Missouri Laws 374.202 – Purpose of law — definitions
1. The purpose of sections 374.202 to 374.207 is to provide an effective and efficient system for examining the activities, operations, financial or market conduct, condition and affairs of all persons transacting the business of insurance in this state and all persons otherwise subject to the jurisdiction of the director. The provisions of sections 374.202 to 374.207 are intended to enable the director to adopt a flexible system of examinations which directs resources as the director may deem appropriate and necessary for the administration of the insurance-related laws of this state.
2. As used in sections 374.202 to 374.207, the following terms mean:
Terms Used In Missouri Laws 374.202
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: the department of commerce and insurance. See Missouri Laws 374.005
- Director: the director of the department of commerce and insurance. See Missouri Laws 374.005
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: as used in this chapter shall include any individual, partnership, corporation, association or trust, or any other legal entity. See Missouri Laws 374.046
- 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
(1) “Company”, any person engaging in or proposing or attempting to engage in any transaction or kind of insurance or surety business and any person or group of persons who may otherwise be subject to the administrative, regulatory or taxing authority of the director, not assigned to the functional regulation of the divisions of finance, credit unions, or professional registration, or boards assigned to or within those divisions;
(2) “Department”, the department of commerce and insurance of this state;
(3) “Director”, the director of the department of commerce and insurance of this state;
(4) “Examiner”, any individual or firm having been authorized by the director to conduct an examination under sections 374.202 to 374.207;
(5) “Insurer” has the same meaning as insurer under sections 375.1150 to 375.1246;
(6) “Person”, any individual, aggregation of individuals, trust, association, partnership or corporation, or any affiliate thereof.