Missouri Laws 379.1316 – Suspension or revocation of licensure, when
1. The license of a captive insurance company may be suspended or revoked by the director for any of the following reasons:
(1) Insolvency or impairment of capital or surplus;
Terms Used In Missouri Laws 379.1316
- Director: the director of the department of commerce and insurance. See Missouri Laws 379.005
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
(2) Failure to meet the requirements of section 379.1306;
(3) Refusal or failure to submit an annual report, as required by sections 379.1300 to 379.1350, or any other report or statement required by law or by lawful order of the director;
(4) Failure to comply with the provisions of its own charter, bylaws, or other organizational document;
(5) Failure to submit to or pay the cost of examination or any legal obligation relative thereto, as required by sections 379.1300 to 379.1350;
(6) Use of methods that, although not otherwise specifically prohibited by law, nevertheless render its operation detrimental or its condition unsound with respect to the public or to its policyholders; or
(7) Failure otherwise to comply with the laws of this state.
2. Notwithstanding any other provision of sections 379.1300 to 379.1350, if the director finds upon examination, hearing, or other evidence that any captive insurance company has violated any provision of subsection 1 of this section, the director may suspend or revoke such company’s license if the director deems it in the best interest of the public and the policyholders of such captive insurance company.