☰ Revisor of Missouri

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 376

Effective - 28 Aug 1993 bottom

  376.1092.  Certificate of authority, required, application, contents, fee — refusal to issue, when — renewal — bond, required when. — 1.  No person shall act as, or offer to act as, or hold himself out to be an administrator in this state without a valid certificate of authority as an administrator issued by the director.

  2.  Applicants to be an administrator shall make an application to the director upon a form to be furnished by the director.  The application shall include or be accompanied by the following information and documents:

  (1)  All basic organizational documents of the administrator, including, but not limited to, any articles of incorporation, articles of association, partnership agreement, trade name certificate, trust agreement, shareholder agreement and other applicable documents and all amendments to such documents;

  (2)  The bylaws, rules, regulations or similar documents regulating the internal affairs of the administrator;

  (3)  The names, addresses, official positions and professional qualifications of the individuals who are responsible for the conduct of affairs of the administrator, including all members of the board of directors, board of trustees, executive committee or other governing board or committee; the principal officers in the case of a corporation or the partners or members in the case of a partnership or association; shareholders holding directly or indirectly ten percent or more of the voting securities of the administrator; and any other person who exercises control or influence over the affairs of the administrator;

  (4)  Annual financial statements or reports for the two most recent years which prove that the applicant is solvent and such information as the director may require in order to review the current financial condition of the applicant;

  (5)  A statement describing the business plan including information on staffing levels and activities proposed in this state and nationwide.  The plan shall provide details setting forth the administrator's capability for providing a sufficient number of experienced and qualified personnel in the areas of claims processing, record keeping and underwriting;

  (6)  If the applicant will be managing the solicitation of new or renewal business, proof that it employs or has contracted with an agent licensed by this state for solicitation and taking of applications.  Any applicant which intends to directly solicit insurance contracts or to otherwise act as an insurance agent must provide proof that it has a license as an insurance agent or agency, or as an insurance agent and agency, as applicable, in this state;

  (7)  An application fee of one thousand dollars;

  (8)  Such other pertinent information as may be required by the director.

  3.  The applicant shall make available for inspection by the director copies of all contracts with insurers or other persons using the services of the administrator.

  4.  The director may refuse to issue a certificate of authority if the director determines that the administrator or any individual responsible for the conduct of affairs of the administrator as described in subdivision (3) of subsection 2 of this section is not competent, trustworthy, financially responsible or of good personal and business reputation, has had an insurance or an administrator license denied or revoked for cause by any state or been subject to any form of criminal, civil or administrative action by any federal or state court or agency resulting* in some form of discipline or sanction.

  5.  Such certificate shall be renewable annually on the first day of July of each calendar year following the calendar year in which the certificate of registration was originally issued, upon application by the administrator and upon payment of the renewal fee of two hundred fifty dollars, provided that the director of the department of commerce and insurance is satisfied that none of the facts specified in sections 376.1075 to 376.1095 as grounds for revoking a certificate of registration exist, and any bond required by sections 376.1075 to 376.1095 is in force.  Failure to hold such a certificate shall subject the administrator to an administrative penalty of not more than fifty thousand dollars.

  6.  An administrator shall immediately notify the director of any material change in its ownership, control, or other fact or circumstance affecting its qualification for a certificate of authority in this state.

  7.  Every administrator, except as hereinafter provided, shall file with the director a surety bond in the amount and form as prescribed by the director.  Such bond shall be obtained from an insurance company licensed or approved to do business in the state of Missouri.  Any affiliate or subsidiary of an insurance company licensed in this state shall not be required to file such a bond so long as the director is satisfied with the financial condition of such insurance company.

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(L. 1993 H.B. 709 § 51)

*Word "result" appears in original rolls.


---- end of effective   28 Aug 1993 ----

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