379.1353. Definitions.
Definitions.
379.1353. As used in sections 379.1353 to 379.1421, the following termsshall mean:
(1) "Affiliate", a company that controls, is controlled by or undercommon control with the special purpose life reinsurance captive "SPLRC" asdefined in this section;
(2) "Affiliated agreements", written agreements, including an SPLRCcontract, between an SPLRC and its affiliate;
(3) "Ceded reinsurance agreements", reinsurance agreements entered intoby the SPLRC with affiliates or unaffiliated parties for the purpose ofobtaining reinsurance for all or some portion of the risks assumed by theSPLRC under SPLRC contracts;
(4) "Ceding company", the insurer ceding business to the SPLRC under theSPLRC contract;
(5) "Department", the Missouri department of insurance, financialinstitutions and professional registration;
(6) "Director", the director of the Missouri department of insurance,financial institutions and professional registration or its successor agencyor his or her designee;
(7) "Financial guarantee policy", a financial guarantee policy issued byan insurer licensed to issue financial guarantee insurance policies by thedirector;
(8) "Letters of credit", clean, irrevocable, evergreen letters of creditissued meeting the requirements of subdivision (2) of section 375.246, RSMo,and regulations issued thereunder that are issued or confirmed by a qualifiedUnited States financial institution or guaranteed by a financial guaranteeinsurance company authorized to issue financial guarantee insurance policiesin the state of Missouri;
(9) "Organizational documents", means the SPLRC's articles oforganization, bylaws, operating agreement or other foundational document thatestablishes the SPLRC as a legal entity or prescribes its existence;
(10) "Permitted investments", investments as authorized by sections376.291 to 376.307, RSMo, or as specifically authorized by the director byorder;
(11) "Rule", a rule promulgated by the director in accordance with theauthority granted by section 379.1421;
(12) "SPLRC" or "special purpose life insurance captive", a captiveinsurance company that has received a license from the director for thelimited purposes provided for in sections 379.1353 to 379.1421;
(13) "SPLRC contract", a written contract between the SPLRC and theceding company under which the SPLRC agrees to provide reinsurance protectionto the ceding company for risks associated with the ceding company's writtenor assumed annuity, life insurance or accident and health insurance business;
(14) "State", the state of Missouri;
(15) "Surety bond", a surety bond issued by an insurer licensed to issuesurety bonds by the director;
(16) "Surplus note", an unsecured subordinated debt obligation,including any contingent obligation for the repayment of a sum of money upon awritten agreement that the loan or advance with interest shall be repaid onlyout of funds as specified in the approved plan of operation, or any approvedamendment thereto;
(17) "Swap agreements", an agreement to exchange or to net payments atone or more times based on the actual or expected price, level, performance orvalue of one or more underlying interests.
(L. 2007 S.B. 215)