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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

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  379.1382.  Issuance of securities — approved activities by director. — 1.  A SPLRC may issue securities, subject to and in accordance with applicable law, its approved plan of operation and its organizational documents.  A SPLRC may enter into and perform all its obligations under any required contract to facilitate the issuance of these securities.

  2.  Subject to the approval of the director, a SPLRC may:

  (1)  Account for the proceeds of surplus notes as surplus and not debt for purposes of statutory accounting; and

  (2)  Submit for prior approval of the director periodic written requests for payments of interest on and repayments of principal of surplus notes.

  3.  The director may approve formulas for the ongoing payment of interest payments or principal repayments, or both.

  4.  The obligation to repay principal or interest, or both, on the securities issued by the SPLRC must reflect the risk associated with the reinsurance obligations assumed by the SPLRC.

  5.  The approval given for the ongoing payment of interest or the repayment of principal related to any securities or surplus notes, as outlined in the plan of operations, may only be revoked or otherwise modified by the director in the event the performance of the insurance business assumed by the SPLRC under the SPLRC contract is demonstrated by the director to be following a scenario as to mortality, morbidity, investment, or lapse experience that will cause the SPLRC to fail to meet its obligations under the SPLRC contract.

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(L. 2007 S.B. 215)


---- end of effective   28 Aug 2007 ----

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