Missouri Revised Statutes
Chapter 382 - Insurance Holding Companies
Section 382.265 - Penalties, certain actions.

Effective - 28 Aug 1992
382.265. Penalties, certain actions. — 1. Any insurer failing, without just cause, to file any registration statement as required in this section shall be required, after notice and hearing, to pay an administrative penalty of five hundred dollars for each day's delay, to be recovered by the director, and the penalty so recovered shall be paid to the state treasurer for deposit to the general revenue fund of this state. The maximum penalty under this section is fifty thousand dollars. The director may reduce the penalty if the insurer demonstrates to the director that the imposition of the penalty would constitute a financial hardship to the insurer.
2. Every director or officer of an insurance holding company system who knowingly violates, participates in, or assents to, or who knowingly shall permit any of the officers or agents of the insurer to engage in transactions or make investments which have not been properly reported or submitted pursuant to section 382.100, 382.195, or 382.210, or which violate this section, shall pay, in their individual capacity, an administrative penalty of not more than one hundred dollars per violation, after notice and hearing before the director. In determining the amount of the administrative penalty, the director shall take into account the appropriateness of the forfeiture with respect to the gravity of the violation, the history of previous violations, and such other matters as justice may require.
3. Whenever it appears to the director that any insurer subject to sections 382.010 to 382.300 or any director, officer, employee or agent thereof has engaged in any transaction or entered into a contract which is subject to section 382.190, 382.195, 382.200 or 382.210 and which would not have been approved had such approval been requested, the director may order the insurer to cease and desist immediately any further activity under that transaction or contract. After notice and hearing the director may also order the insurer to void any such contracts and restore the status quo if such action is in the best interest of the policyholders, creditors or the public.
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(L. 1992 H.B. 1574)

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Structure Missouri Revised Statutes

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 382.040 - Securities of domestic insurers, regulation of trading in — divestment of a controlling interest, procedure.

Section 382.050 - Statement, contents.

Section 382.060 - Approval of merger or acquisition of control, when — hearing, notice — consolidated hearing, when — change of control, restoration of capital, when.

Section 382.070 - Excepted transactions.

Section 382.080 - Prohibited acts.

Section 382.090 - Jurisdiction, acceptance of — service, how had.

Section 382.095 - Acquisitions where change of control of insurer, subject to order, when — contents, requirements — violations, penalties.

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 382.176 - Group capital calculation, filing of report — exemptions — exceptions to the exemption.

Section 382.177 - Liquidity stress test, filing of — scope criteria — NAIC compliance.

Section 382.180 - Failure to file registration statement, summary, or enterprise risk report a violation.

Section 382.190 - Transactions with affiliates, how conducted.

Section 382.195 - Prohibited transactions, exceptions.

Section 382.200 - Reasonable surplus, how determined.

Section 382.210 - Extraordinary dividend, notice of — payment from earned surplus, when — allowed, when.

Section 382.220 - Director, powers of — insurer liable for examination costs.

Section 382.225 - Supervisory college, powers of director — insurer liable for expenses of director's participation in supervisory college.

Section 382.227 - Internationally active insurance group, director to act as supervisor or acknowledge another regulatory authority as supervisor, when — duties, activities — rulemaking authority.

Section 382.230 - Certain information confidential, exception — private civil action, director not required to testify — permissible acts of the director — misleading or materially false statements, certain information, remedy.

Section 382.240 - Rules and regulations, how issued.

Section 382.250 - Injunction, when authorized.

Section 382.260 - Illegally acquired securities, how treated — impending illegal acquisitions, injunctive relief — ownership of securities, where.

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 382.277 - Violation, basis for disapproving dividends or distributions and placing insurer under order of suspension.

Section 382.280 - Director to take possession, when.

Section 382.285 - Liquidation or rehabilitation, effects — maximum amount recoverable — liability, parent company, when.

Section 382.290 - Revocation of insurer's license, when.

Section 382.300 - Appeals from director's action, procedure.

Section 382.302 - Disposal of assets or insurer, notice to director — powers of director — voidable when — effect.

Section 382.400 - Definitions.

Section 382.402 - Applicability of law.

Section 382.405 - Degree of control required, provisions applicable, exemptions — contract between producer and insurer, requirements — insurer to have audit committee, members, purpose — loss ratios, report to director, contents.

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 382.530 - ORSA summary report to be prepared consistent with ORSA guidance manual — review, procedures.

Section 382.535 - Information and ORSA summary report is proprietary and contains trade secrets, confidentiality — permissible acts by director — no waiver of confidentiality or privilege.

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 382.610 - CGAD submitted to director, when — attestation required — information may be provided — review of CGAD — duplication of information not required, when.

Section 382.615 - CGAD inquiries, responses to — recordkeeping.

Section 382.620 - Documents, materials, and information recognized by state as proprietary and containing trade secrets — confidentiality — director's authority and duties.

Section 382.625 - Third-party consultants permitted, when — limitation on scope of authority — confidentiality — conflict of interest — written agreement, contents.

Section 382.630 - Failure to timely file, penalty — enforcement.

Section 382.635 - Rulemaking authority.

Section 382.640 - Severability clause.