Missouri Revised Statutes
Chapter 382 - Insurance Holding Companies
Section 382.409 - Noncompliance with law, powers of director — receiver in liquidation, powers.

Effective - 28 Aug 2009
382.409. Noncompliance with law, powers of director — receiver in liquidation, powers. — 1. (1) If the director believes that the controlling producer or any other person has not materially complied with sections 382.400 to 382.410*, or any regulation or order promulgated hereunder, after notice and opportunity to be heard, the director may order the controlling producer to cease placing business with the controlled insurer; and
(2) If it was found that because of such material noncompliance that the controlled insurer or any policyholder thereof has suffered any loss or damage, the director may maintain a civil action or intervene in an action brought by or on behalf of the insurer or policyholder for recovery of compensatory damages for the benefit of the insurer or policyholder or other appropriate relief.
2. If an order of liquidation or rehabilitation of the controlled insurer has been entered pursuant to sections 375.1150 to 375.1246, and the receiver appointed under that order believes that the controlling producer or any other person has not materially complied with sections 382.400 to 382.410*, or any regulation or order promulgated hereunder, and the insurer suffered any loss or damage therefrom, the receiver may maintain a civil action for recovery of damages or other appropriate sanctions for the benefit of the insurer.
3. Nothing contained in this section shall affect the right of the director to impose any other penalties provided for by law.
4. Nothing contained in this section is intended to or shall in any manner alter or affect the rights of policyholders, claimants, creditors or other third parties.
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(L. 1992 H.B. 1574 § 11, A.L. 2009 H.B. 577)
*Section 382.410 was repealed by S.B. 613 Revision § A, 2007.

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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.