Effective - 28 Aug 2015
382.225. Supervisory college, powers of director — insurer liable for expenses of director's participation in supervisory college. — 1. With respect to any insurer registered under sections 382.100 to 382.180 and in accordance with subsection 3 of this section, the director shall also have the power to participate in a supervisory college for any domestic insurer that is part of an insurance holding company system with international operations in order to determine compliance by the insurer with this chapter. The powers of the director with respect to supervisory colleges include, but are not limited to, the following:
(1) Initiating the establishment of a supervisory college;
(2) Clarifying the membership and participation of other supervisors in the supervisory college;
(3) Clarifying the functions of the supervisory college and the role of other regulators including the establishment of a groupwide supervisor or host, who may be the director;
(4) Coordinating the ongoing activities of the supervisory college, including planning meetings, supervisory activities, and processes for information sharing; and
(5) Establishing a crisis management plan.
2. Each registered insurer subject to this section shall be liable for and shall pay the reasonable expenses of the director's participation in a supervisory college in accordance with subsection 3 of this section including reasonable travel expenses. For purposes of this section, a supervisory college may be convened as either a temporary or permanent forum for communication and cooperation between the regulators charged with the supervision of the insurer or its affiliates, and the director may establish a regular assessment to the insurer for the payment of such expenses.
3. In order to assess the business strategy, financial position, legal and regulatory position, risk exposure, risk management and governance processes, and as part of the examination of individual insurers in accordance with section 382.220, the director may participate in a supervisory college with other regulators charged with supervision of the insurer or its affiliates including other state, federal, and international regulatory agencies. The director may enter into agreements in accordance with subsection 3 of section 382.230 providing the basis for cooperation between the director and the other regulatory agencies and the activities of the supervisory college. Nothing in this section shall delegate to the supervisory college the authority of the director to regulate or supervise the insurer or its affiliates within the director's jurisdiction.
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(L. 2015 H.B. 50)
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.