☰ Revisor of Missouri


Chapter 382

< > Effective - 28 Aug 2021, 3 histories    bottom

  382.010.  Definitions. — As used in sections 382.010 to 382.300, the following words and terms have the meanings indicated unless the context clearly requires otherwise:

  (1)  An "affiliate" of, or person "affiliated" with, a specific person, is a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified;

  (2)  "Control", "controlling", "controlled by", or "under common control with", the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person.  Control shall be presumed to exist if any person, directly or indirectly, owns, controls, holds with power to vote, or holds proxies representing, ten percent or more of the voting securities of any other person.  This presumption may be rebutted by a showing made in the manner provided by section 382.170 that control does not exist in fact.  The director may determine, after furnishing all persons in interest notice and opportunity to be heard and making specific findings of fact to support such determination, that control exists in fact, notwithstanding the absence of a presumption to that effect;

  (3)  "Director", the director of the department of commerce and insurance, his or her deputies, or the department of commerce and insurance, as appropriate;

  (4)  "Enterprise risk", any activity, circumstance, event, or series of events involving one or more affiliates of an insurer that, if not remedied promptly, is likely to have a material adverse effect upon the financial condition or liquidity of the insurer or its insurance holding company system as a whole including, but not limited to, anything that would cause the insurer's risk-based capital to fall into company action level as set forth in section 375.1255 or would cause the insurer to be in hazardous financial condition as set forth in section 375.539;

  (5)  "Groupwide supervisor", the regulatory official authorized to engage in conducting and coordinating groupwide supervisory activities who is determined or acknowledged by the director, under section 382.227, to have sufficient significant contacts with the internationally active insurance group;

  (6)  "Insurance holding company system", two or more affiliated persons, one or more of which is an insurer;

  (7)  "Insurer", an insurance company as defined in section 375.012, including a reciprocal or interinsurance exchange, and which is qualified and licensed by the department of commerce and insurance of Missouri to transact the business of insurance in this state; but it shall not include any company organized and doing business under chapter 377, 378, or 380, agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a state or political subdivision of a state;

  (8)  "Internationally active insurance group", an insurance holding company system that includes an insurer registered under sections 382.100 to 382.180, and meets the following criteria:

  (a)  Premiums written in at least three countries;

  (b)  The percentage of gross premiums written outside the United States is at least ten percent of the insurance holding company system's total gross written premiums; and

  (c)  Based on a three-year rolling average, the total assets of the insurance holding company system are at least fifty billion dollars, or the total gross written premiums of the insurance holding company system are at least ten billion dollars;

  (9)  "NAIC", the National Association of Insurance Commissioners;

  (10)  "National Association of Insurance Commissioners (NAIC) group capital calculation instructions", the group capital calculation instructions as adopted by the NAIC and as amended by the NAIC from time to time in accordance with the procedures adopted by the NAIC;

  (11)  "NAIC liquidity stress test framework", a separate NAIC publication that includes a history of the NAIC's development of regulatory liquidity stress testing, the scope criteria applicable for a specific data year, and the liquidity stress test instructions, and reporting such scope criteria, instructions and reporting template being as adopted by the NAIC and as amended by the NAIC from time to time in accordance with procedures adopted by the NAIC;

  (12)  "Person", an individual, corporation, limited liability company, partnership, association, joint stock company, trust, unincorporated organization, or any similar entity, or any combination of the foregoing acting in concert, but shall not include any joint venture partnership exclusively engaged in owning, managing, leasing, or developing real or tangible personal property;

  (13)  "Scope criteria", as detailed in the NAIC liquidity stress test framework, the designated exposure bases along with minimum magnitudes of such exposure bases for the specified data year used to establish a preliminary list of insurers considered scoped into the NAIC liquidity stress test framework for that data year;

  (14)  A "securityholder" of a specified person is one who owns any security of that person, including common stock, preferred stock, debt obligations, and any other security convertible into or evidencing the right to acquire any of the foregoing;

  (15)  A "subsidiary" of a specified person is an affiliate controlled by that person directly, or indirectly through one or more intermediaries;

  (16)  The term "voting security" includes any security convertible into or evidencing a right to acquire a voting security.


(L. 1971 S.B. 101 § 1, A.L. 2015 H.B. 50, A.L. 2019 S.B. 54, A.L. 2021 S.B. 6)

---- end of effective  28 Aug 2021 ----

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382.010 8/28/2021
382.010 8/28/2019 8/28/2021
382.010 8/28/2015 8/28/2019

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