Missouri Laws 384.025 – Ineligibility of nonadmitted insurer, grounds, when — notice to licensees
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1. If at any time the director has reason to believe that an eligible surplus lines insurer:
(1) Is in unsound financial condition;
Terms Used In Missouri Laws 384.025
- Director: the director of the department of commerce and 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
- 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
- Surplus: funds over and above liabilities and capital of the company for the protection of policyholders. See Missouri Laws 384.015
(2) Is no longer eligible under section 384.021;
(3) Has willfully violated the laws of this state; or
(4) Does not make reasonably prompt payment of just losses and claims in this state or elsewhere; the director may declare it ineligible.
2. The director shall promptly publish notice of all such declarations in any public electronic format.