Mo. Code Regs. tit. 20 § 400-1.070

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

Section 20 CSR 400-1.070 - Assessment Life and Accident Companies

PURPOSE: This rule requires that a mandatory statement be included in the first page of all assessment policies. It also requires that notice be given to assessment policyholders concerning the apportionment of assessed payments. This rule was adopted pursuant to the provisions of section 374.045, RSMo and to implement section 377.080, RSMo.

(1) All policies issued by assessment life and accident insurance companies in this state must carry the following wording on the first page: "This policy is issued in accordance with the provisions of the Assessment Law, sections 377.010 through 377.190, RSMo."

(2) Consistent with the provisions of section 377.080, RSMo, each notice sent to members of an Assessment Plan Association, which is a call for payments, must state the exact percentage the assessment that is to be apportioned to the different funds. The following wording on the notice will be required: ". . .percent (or amount) of this assessment will be placed in the expense fund and. . .percent (or amount) in the benefit fund."

(3) No Assessment Plan Association shall transfer funds collected for one (1) purpose to another fund collected for a different purpose without an action by the board of directors and then only subject to the approval of the director of insurance.

20 CSR 400-1.070

AUTHORITY: sections 374.045, RSMo 1986 and 377.080, RSMo Supp. 1992. This rule was previously filed as 4 CSR 190-13.130. This version of rule filed Dec. 5, 1969, effective Dec. 15, 1969. Amended: Filed Aug. 5, 1974, effective Aug. 15, 1974.

*Original authority: 374.045, RSMo 1967 and 377.080, RSMo 1939, amended 1992.