1. (1) The insurance dedicated fund under section 374.150 shall be adequately funded through the collection of fees and taxes for the purpose of providing the financial means for the director of the department of commerce and insurance to administer sections 379.1300 to 379.1350 and for reasonable expenses incurred in promoting the captive insurance industry in Missouri. All fees and assessments received by the department for the administration of sections 379.1300 to 379.1350 shall be paid into the fund. All fees received by the department from reinsurers who assume risk solely from captive insurance companies and are subject to the provisions of section 375.246 shall be deposited into the insurance dedicated fund.

(2) All payments from the insurance dedicated fund for the maintenance of staff and expenses associated with the administration of sections 379.1300 to 379.1350, including contractual services as necessary, shall be disbursed from the state treasury only upon warrants issued by the director, after receipt of proper documentation regarding services rendered and expenses incurred.

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

2. The director may anticipate receipts to the insurance dedicated fund through the administration of sections 379.1300 to 379.1350 and issue warrants based thereon.