time to time for a specified period or periods.  Within ten days from a denial of an insurer's written request for an exemption from sections 375.1025 to 375.1062, such insurer may request in writing a hearing on its application for an exemption.  Such hearing shall be held in accordance with the provisions of chapter 536 pertaining to administrative hearing procedures and shall be a public meeting as provided by subdivision (5)* of section 610.010.

  2.  Domestic insurers:

  (1)  Retaining a certified public accountant on August 28, 2009, who qualifies as independent shall comply with sections 375.1025 to 375.1062 for the year ending December 31, 2009, and each year thereafter unless the director permits otherwise;

  (2)  Not retaining a certified public accountant on August 28, 2009, who qualifies as independent shall meet the following schedule for compliance with sections 375.1025 to 375.1062 unless the director permits otherwise:

  (a)  As of December 31, 2009, file with the director an audited financial report;

  (b)  For the year ending December 31, 2010, and each year thereafter, such insurers shall file with the director all reports and communications required by sections 375.1025 to 375.1062.

  3.  Foreign insurers shall comply with sections 375.1025 to 375.1062 for the year ending December 31, 1992, and each year thereafter, unless the director permits otherwise.

  4.  The requirements of subsection 3 of section 375.1037 shall be in effect for audits of the year beginning January 1, 2010, and thereafter.

  5.  The requirements of section 375.1053 are to be in effect January 1, 2010.  An insurer or group of insurers that is not required to have independent audit committee members or only a majority but not a supermajority of independent audit committee members, because the total written and assumed premium is below the threshold and subsequently becomes subject to one of the independence requirements due to changes in premium shall have one year following the year the threshold is exceeded, but not earlier than January 1, 2010, to comply with the independence requirements.  Likewise, an insurer that becomes subject to one of the independence requirements as a result of a business combination shall have one calendar year following the date of acquisition or combination to comply with the independence requirements.

  6.  The requirements of sections 375.1038, 375.1054, and 375.1056 are effective beginning with the reporting period ending December 31, 2010, and each year thereafter.  An insurer or group of insurers that is not required to file a report because the total written premium is below the threshold and subsequently becomes subject to the reporting requirements shall have two years following the year the threshold is exceeded to file a report.  Likewise, an insurer acquired in a business combination shall have two calendar years following the date of acquisition or combination to comply with the reporting requirements.

  7.  The requirements of section 375.1058 are effective beginning January 1, 2019.  If an insurer or group of insurers that is exempt from section 375.1058 requirements subsequently no longer qualifies for that exemption, such insurer or group of insurers shall have one year after the year the threshold is exceeded to comply with the requirements of section 375.1058.

­­--------

(L. 1991 H.B. 385, et al. § 13, A.L. 1993 H.B. 709, A.L. 2009 H.B. 577, A.L. 2018 S.B. 593)

Effective 1-01-19

*In 2018 statutory reference to subdivision "(3)" changed to "(5)" in accordance with section 3.060 due to renumbering within section 610.010 by H.B. 170 in 1993.


< end of effective 01 Jan 2019 >

use this link to bookmark section 375.1052


 - All entries
Effective End
375.1052 1/1/2019
375.1052 8/28/2009 1/1/2019

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

Site changes Contact
Other Links
Oversight Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House
 Errors / suggestions - WebMaster@LR.mo.gov 
Marie Elizabeth Oliver
History and Fun Facts
 ©Missouri Legislature, all rights reserved.
google bing

 6