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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.777.  Director, powers and duties. — 1.  The director shall:

  (1)  Notify the association of the existence of an insolvent insurer not later than three days after he receives notice of the determination of the insolvency;

  (2)  Upon request of the board of directors, provide the association with a statement of the net direct written premiums of each member insurer; and

  (3)  Notify the agents of the insolvent insurer of the determination of insolvency and of the insureds' rights under sections 375.771 to 375.779.  Such notification shall be by first class mail at their last known address, where available, but if sufficient information for notification by mail is not available, notice by publication in a newspaper of general circulation shall be sufficient.

  2.  The director may require each agent of the insolvent insurer to give prompt written notice, by first class mail, at the insured's last known address, to each insured of the insolvent insurer for whom he was agent of record, provided the agent has received the notification of subsection 1 of this section.

  3.  It is unlawful for any member insurer to fail to pay an assessment when due or fail to comply with the plan of operation.  Every day in which the member insurer fails to pay is a separate violation.

  4.  If the director determines that a person has engaged, is engaging in, or has taken a substantial step toward engaging in an act, practice or course of business constituting a violation of this section or a rule adopted or order issued pursuant thereto, or that a person has materially aided or is materially aiding an act, practice, omission, or course of business constituting a violation of this section or a rule adopted or order issued pursuant thereto, the director may issue such administrative orders as authorized under section 374.046.  A violation of this section is a level two violation under section 374.049.  The director may also suspend or revoke the license or certificate of authority of such person for any willful violation.

  5.  If the director believes that a person has engaged, is engaging in, or has taken a substantial step toward engaging in an act, practice or course of business constituting a violation of this section or a rule adopted or order issued pursuant thereto, or that a person has materially aided or is materially aiding an act, practice, omission, or course of business constituting a violation of this section or a rule adopted or order issued pursuant thereto, the director may maintain a civil action for relief authorized under section 374.048.  A violation of this section is a level two violation under section 374.049.

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(L. 1989 S.B. 333, A.L. 2007 S.B. 66)


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