Effective - 28 Aug 2021
382.176. Group capital calculation, filing of report — exemptions — exceptions to the exemption. — 1. Except as provided in subdivisions (1) to (7)* of this section, the ultimate controlling person of every insurer subject to registration shall file an annual group capital calculation as directed by the lead state director. The report shall be completed in accordance with the NAIC group capital calculation instructions, which may permit the lead state director to allow a controlling person who is not the ultimate controlling person to file the group capital calculation. The report shall be filed with the lead state director of the insurance holding company system as determined by the director in accordance with the procedures within the Financial Analysis Handbook adopted by the NAIC. The following insurance holding company systems are exempt from filing the group capital calculation:
(1) An insurance holding company system that has only one insurer within its holding company structure, that only writes business and is only licensed in its domestic state, and assumes no business from any other insurer;
(2) An insurance holding company system that is required to perform a group capital calculation specified by the United States Federal Reserve Board. The lead state director shall request the calculation from the Federal Reserve Board under the terms of information sharing agreements in effect. If the Federal Reserve Board cannot share the calculation with the lead state director, the insurance holding company system is not exempt from the group capital calculation filing;
(3) An insurance holding company system whose non-U.S. groupwide supervisor is located within a reciprocal jurisdiction as described in section 375.246 that recognizes the U.S. state regulatory approach to group supervision and group capital; and
(4) An insurance holding company system:
(a) That provides information to the lead state that meets the requirements for accreditation under the NAIC financial standards and accreditation program, either directly or indirectly through the groupwide supervisor, who has determined such information is satisfactory to allow the lead state to comply with the NAIC group supervision approach, as detailed in the Financial Analysis Handbook adopted by the NAIC; and
(b) Whose non-U.S. groupwide supervisor who is not in a reciprocal jurisdiction recognizes and accepts, as specified by the director in regulation, the group capital calculation as the worldwide group capital assessment for U.S. insurance groups that operate in that jurisdiction.
2. Notwithstanding the provisions of subdivisions (3) and (4) of subsection 1 of this section, a lead state director shall require the group capital calculation for U.S. operations of any non-U.S. based insurance holding company system where, after any necessary consultation with other supervisors or officials, it is deemed appropriate by the lead state director for prudential oversight and solvency monitoring purposes or for ensuring the competitiveness of the insurance marketplace.
3. Notwithstanding the exemptions from filing the group capital calculation stated in subdivisions (1) to (4) of subsection 1 of this section, the lead state director has the discretion to exempt the ultimate controlling person from filing the annual group capital calculation or to accept a limited group capital filing or report in accordance with criteria as specified in regulations promulgated by the director.
4. If the lead state director determines that an insurance holding company system no longer meets one or more of the requirements for an exemption from filing the group capital calculation under this section, the insurance holding company system shall file the group capital calculation at the next annual filing date unless given an extension by the lead state director based on reasonable grounds shown.
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(L. 2021 S.B. 6)
*Subdivisions (5), (6), and (7) of subsection 1 do not exist.
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 382 - Insurance Holding Companies
Section 382.010 - Definitions.
Section 382.020 - Domestic insurers, authorized investments, ownership and management practices.
Section 382.030 - Disposal of investment required, when.
Section 382.050 - Statement, contents.
Section 382.070 - Excepted transactions.
Section 382.080 - Prohibited acts.
Section 382.090 - Jurisdiction, acceptance of — service, how had.
Section 382.100 - Registration required.
Section 382.110 - Registration, form, contents, exempted matter.
Section 382.120 - Information to be kept current, when changes reported.
Section 382.130 - Termination of registration, when.
Section 382.140 - Consolidated registration statements or amendments, when.
Section 382.150 - Registration for affiliates authorized.
Section 382.160 - Exemption from registration and reports, how and when.
Section 382.170 - Disclaimer of affiliation, effect of.
Section 382.175 - Enterprise risk report, contents, filing of, due date.
Section 382.177 - Liquidity stress test, filing of — scope criteria — NAIC compliance.
Section 382.190 - Transactions with affiliates, how conducted.
Section 382.195 - Prohibited transactions, exceptions.
Section 382.200 - Reasonable surplus, how determined.
Section 382.220 - Director, powers of — insurer liable for examination costs.
Section 382.240 - Rules and regulations, how issued.
Section 382.250 - Injunction, when authorized.
Section 382.265 - Penalties, certain actions.
Section 382.270 - Criminal proceedings, when and where commenced, penalty.
Section 382.275 - False reports, filing of, penalty.
Section 382.280 - Director to take possession, when.
Section 382.290 - Revocation of insurer's license, when.
Section 382.300 - Appeals from director's action, procedure.
Section 382.400 - Definitions.
Section 382.402 - Applicability of law.
Section 382.407 - Notice to insured, producer to provide, contents.
Section 382.409 - Noncompliance with law, powers of director — receiver in liquidation, powers.
Section 382.500 - Applicability — findings of general assembly.
Section 382.505 - Definitions.
Section 382.510 - Risk management framework to be maintained.
Section 382.515 - ORSA to be conducted, when.
Section 382.520 - ORSA summary report required, when, contents.
Section 382.525 - Exemptions — waiver — ORSA required, when.
Section 382.540 - Violation, failure to file ORSA summary report.
Section 382.545 - Severability clause.
Section 382.550 - Effective date — first filing date.
Section 382.600 - Purpose — applicability.
Section 382.605 - Definitions.
Section 382.615 - CGAD inquiries, responses to — recordkeeping.
Section 382.630 - Failure to timely file, penalty — enforcement.