375.1270. Foreign insurers to submit RBC report to director, when--plan, submission of, when--powers of director.
Foreign insurers to submit RBC report to director, when--plan,submission of, when--powers of director.
375.1270. 1. Any foreign insurer shall, upon the written request ofthe director, submit to the director an RBC report as of the end of thecalendar year just ended the later of:
(1) The date an RBC report would be required to be filed by aninsurer under sections 375.1250 to 375.1275; or
(2) Fifteen days after the request is received by the foreigninsurer.
2. Any foreign insurer shall, at the written request of the director,promptly submit to the director a copy of any RBC plan that is filed withthe chief insurance regulatory official of any other state.
3. In the event of a company action level event regulatory actionlevel event or authorized control level event with respect to any foreigninsurer as determined under the RBC statute applicable in the state ofdomicile of the insurer or, if no RBC provision is in force in that state,under the provisions of sections 375.1250 to 375.1275, if the chiefinsurance regulatory official of the state of domicile of the foreigninsurer fails to require the foreign insurer to file an RBC plan in themanner specified under the RBC statute or, if no RBC provision is in forcein the state, under section 375.1255, the director may require the foreigninsurer to file an RBC plan with the director. In such event, the failureof the foreign insurer to file an RBC plan with the director shall begrounds to order the insurer to cease and desist from writing new insurancebusiness in this state, pursuant to the procedures set forth in section374.046, RSMo.
4. In the event of a mandatory control level event with respect toany foreign insurer, if no domiciliary receiver has been appointed withrespect to the foreign insurer under the rehabilitation and liquidationstatute applicable in the state of domicile of the foreign insurer, thedirector may make application to the circuit court of Cole County permittedpursuant to section 375.1234 with respect to the liquidation of property offoreign insurers found in this state, and the occurrence of the mandatorycontrol level event shall be considered adequate grounds for theapplication.
(L. 1993 H.B. 709 § 10, A.L. 1996 S.B. 759)