Effective - 28 Aug 2015
374.018. Issuance of no-action letters by director — definitions — effect of letters — duty of department — letters not public records. — 1. For purposes of this section, "no-action letter" shall mean a letter that states the intention of the department to not take enforcement actions under section 374.046 with respect to the requesting insurer, based on the specific facts then presented and applicable law, as of the date a no-action letter is issued.
2. For purposes of this section, "insurer" shall mean all insurance companies organized, incorporated, or doing business under the provisions of chapter* 354, 376, 379, or 380.
3. Notwithstanding any law to the contrary, the director may at his or her discretion issue no-action letters addressing the business of insurance in this state.
4. No-action letters shall not be considered statements of general applicability that would require promulgation by rule.
5. Insurers who seek guidance may submit a written request for a no-action letter to the department.
6. An insurer is under an affirmative obligation to make full, true, and accurate disclosure of all information related to the activities for which the no-action letter is requested. Each request shall be accompanied by all relevant supplementary information including, but not limited to, background information regarding the request, policies, procedures, and applicable marketing materials. Each request shall also include complete copies of documents, and shall identify all provisions of law applicable to the request.
7. The insurer requesting the no-action letter shall provide the department with any additional information or documents the department requests for its review of the matter.
8. The insurer may withdraw the request for a no-action letter prior to the issuance of the no-action letter.
9. The department shall act on the no-action letter request within ninety days after it receives all information necessary to complete its review.
10. At the completion of its review of a request for a no-action letter the department shall do one of the following:
(1) Issue a no-action letter;
(2) Decline to issue a no-action letter; or
(3) Take such other action as the department considers appropriate.
11. A no-action letter shall be effective as of the date it is issued.
12. As long as there is no change in any material fact or law or the discovery of a material misrepresentation or omission made by the insurer, the department is estopped from bringing any enforcement action under section 374.046 against the requesting insurer concerning the specific conduct that is the subject of the no-action letter issued by the department. However, this estoppel shall not apply to those enforcement actions related to the financial condition of the insurer. The determination of materiality shall be in the sole discretion of the director.
13. A no-action letter request shall not be a public record as defined in chapter 610 until the date of issuance by the department of a response to the no-action letter request. The request for a no-action letter and the department's response shall, after the date of issuance by the department, be considered a public record as defined in chapter 610. Upon request of the insurer, information submitted with a request for a no-action letter as required under this section that contains proprietary or trade secret information as defined in sections 417.450 to 417.467 shall not be considered a public record.
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(L. 2015 H.B. 709)
*Word "chapters" appears in original rolls.
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 374 - Department of Commerce and Insurance
Section 374.005 - Department created, duties — definitions.
Section 374.007 - Statutory reference changes authorized.
Section 374.010 - Department — general powers.
Section 374.020 - Director — qualifications — appointment.
Section 374.030 - Director — oath — bond.
Section 374.040 - Director — duties — administrative hearing commission law not applicable.
Section 374.045 - Director authorized to make rules and regulations, procedure, this chapter.
Section 374.047 - Willful violation of state law, order — notice.
Section 374.050 - Seal of office — effect.
Section 374.051 - Refusal of license and nonrenewal, applicant may appeal, procedure.
Section 374.055 - Grievance procedure.
Section 374.056 - Rulemaking authority, delivery methods.
Section 374.057 - Filing of records and signatures authorized when in compliance with federal law.
Section 374.060 - Office location and hours.
Section 374.070 - Office and records, public — copies — records disposed of or destroyed, when.
Section 374.071 - Insurance records exempt from public disclosure — release permitted, when.
Section 374.075 - Divisions, director may establish.
Section 374.080 - Deputy director, appointment, powers — governor to appoint, when.
Section 374.085 - Division of consumer affairs, duties — legal adviser may assist.
Section 374.100 - Actuary — duties — fees.
Section 374.110 - Examiner — duties — assistants — fees.
Section 374.130 - Chief clerk, duties and powers.
Section 374.170 - Forms furnished companies.
Section 374.180 - Director to prepare report — publication — special reports.
Section 374.182 - Organization plan to be submitted — contents.
Section 374.185 - Uniformity of regulation, director to cooperate.
Section 374.190 - Investigation of companies.
Section 374.202 - Purpose of law — definitions.
Section 374.210 - False testimony — refusal to furnish information — penalties.
Section 374.215 - Failure to timely file report or statement, penalty.
Section 374.216 - False financial statements, filing of — penalty.
Section 374.217 - Covenant not to sue officers of insurer, prohibited — no force and effect.
Section 374.220 - Expenses, how paid.
Section 374.230 - Fees — paid to director.
Section 374.240 - Suit to recover fees — penalties.
Section 374.250 - Accounts of director.
Section 374.270 - Department may elect workers' compensation coverage — coverage, how provided.
Section 374.280 - Civil penalty or forfeiture ordered when, how enforced.
Section 374.284 - Health insurance advisory committee established, members, duties.
Section 374.285 - Expungement of certain disciplinary action records.
Section 374.300 - Financial institution defined.
Section 374.310 - Refusal to grant or renew insurance license, when.
Section 374.350 - Short title.
Section 374.351 - Intent of compact.
Section 374.400 - Definitions.
Section 374.405 - Reports of premiums and loss data required, when — director may review.
Section 374.415 - Product liability insurance reports required — when — contents.
Section 374.420 - Insurers not liable because of compliance.
Section 374.425 - Time for compliance may be waived or extended.
Section 374.450 - Definitions.
Section 374.455 - Premium and loss data, annual report — available to public.
Section 374.500 - Definitions.
Section 374.503 - Certificate required for utilization review agents, exceptions.
Section 374.505 - Application for certificate, content, form, fee.
Section 374.507 - Information may be required by department of commerce and insurance.
Section 374.510 - Minimum requirements for utilization review agents.
Section 374.515 - Rules and regulations authorized.
Section 374.695 - Citation of law.
Section 374.700 - Definitions.
Section 374.702 - License required, restrictions on practice.
Section 374.705 - Department, powers and duties — fees, how determined.
Section 374.710 - License required for bail bond agents, application, qualifications — exceptions.
Section 374.717 - Prohibited acts.
Section 374.720 - Examination, form, content — reexamination fee.
Section 374.730 - License, biannual renewal, fee.
Section 374.740 - Nonresident license requirements.
Section 374.750 - Refusal to issue or renew license — applicant's right to hearing.
Section 374.760 - Unsatisfied judgments, affidavit filed monthly, form — content.
Section 374.764 - Alleged violations and complaints, procedure.
Section 374.775 - Bonds of one thousand dollars or less — fee — additional fee — prohibited.
Section 374.783 - Surety recovery agents, license required — director to license, powers.
Section 374.785 - Apprehension of defendant, permitted where.
Section 374.786 - Renewal, procedure.
Section 374.787 - Complaint procedure.
Section 374.788 - Apprehension standards for breach of surety agreement or absconding.