Mo. Code Regs. tit. 20 § 200-2.800

Current through Register Vol. 49, No.12, June 17, 2024

Section 20 CSR 200-2.800 - Assumption Reinsurance

PURPOSE: This amendment restructures and simplifies the rule, and removes language that is unnecessary due to identical or similar statutory provisions.

(1) A summary in writing shall be submitted addressing each of the factors in section 375.1287.2(5)(a)-(d) and (f), RSMo.

(2) If either the transferring insurer or the assuming insurer is a Missouri domestic, or is from a state that does not have a reinsurance assumption law substantially similar to that of Missouri, the following documentation shall be submitted to the department for approval of the assumption:

(A) Certificate of Assumption;

(B) Copy of Notice of Transfer, including items referenced as attachments, and Response Card;

(C) Copy of Assumption Reinsurance Agreement and Approval from all domiciliary states other than Missouri;

(D) Financial data pursuant to section 375.1287.1(2)(i), RSMo;

(E) Terms and type of financing related to the purchase price; and

(F) Pro forma financial statements reflecting the financial condition of both insurers before and after the proposed transaction as of the effective date of the transaction.

(3) If both the transferring insurer and the assuming insurer are domiciled in states that have assumption reinsurance laws substantially similar to those of Missouri, then the filing requirements of subsections (2)(A)-(C) of this rule apply.

20 CSR 200-2.800

AUTHORITY: section 374.045, RSMo Supp. 1993.* Original rule filed: Feb. 16, 1994, effective Sept. 30, 1994.

Amended by Missouri Register March 15, 2019/Volume 44, Number 6, effective 4/30/2019

*Original authority: 374.045, RSMo 1967, amended 1993.