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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.1092.  Purchasing group to notify director, contents — designation of director as agent for service of process, exceptions. — 1.  A purchasing group which intends to do business in this state shall, prior to doing business, furnish notice to the director, on the forms prescribed by the National Association of Insurance Commissioners for such purpose, which shall:

  (1)  Identify the state in which the group is domiciled;

  (2)  Identify all other states in which the group intends to do business;

  (3)  Specify the lines and classifications of liability insurance which the purchasing group intends to purchase;

  (4)  Identify the insurance company or companies from which the group intends to purchase its insurance and the domicile of such company;

  (5)  Specify the method by which, and the person or persons, if any, through whom insurance will be offered to its members whose risks are resident or located in this state;

  (6)  Identify the principal place of business of the group; and

  (7)  Provide such other information as may be required by the director to verify that the purchasing group is qualified under subdivision (10) of section 375.1080.

  2.  A purchasing group shall, within ten days, notify the director of any changes in any of the items set forth in subsection 1 of this section.

  3.  The purchasing group shall register with and designate the director as its agent solely for the purpose of receiving service of legal documents or process, except that such requirements shall not apply in the case of a purchasing group which only purchases insurance that was authorized under the federal Products Liability Risk Retention Act of 1981; and

  (1)  Which in any state of the United States was domiciled before April 1, 1986, and is domiciled on and after October 27, 1986;

  (2)  Which before October 27, 1986, purchased insurance from an insurance carrier licensed in any state, and since October 27, 1986, purchased its insurance from an insurance carrier licensed in any state; or

  (3)  Which was a purchasing group under the requirements of the Product Liability Risk Retention Act of 1981 before October 27, 1986.

  4.  Each purchasing group that is required to give notice pursuant to subsection 1 of this section shall also furnish such information as may be required by the director to:

  (1)  Verify that the entity qualifies as a purchasing group;

  (2)  Determine where the purchasing group is located; and

  (3)  Determine appropriate tax treatment.

  5.  Any purchasing group which was doing business in this state prior to August 28, 1991, shall, within thirty days after August 28, 1991, furnish notice to the director pursuant to the provisions of subsection 1 of this section and furnish such information as may be required pursuant to subsections 2 and 3 of this section.

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(L. 1991 H.B. 385, et al. § 30, A.L. 1992 H.B. 1574)


< end of effective 28 Aug 1992 >

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