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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

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  379.1388.  Recognition of admitted assets — value of assets. — 1.  A SPLRC may recognize as an admitted asset on its financial statements filed with the director:

  (1)  Permitted investments;

  (2)  Letters of credit;

  (3)  Financial guarantee policies issued for the sole benefit of the ceding company by an insurer having a rating of no less than AAA by Standard and Poor's or less than AAA by Moody's Investor Service; and

  (4)  Surety bonds issued for the sole benefit of the ceding company by an insurer having a rating of no less than AAA by Standard and Poor's or no less than AAA by Moody's Investors Service.

  2.  (1)  The assets of a SPLRC shall be valued in the same manner as the assets of a Missouri domestic life insurer; however, letters of credit, financial guarantee policies, and surety bonds issued without recourse to the SPLRC, or with recourse to the SPLRC with a priority no higher than afforded to class 7 claims under section 375.1218, shall be valued as follows.  Letters of credit shall be valued at the amount available for drawings by the SPLRC or its ceding company as of the time of valuation.  A financial guarantee policy shall be valued at the amount available to pay aggregate claims as of the time of valuation.  A surety bond shall be valued at the amount available to pay aggregate claims as of the time of valuation.

  (2)  Notwithstanding the preceding, the director may by order authorize a SPLRC to value one or more of its assets through an alternative method.

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(L. 2007 S.B. 215, A.L. 2009 H.B. 577)


---- end of effective   28 Aug 2009 ----

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