Missouri Laws 384.043 – Licensing requirements for insurance producers, fee — examination, ..
1. No insurance producer shall procure any contract of surplus lines insurance with any nonadmitted insurer, unless he possesses a current surplus lines insurance license issued by the director.
2. The director shall issue a surplus lines license to any qualified holder of a current resident or nonresident property and casualty insurance producer license but only when the licensee has:
Terms Used In Missouri Laws 384.043
- Contract: A legal written agreement that becomes binding when signed.
- Director: the director of the department of commerce and insurance. See Missouri Laws 384.015
- home state: means , with respect to an insured:
a. See Missouri Laws 384.015
- Nonadmitted insurance: any property and casualty insurance permitted to be placed directly or through a surplus lines licensee with a nonadmitted insurer eligible to accept such insurance. 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
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- 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
- Surplus: funds over and above liabilities and capital of the company for the protection of policyholders. See Missouri Laws 384.015
- Surplus lines insurance: any insurance of risks resident, located or to be performed in this state, permitted to be placed through a surplus lines licensee with a nonadmitted insurer eligible to accept such insurance, other than reinsurance, and life and health insurance and annuities. See Missouri Laws 384.015
(1) Remitted the one hundred dollar initial fee to the director;
(2) Submitted a completed license application on a form supplied by the director; and
(3) Passed a qualifying examination approved by the director, except that all holders of a license prior to July 1, 1987, shall be deemed to have passed such an examination.
3. Each surplus lines license shall be renewed for a term of two years on the birth date of the licensee and continue in effect until refused, revoked or suspended by the director in accordance with section 384.065; except that if the biennial renewal fee for the license is not paid on or before the birth date of the licensee, the license terminates. The biennial renewal fee is one hundred dollars.
4. Beginning on or before July 1, 2012, the director shall participate in the national insurance producer database of the National Association of Insurance Commissioners, or any other equivalent uniform national database, for the licensure of surplus lines licensees and the renewal of such licenses.
5. Notwithstanding any other provision of this chapter, a person selling, soliciting, or negotiating nonadmitted insurance with respect to an insured shall be required to obtain or possess a current surplus lines insurance license issued by the director only if this state is such insured’s home state.
6. The director may promulgate rules using the authority granted under section 375.045* to assist in the implementation of this section, including prorating licensure periods so that all renewals after January 1, 2022, shall occur biennially on a licensee’s birth date.