Missouri Laws 384.018 – Nonadmitted insurer deemed domestic surplus lines insurer, when — domestic ..
1. A nonadmitted insurer that is domiciled in this state will be deemed a domestic surplus lines insurer if all of the following are satisfied:
(1) The insurer possesses policyholder surplus of at least twenty million dollars;
Terms Used In Missouri Laws 384.018
- Director: the director of the department of commerce and insurance. See Missouri Laws 384.015
- Domestic surplus lines insurer: a nonadmitted insurer that is domiciled in this state with which a surplus lines licensee may place only surplus lines insurance. See Missouri Laws 384.015
- Eligible surplus lines insurer: a nonadmitted insurer with which a surplus lines licensee may place surplus lines insurance. See Missouri Laws 384.015
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Kind of insurance: one of the types of insurance required to be reported in the annual statement which must be filed with the director by admitted insurers. See Missouri Laws 384.015
- Nonadmitted insurer: an insurer not licensed to do an insurance business in this state, including insurance exchanges authorized under the laws of other states, but does not include a risk retention group, as that term is defined in the Liability Risk Retention Act of 1986 (15 U. See Missouri Laws 384.015
- Property: includes real and personal property. See Missouri Laws 1.020
- 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
- Statute: A law passed by a legislature.
- Surplus: funds over and above liabilities and capital of the company for the protection of policyholders. See Missouri Laws 384.015
(2) The insurer is an approved or eligible surplus lines insurer in at least one jurisdiction other than this state;
(3) The board of directors of the insurer has passed a resolution seeking to be a domestic surplus lines insurer in this state; and
(4) The director has given written approval for the insurer to be a domestic surplus lines insurer.
2. For the purposes of the federal Nonadmitted and Reinsurance Act of 2010 (15 U.S.C. § 8201), a domestic surplus lines insurer shall be considered a nonadmitted insurer as the term is defined in the Act with respect to risks insured in this state.
3. A domestic surplus lines insurer is deemed an eligible surplus lines insurer authorized to write any kind of insurance that a nonadmitted insurer not domiciled in this state is eligible to write.
4. Notwithstanding any other statute, the policies issued in this state by a domestic surplus lines insurer shall be subject to taxes assessed upon surplus lines policies issued by nonadmitted insurers, including the surplus lines premium tax under section 384.059, but will not be subject to other taxes levied upon admitted insurers whether domestic or foreign, including, but not limited to, taxes imposed by section 148.320.
5. Policies issued by a domestic surplus lines insurer are not subject to protections of or other provisions of the Missouri property and casualty insurance guarantee association act, or the Missouri life and health insurance guaranty association act.
6. All financial and solvency requirements imposed by chapters 374, 375, 379, and 382 upon domestic admitted insurers shall apply to domestic surplus lines insurers unless domestic surplus lines insurers are otherwise specifically exempted.
7. A domestic surplus lines insurer shall not be subject to and shall be exempt from all statutory requirements relating to insurance rating plans, policy forms, policy cancellation and nonrenewal, and premium charged to the insured in the same manner and to the same extent as a nonadmitted insurer domiciled in another state.
8. The director may promulgate rules under section 374.045 and amend such rules relating to domestic surplus lines insurers as are necessary to enable the director to carry out the provisions of this chapter.