| 11 | | - | Torepealsections288.132,303.025,303.041,319.129,375.159,376.380,376.1800,and |
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| 12 | | - | 379.011,RSMo,andtoenactinlieuthereofninenewsectionsrelatingtoinsurance, |
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| 13 | | - | withpenaltyprovisionsandadelayedeffectivedateforcertainsections. |
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| 14 | | - | BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows: |
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| 15 | | - | SectionA.Sections288.132,303.025,303.041,319.129,375.159,376.380, |
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| 16 | | - | 2376.1800,and379.011,RSMo,arerepealedandninenewsectionsenactedinlieuthereof, |
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| 17 | | - | 3tobeknownassections288.132,288.133,303.025,303.041,319.129,375.159,376.380, |
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| 18 | | - | 4376.1800,and379.011,toreadasfollows: |
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| 19 | | - | 288.132.1.Thereisherebycreatedinthestatetreasurythe"Unemployment |
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| 20 | | - | 2AutomationFund",whichshallconsistofmoneycollected[undersubsection1ofsection |
|---|
| 21 | | - | 3288.131] pursuanttosection288.133, andsuchotherstatefundsappropriatedbythegeneral |
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| 22 | | - | 4assembly.Thestatetreasurershallbecustodianofthefundandmayapprovedisbursements |
|---|
| 23 | | - | 5fromthefundinaccordancewithsections30.170and30.180.Uponappropriation,moneyin |
|---|
| 24 | | - | 6thefundshallbeusedsolelyforthepurposeofprovidingautomatedsystems,andthe |
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| 25 | | - | 7paymentofassociatedcosts,toimprovetheadministrationofthestate'sunemployment |
|---|
| 26 | | - | 8insuranceprogram.Notwithstandingtheprovisionsofsection33.080tothecontrary,all |
|---|
| 27 | | - | 9moneysremaininginthefundattheendofthebienniumshallnotreverttothecreditofthe |
|---|
| 28 | | - | 10generalrevenuefund.Thestatetreasurershallinvestmoneysinthefundinthesamemanner |
|---|
| 29 | | - | EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis |
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| 30 | | - | intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 11asotherfundsareinvested.Anyinterestandmoneyearnedonsuchinvestmentsshallbe |
|---|
| 31 | | - | 12creditedtothefund. |
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| 32 | | - | 13 2.Theunemploymentautomationfundshallnotbeusedinwholeorinpartforany |
|---|
| 33 | | - | 14purposeorinanymannerthatwouldpermititssubstitutionfor,oracorrespondingreduction |
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| 34 | | - | 15in,federalfundsthatwouldbeavailableinitsabsencetofinanceexpendituresforthe |
|---|
| 35 | | - | 16administrationofthischapter,orcausetheappropriateagencyoftheUnitedStates |
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| 36 | | - | 17governmenttowithholdanypartofanadministrativegrantwhichwouldotherwisebemade. |
|---|
| 37 | | - | 288.133.1.Eachemployerliableforcontributionspursuanttothischapter, |
|---|
| 38 | | - | 2exceptemployerswithacontributionrateequaltozero,shallpayanannual |
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| 39 | | - | 3unemploymentautomationadjustmentinanamountequaltotwoone-hundredthsof |
|---|
| 40 | | - | 4onepercentofsuchemployer'stotaltaxablewagesforthetwelve-monthperiodending |
|---|
| 41 | | - | 5theprecedingJunethirtieth. |
|---|
| 42 | | - | 6 2.Notwithstandingsubsection1ofthissectiontothecontrary,thedivisionmay |
|---|
| 43 | | - | 7reducetheautomationadjustmentpercentagetoensurethatthetotalamountof |
|---|
| 44 | | - | 8adjustmentduefromallemployersunderthissectionshallnotexceedfivemillion |
|---|
| 45 | | - | 9dollarsannually. |
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| 46 | | - | 10 3.Eachemployerliabletopayanautomationadjustmentshallbenotifiedofthe |
|---|
| 47 | | - | 11amountdueunderthissectionbyMarchthirty-firstofeachyearandsuchamountshall |
|---|
| 48 | | - | 12beconsidereddelinquentthirtydaysthereafter.Delinquentunemploymentautomation |
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| 49 | | - | 13adjustmentamountsmaybecollectedinthemannerprovidedundersections288.160 |
|---|
| 50 | | - | 14and288.170.Allmoneyscollectedunderthissectionshallbedepositedinthe |
|---|
| 51 | | - | 15unemploymentautomationfundestablishedinsection288.132. |
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| 52 | | - | 16 4.Forthefirstquarterofeachcalendaryear,thetotalamountofcontribution |
|---|
| 53 | | - | 17otherwiseduefromeachemployerliabletopaycontributionsunderthischaptershall |
|---|
| 54 | | - | 18bereducedbythedollaramountofunemploymentautomationadjustmentduefrom |
|---|
| 55 | | - | 19suchemployerpursuanttosubsection1ofthissection.However,theamountof |
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| 56 | | - | 20contributionsduefromsuchemployerforthefirstquarterofthecalendaryearin |
|---|
| 57 | | - | 21questionshallnotbereducedbelowzero. |
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| 58 | | - | 303.025.1.Noownerofamotorvehicleregisteredinthisstate,orrequiredtobe |
|---|
| 59 | | - | 2registeredinthisstate,shalloperate,registerormaintainregistrationofamotorvehicle,or |
|---|
| 60 | | - | 3permitanotherpersontooperatesuchvehicle,unlesstheownermaintainsthefinancial |
|---|
| 61 | | - | 4responsibilitywhichconformstotherequirementsofthelawsofthisstate.Nononresident |
|---|
| 62 | | - | 5shalloperateorpermitanotherpersontooperateinthisstateamotorvehicleregisteredto |
|---|
| 63 | | - | 6suchnonresidentunlessthenonresidentmaintainsthefinancialresponsibilitywhichconforms |
|---|
| 64 | | - | 7totherequirementsofthelawsofthenonresident'sstateofresidence.Furthermore,no |
|---|
| 65 | | - | 8personshalloperateamotorvehicleownedbyanotherwiththeknowledgethattheownerhas |
|---|
| 66 | | - | 9notmaintainedfinancialresponsibilityunlesssuchpersonhasfinancialresponsibilitywhich |
|---|
| 67 | | - | CCSSSSCSHCSHB2168 2 10coverstheperson'soperationoftheother'svehicle;however,noownerornonresidentshallbe |
|---|
| 68 | | - | 11inviolationofthissubsectionifheorshefailstomaintainfinancialresponsibilityonamotor |
|---|
| 69 | | - | 12vehiclewhichisinoperableorbeingstoredandnotinoperation. Thedirectorofthe |
|---|
| 70 | | - | 13departmentofrevenueshallestablishbyruleaprocessforvoluntarysuspensionof |
|---|
| 71 | | - | 14motorvehicleregistrationforvehicleswhichareinoperableorbeingstoredandnotin |
|---|
| 72 | | - | 15operation.Theownerornonresidentshallnotfurtheroperatethevehicleuntilthe |
|---|
| 73 | | - | 16ownerornonresidentnotifiesthedepartmentofrevenuethatthevehiclewillbeinuse, |
|---|
| 74 | | - | 17andthedepartmentshallreinstatethemotorvehicleregistrationuponreceiptofproof |
|---|
| 75 | | - | 18offinancialresponsibility.Ownersornonresidentswhooperateamotorvehicleduring |
|---|
| 76 | | - | 19aperiodofinoperabilityorstorageclaimedunderthissubsectionshallbeguiltyofa |
|---|
| 77 | | - | 20classBmisdemeanorandmayadditionallybeguiltyofaviolationofthissubsection. |
|---|
| 78 | | - | 21Notwithstandinganyprovisionoflawtothecontrary,thedepartmentofrevenuemay |
|---|
| 79 | | - | 22verifymotorvehiclefinancialresponsibilityasprovidedbylaw,butshallnototherwise |
|---|
| 80 | | - | 23takelegaloradministrativeactiontoenforcetherequirementsofthissectionunless,in |
|---|
| 81 | | - | 24thediscretionofthedirector,themotorvehicleisdeterminedtohavebeenoperatedin |
|---|
| 82 | | - | 25violationofthissection,amotorvehicleregistrationisappliedforinviolationofthis |
|---|
| 83 | | - | 26section,orthemotorvehicleontwoseparateoccasionsthirtydaysapartisdetermined |
|---|
| 84 | | - | 27tohaveitsregistrationmaintainedinviolationofthissection. Thedirectormayprescribe |
|---|
| 85 | | - | 28rulesandregulationsfortheimplementationofthissection. |
|---|
| 86 | | - | 29 2.Amotorvehicleownershallmaintaintheowner'sfinancialresponsibilityina |
|---|
| 87 | | - | 30mannerprovidedforinsection303.160,orwithamotorvehicleliabilitypolicywhich |
|---|
| 88 | | - | 31conformstotherequirementsofthelawsofthisstate.Anonresidentmotorvehicleowner |
|---|
| 89 | | - | 32shallmaintaintheowner'sfinancialresponsibilitywhichconformstotherequirementsofthe |
|---|
| 90 | | - | 33lawsofthenonresident'sstateofresidence. |
|---|
| 91 | | - | 34 3.Anypersonwhoviolatesthissectionisguiltyofamisdemeanor.Exceptas |
|---|
| 92 | | - | 35otherwiseprovidedinthissection,afirstviolationofthissectionshallbepunishableasa |
|---|
| 93 | | - | 36classDmisdemeanor.Asecondorsubsequentviolationofthissection[shall] maybe |
|---|
| 94 | | - | 37[punishable] punishedbyimprisonmentinthecountyjailforatermnottoexceedfifteen |
|---|
| 95 | | - | 38days[and/or] andshallbepunishedbyafinenotlessthantwohundreddollarsbutnotto |
|---|
| 96 | | - | 39exceedfivehundreddollars.Priorpleasofguiltyandpriorfindingsofguiltyshallbepleaded |
|---|
| 97 | | - | 40andproveninthesamemannerasrequiredbysection558.021.However,nopersonshallbe |
|---|
| 98 | | - | 41foundguiltyofviolatingthissectioniftheoperatordemonstratestothecourtthatheorshe |
|---|
| 99 | | - | 42metthefinancialresponsibilityrequirementsofthissectionatthetimethepeaceofficer, |
|---|
| 100 | | - | 43commercialvehicleenforcementofficerorcommercialvehicleinspectorwrotethecitation. |
|---|
| 101 | | - | 44Inadditiontoanyotherauthorizedpunishment,thecourtshallnotifythedirectorofrevenue |
|---|
| 102 | | - | 45ofanypersonconvictedpursuanttothissectionandshalldooneofthefollowing: |
|---|
| 103 | | - | CCSSSSCSHCSHB2168 3 46 (1)Enteranordersuspendingthedrivingprivilegeasofthedateofthecourtorder.If |
|---|
| 104 | | - | 47thecourtordersthesuspensionofthedrivingprivilege,thecourtshallrequirethedefendant |
|---|
| 105 | | - | 48tosurrendertoitanydriver'slicensethenheldbysuchperson.Thelengthofthesuspension |
|---|
| 106 | | - | 49shallbeasprescribedinsubsection2ofsection303.042.Thecourtshallforwardtothe |
|---|
| 107 | | - | 50directorofrevenuetheorderofsuspensionofdrivingprivilegeandanylicensesurrendered |
|---|
| 108 | | - | 51withintendays; |
|---|
| 109 | | - | 52 (2)Forwardtherecordoftheconvictionforanassessmentoffourpoints; |
|---|
| 110 | | - | 53 (3)Inlieuofanassessmentofpoints,renderanorderofsupervisionasprovidedin |
|---|
| 111 | | - | 54section302.303.Anorderofsupervisionshallnotbeusedinlieuofpointsmorethanone |
|---|
| 112 | | - | 55timeinanythirty-six-monthperiod.Everycourthavingjurisdictionpursuanttothe |
|---|
| 113 | | - | 56provisionsofthissectionshallforwardarecordofconvictiontotheMissouristatehighway |
|---|
| 114 | | - | 57patrol,oratthewrittendirectionoftheMissouristatehighwaypatrol,tothedepartmentof |
|---|
| 115 | | - | 58revenue,inamannerapprovedbythedirectorofthedepartmentofpublicsafety.The |
|---|
| 116 | | - | 59directorshallestablishproceduresfortherecordkeepingandadministrationofthissection;or |
|---|
| 117 | | - | 60 (4)Foranonresident,suspendthenonresident'sdrivingprivilegesinthisstatein |
|---|
| 118 | | - | 61accordancewithsection303.030andnotifytheofficialinchargeoftheissuanceoflicenses |
|---|
| 119 | | - | 62andregistrationcertificatesinthestateinwhichsuchnonresidentresidesinaccordancewith |
|---|
| 120 | | - | 63section303.080. |
|---|
| 121 | | - | 64 4.Nothinginsections303.010to303.050,303.060,303.140,303.220,303.290, |
|---|
| 122 | | - | 65303.330and303.370shallbeconstruedasprohibitingthedepartmentofcommerceand |
|---|
| 123 | | - | 66insurancefromapprovingorauthorizingthoseexclusionsandlimitationswhicharecontained |
|---|
| 124 | | - | 67inautomobileliabilityinsurancepoliciesandtheuninsuredmotoristprovisionsofautomobile |
|---|
| 125 | | - | 68liabilityinsurancepolicies. |
|---|
| 126 | | - | 69 5.Ifacourtentersanorderofsuspension,theoffendermayappealsuchorderdirectly |
|---|
| 127 | | - | 70pursuanttochapter512andtheprovisionsofsection302.311shallnotapply. |
|---|
| 128 | | - | 71 6.Anyfinesowedtothestatepursuanttothissectionmaybeeligiblefor |
|---|
| 129 | | - | 72paymentininstallments.Thedirectorshallpromulgaterulesfortheapplicationof |
|---|
| 130 | | - | 73paymentplans,whichshalltakeintoaccountindividuals'abilitytopay. |
|---|
| 131 | | - | 303.041.1.Ifthedirectordetermines[thatasaresultofaverificationsampleor |
|---|
| 132 | | - | 2accidentreportthattheownerofamotorvehiclehasnotmaintainedfinancialresponsibility, |
|---|
| 133 | | - | 3orifthedirectordeterminesasaresultofanorderofsupervision] thattheowneroroperator |
|---|
| 134 | | - | 4ofamotorvehiclehasnotmaintainedthefinancialresponsibilityasrequiredinthischapter, |
|---|
| 135 | | - | 5thedirectorshallthirty-threedaysaftermailingnotice,suspendthedrivingprivilegeofthe |
|---|
| 136 | | - | 6owneroroperatorand/ortheregistrationofthevehiclefailingtomeetsuchrequirement.The |
|---|
| 137 | | - | 7noticeofsuspensionshallbemailedtothepersonatthelastknownaddressshownonthe |
|---|
| 138 | | - | 8department'srecords.Thenoticeofsuspensionisdeemedreceivedthreedaysaftermailing. |
|---|
| 139 | | - | 9Thenoticeofsuspensionshallclearlyspecifythereasonandstatutorygroundsforthe |
|---|
| 140 | | - | CCSSSSCSHCSHB2168 4 10suspensionandtheeffectivedateofthesuspension,therightofthepersontorequesta |
|---|
| 141 | | - | 11hearing,theprocedureforrequestingahearing,andthedatebywhichthatrequestfora |
|---|
| 142 | | - | 12hearingmustbemade.Iftherequestforahearingisreceivedbythedepartmentpriortothe |
|---|
| 143 | | - | 13effectivedateofthesuspension,theeffectivedateofthesuspensionwillbestayeduntila |
|---|
| 144 | | - | 14finalorderisissuedfollowingthehearing. |
|---|
| 145 | | - | 15 2.Exceptasotherwiseprovidedbylaw,neitherthefactthatsubsequenttothedate |
|---|
| 146 | | - | 16ofverificationorconviction,theowneracquiredtherequiredliabilityinsurancepolicynorthe |
|---|
| 147 | | - | 17factthattheownerterminatedownershipofthemotorvehicle,shallhaveanybearingupon |
|---|
| 148 | | - | 18thedirector'sdecisiontosuspend.Untilitisterminated,thesuspensionshallremaininforce |
|---|
| 149 | | - | 19aftertheregistrationisrenewedoranewregistrationisacquiredforthemotorvehicle.The |
|---|
| 150 | | - | 20suspensionalsoshallapplytoanymotorvehicletowhichtheownertransferstheregistration. |
|---|
| 151 | | - | 21EffectiveJanuary1,2000,thedepartmentshallnotextendanysuspensionforfailuretopaya |
|---|
| 152 | | - | 22delinquentlatesurrenderfeepursuanttothissubsection. |
|---|
| 153 | | - | 319.129.1.Thereisherebycreatedaspecialtrustfundtobeknownasthe |
|---|
| 154 | | - | 2"PetroleumStorageTankInsuranceFund"withinthestatetreasurywhichshallbethe |
|---|
| 155 | | - | 3successortotheundergroundstoragetankinsurancefund.Moneysinsuchspecialtrustfund |
|---|
| 156 | | - | 4shallnotbedeemedtobestatefunds.Notwithstandingtheprovisionsofsection33.080tothe |
|---|
| 157 | | - | 5contrary,moneysinthefundshallnotbetransferredtogeneralrevenueattheendofeach |
|---|
| 158 | | - | 6biennium. |
|---|
| 159 | | - | 7 2.Theowneroroperatorofanyundergroundstoragetank,includingthestateof |
|---|
| 160 | | - | 8Missourianditspoliticalsubdivisionsandpublictransportationsystems,inserviceonAugust |
|---|
| 161 | | - | 928,1989,shallsubmittothedepartmentafeeofonehundreddollarspertankonorbefore |
|---|
| 162 | | - | 10December31,1989.Theowneroroperatorofanyundergroundstoragetankwhoseeksto |
|---|
| 163 | | - | 11participateinthepetroleumstoragetankinsurancefund,includingthestateofMissouriand |
|---|
| 164 | | - | 12itspoliticalsubdivisionsandpublictransportationsystems,andwhoseundergroundstorage |
|---|
| 165 | | - | 13tankisbroughtintoserviceafterAugust28,1998,shalltransmitonehundreddollarspertank |
|---|
| 166 | | - | 14totheboardwithhisorherinitialapplication.Suchamountshallbeaone-timepayment,and |
|---|
| 167 | | - | 15shallbeinadditiontothepaymentrequiredbysection319.133.Theowneroroperatorofany |
|---|
| 168 | | - | 16abovegroundstoragetankregulatedbythischapter,includingthestateofMissouriandits |
|---|
| 169 | | - | 17politicalsubdivisionsandpublictransportationsystems,whoseekstoparticipateinthe |
|---|
| 170 | | - | 18petroleumstoragetankinsurancefund,shalltransmitonehundreddollarspertanktothe |
|---|
| 171 | | - | 19boardwithhisorherinitialapplication.Suchamountshallbeaone-timepaymentandshall |
|---|
| 172 | | - | 20beinadditiontothepaymentrequiredbysection319.133.Moneysreceivedpursuanttothis |
|---|
| 173 | | - | 21sectionshallbetransmittedtothedirectorofrevenuefordepositinthepetroleumstoragetank |
|---|
| 174 | | - | 22insurancefund. |
|---|
| 175 | | - | 23 3.Thestatetreasurermaydepositmoneysinthefundinanyofthequalified |
|---|
| 176 | | - | 24depositoriesofthestate.Allsuchdepositsshallbesecuredinamanneranduponthetermsas |
|---|
| 177 | | - | CCSSSSCSHCSHB2168 5 25areprovidedbylawrelativetostatedeposits.Interestearnedshallbecreditedtothe |
|---|
| 178 | | - | 26petroleumstoragetankinsurancefund. |
|---|
| 179 | | - | 27 4.Thegeneraladministrationofthefundandtheresponsibilityfortheproper |
|---|
| 180 | | - | 28operationofthefund,includingalldecisionsrelatingtopaymentsfromthefund,arehereby |
|---|
| 181 | | - | 29vestedinaboardoftrustees.Theboardoftrusteesshallconsistofthecommissionerof |
|---|
| 182 | | - | 30administrationorthecommissioner'sdesignee,thedirectorofthedepartmentofnatural |
|---|
| 183 | | - | 31resourcesorthedirector'sdesignee,thedirectorofthedepartmentofagricultureorthe |
|---|
| 184 | | - | 32director'sdesignee,andeightcitizensappointedbythegovernorwiththeadviceandconsent |
|---|
| 185 | | - | 33ofthesenate.Threeoftheappointedmembersshallbeownersoroperatorsofretail |
|---|
| 186 | | - | 34petroleumstoragetanks,includingonetankowneroroperatorofgreaterthanonehundred |
|---|
| 187 | | - | 35tanks;onetankowneroroperatoroflessthanonehundredtanks;andoneaboveground |
|---|
| 188 | | - | 36storagetankowneroroperator.Oneappointedtrusteeshallrepresentafinanciallending |
|---|
| 189 | | - | 37institution,andoneappointedtrusteeshallrepresenttheinsuranceunderwritingindustry. |
|---|
| 190 | | - | 38Oneappointedtrusteeshallrepresentindustrialorcommercialusersofpetroleum.Thetwo |
|---|
| 191 | | - | 39remainingappointedcitizensshallhavenopetroleum-relatedbusinessinterest,andshall |
|---|
| 192 | | - | 40representthenonregulatedpublicatlarge.Themembersappointedbythegovernorshall |
|---|
| 193 | | - | 41servefour-yeartermsexceptthatthegovernorshalldesignatetwooftheoriginalappointees |
|---|
| 194 | | - | 42tobeappointedforoneyear,twotobeappointedfortwoyears,twotobeappointedforthree |
|---|
| 195 | | - | 43yearsandtwotobeappointedforfouryears.Anyvacanciesoccurringontheboardshallbe |
|---|
| 196 | | - | 44filledinthesamemannerasprovidedinthissection. |
|---|
| 197 | | - | 45 5.[TheboardshallmeetinJeffersonCity,Missouri,withinthirtydaysfollowing |
|---|
| 198 | | - | 46August28,1996.Thereafter,]Theboardshallmeetuponthewrittencallofthechairmanof |
|---|
| 199 | | - | 47theboardorbytheagreementofanysixmembersoftheboard.Noticeofeachmeetingshall |
|---|
| 200 | | - | 48bedeliveredtoallothertrusteesinpersonorbyregisteredmailnotlessthansixdayspriorto |
|---|
| 201 | | - | 49thedatefixedforthemeeting.Theboardmaymeetatanytimebyunanimousmutual |
|---|
| 202 | | - | 50consent.Thereshallbeatleastonemeetingineachquarter. |
|---|
| 203 | | - | 51 6.Sixtrusteesshallconstituteaquorumforthetransactionofbusiness,andany |
|---|
| 204 | | - | 52officialactionoftheboardshallbebasedonamajorityvoteofthetrusteespresent. |
|---|
| 205 | | - | 53 7.Thetrusteesshallservewithoutcompensationbutshallreceivefromthefundtheir |
|---|
| 206 | | - | 54actualandnecessaryexpensesincurredintheperformanceoftheirdutiesfortheboard. |
|---|
| 207 | | - | 55 8.TheboardoftrusteesshallbeatypeIIIagencyandshallappointanexecutive |
|---|
| 208 | | - | 56directorandotheremployeesasneeded,whoshallbestateemployeesandbeeligibleforall |
|---|
| 209 | | - | 57correspondingbenefits.Theexecutivedirectorshallhavechargeoftheoffices,operations, |
|---|
| 210 | | - | 58records,andotheremployeesoftheboard,subjecttothedirectionoftheboard.Employees |
|---|
| 211 | | - | 59oftheboardshallreceivesuchsalariesandnecessaryexpensesasshallbefixedbytheboard. |
|---|
| 212 | | - | 60 9.StaffresourcesfortheMissouripetroleumstoragetankinsurancefundmaybe |
|---|
| 213 | | - | 61providedbythedepartmentofnaturalresourcesoranotherstateagencyasotherwise |
|---|
| 214 | | - | CCSSSSCSHCSHB2168 6 62specificallydeterminedbytheboard.Thefundshallcompensatethedepartmentofnatural |
|---|
| 215 | | - | 63resourcesorotherstateagencyforallcostsofprovidingstaffrequiredbythissubsection. |
|---|
| 216 | | - | 64Suchcompensationshallbemadepursuanttocontractsnegotiatedbetweentheboardandthe |
|---|
| 217 | | - | 65departmentofnaturalresourcesorotherstateagency. |
|---|
| 218 | | - | 66 10.Inordertocarryoutthefiduciarymanagementofthefund,theboardmayselect |
|---|
| 219 | | - | 67andemploy,ormaycontractwith,personsexperiencedininsuranceunderwriting, |
|---|
| 220 | | - | 68accounting,theservicingofclaimsandratemaking,andlegalcounseltodefendthird- |
|---|
| 221 | | - | 69partyclaims,whoshallserveattheboard'spleasure.Invoicesforsuchservicesshallbe |
|---|
| 222 | | - | 70presentedtotheboardinsufficientdetailtoallowathoroughreviewofthecostsofsuch |
|---|
| 223 | | - | 71services. |
|---|
| 224 | | - | 72 11.[Atthefirstmeetingoftheboard,] Theboardshallelectoneofitsmembersas |
|---|
| 225 | | - | 73chairman.Thechairmanshallpresideovermeetingsoftheboardandperformsuchother |
|---|
| 226 | | - | 74dutiesasshallberequiredbyactionoftheboard. |
|---|
| 227 | | - | 75 12.Theboardshallelectoneofitsmembersasvicechairman,andthevicechairman |
|---|
| 228 | | - | 76shallperformthedutiesofthechairmanintheabsenceofthelatteroruponthechairman's |
|---|
| 229 | | - | 77inabilityorrefusaltoact. |
|---|
| 230 | | - | 78 13.Theboardshalldetermineandprescribeallrulesandregulationsastheyrelateto |
|---|
| 231 | | - | 79fiduciarymanagementofthefund,pursuanttothepurposesofsections319.100to319.137. |
|---|
| 232 | | - | 80Innocaseshalltheboardhaveoversightregardingenvironmentalcleanupstandardsfor |
|---|
| 233 | | - | 81petroleumstoragetanks. |
|---|
| 234 | | - | 82 14.Notrusteeorstaffmemberofthefundshallreceiveanygainorprofitfromany |
|---|
| 235 | | - | 83moneysortransactionsofthefund.Thisshallnotprecludeanyeligibletrusteefrommakinga |
|---|
| 236 | | - | 84claimorreceivingbenefitsfromthepetroleumstoragetankinsurancefundasprovidedby |
|---|
| 237 | | - | 85sections319.100to319.137. |
|---|
| 238 | | - | 86 15.Theboardmayreinsurealloraportionofthefund'sliability.Anyinsurerwho |
|---|
| 239 | | - | 87sellsenvironmentalliabilityinsuranceinthisstatemay,attheoptionoftheboard,reinsure |
|---|
| 240 | | - | 88someportionofthefund'sliability. |
|---|
| 241 | | - | 89 16.ThepetroleumstoragetankinsurancefundshallexpireonDecember31,[2025] |
|---|
| 242 | | - | 902030, unlessextendedbyactionofthegeneralassembly.AfterDecember31,[2025] 2030, |
|---|
| 243 | | - | 91theboardoftrusteesmaycontinuetofunctionforthesolepurposeofcompletingpaymentof |
|---|
| 244 | | - | 92claimsmadepriortoDecember31,[2025] 2030. |
|---|
| 245 | | - | 93 17.Theboardshallannuallycommissionanindependentfinancialauditofthe |
|---|
| 246 | | - | 94petroleumstoragetankinsurancefund.Theboardshallbienniallycommissionanactuarial |
|---|
| 247 | | - | 95analysisofthepetroleumstoragetankinsurancefund.Theresultsofthefinancialauditand |
|---|
| 248 | | - | 96theactuarialanalysisshallbemadeavailabletothepublic.Theboardmaycontractwiththird |
|---|
| 249 | | - | 97partiestocarryouttherequirementsofthissubsection. |
|---|
| 250 | | - | CCSSSSCSHCSHB2168 7 98 18.Theboardoftrusteesshallpromulgateallnecessaryrulesandregulations |
|---|
| 251 | | - | 99fortheadministrationofthissection.Anyruleorportionofarule,asthattermis |
|---|
| 252 | | - | 100definedinsection536.010,thatiscreatedundertheauthoritydelegatedinthissection |
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| 253 | | - | 101shallbecomeeffectiveonlyifitcomplieswithandissubjecttoalloftheprovisionsof |
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| 254 | | - | 102chapter536and,ifapplicable,section536.028.Thissectionandchapter536are |
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| 255 | | - | 103nonseverableandifanyofthepowersvestedwiththegeneralassemblypursuantto |
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| 256 | | - | 104chapter536toreview,todelaytheeffectivedate,ortodisapproveandannularuleare |
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| 257 | | - | 105subsequentlyheldunconstitutional,thenthegrantofrulemakingauthorityandanyrule |
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| 258 | | - | 106proposedoradoptedafterAugust28,2022,shallbeinvalidandvoid. |
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| 259 | | - | 375.159.1.Asusedinthissection,thefollowingtermsshallmean: |
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| 260 | | - | 2 (1)"Aggregatorsite",awebsitethatprovidesinformationregardinginsurance |
|---|
| 261 | | - | 3productsfrommorethanoneinsurer,includingproductandinsurerinformation,for |
|---|
| 262 | | - | 4useincomparisonshopping; |
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| 263 | | - | 5 (2)"Blankettravelinsurance",apolicyoftravelinsuranceissuedtoanyeligible |
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| 264 | | - | 6groupprovidingcoverageforspecificclassesofpersonsdefinedinthepolicy,with |
|---|
| 265 | | - | 7coverageprovidedtoallmembersoftheeligiblegroupwithoutaseparatechargeto |
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| 266 | | - | 8individualmembersoftheeligiblegroup; |
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| 267 | | - | 9 (3)"Cancellationfeewaiver",acontractualagreementbetweenasupplierof |
|---|
| 268 | | - | 10travelservicesanditscustomertowaivesomeorallofthenonrefundablecancellation |
|---|
| 269 | | - | 11feeprovisionsofthesupplier'sunderlyingtravelcontractwithorwithoutregardtothe |
|---|
| 270 | | - | 12reasonforthecancellationorformofreimbursement.Acancellationfeewaiverisnot |
|---|
| 271 | | - | 13insurance; |
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| 272 | | - | 14 (4)"Director",thedirectorofthedepartmentofcommerceandinsurance; |
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| 273 | | - | 15 (5)"Eligiblegroup",solelyforthepurposeoftravelinsurance,twoormore |
|---|
| 274 | | - | 16personswhoareengagedinacommonenterpriseorhaveaneconomic,educational,or |
|---|
| 275 | | - | 17socialaffinityorrelationship,includingbutnotlimitedtoanyofthefollowing: |
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| 276 | | - | 18 (a)Anyentityengagedinthebusinessofprovidingtravelortravelservices, |
|---|
| 277 | | - | 19includingbutnotlimitedto:touroperators,lodgingproviders,vacationproperty |
|---|
| 278 | | - | 20owners,hotelsandresorts,travelclubs,travelagencies,propertymanagers,cultural |
|---|
| 279 | | - | 21exchangeprograms,andcommoncarriersortheoperator,owner,orlessorofameans |
|---|
| 280 | | - | 22oftransportationofpassengersincluding,butnotlimitedto,airlines,cruiselines, |
|---|
| 281 | | - | 23railroads,steamshipcompanies,andpublicbuscarriers,inwhichthereisacommon |
|---|
| 282 | | - | 24exposuretoriskattendanttotheparticulartypeoftravelortravelerforallmembersor |
|---|
| 283 | | - | 25customersofthegroup; |
|---|
| 284 | | - | 26 (b)Anycollege,school,orotherinstitutionoflearning,coveringstudents, |
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| 285 | | - | 27teachers,employees,orvolunteers; |
|---|
| 286 | | - | CCSSSSCSHCSHB2168 8 28 (c)Anyemployercoveringanygroupofemployees,volunteers,contractors, |
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| 287 | | - | 29membersofboardsofdirectors,dependents,orguests; |
|---|
| 288 | | - | 30 (d)Anysportsteam,camp,orsponsorthereof,coveringparticipants,members, |
|---|
| 289 | | - | 31campers,employees,officials,supervisors,orvolunteers; |
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| 290 | | - | 32 (e)Anyreligious,charitable,recreational,educational,orcivicorganization,or |
|---|
| 291 | | - | 33branchthereof,coveringanygroupofmembers,participants,orvolunteers; |
|---|
| 292 | | - | 34 (f)Anyfinancialinstitution,financialinstitutionvendor,orparentholding |
|---|
| 293 | | - | 35company,trustee,oragentofordesignatedbyoneormorefinancialinstitutionsor |
|---|
| 294 | | - | 36financialinstitutionvendors,includingaccountholders,creditcardholders,debtors, |
|---|
| 295 | | - | 37guarantors,orpurchasers; |
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| 296 | | - | 38 (g)Anyincorporatedorunincorporatedassociation,includinganylaborunion, |
|---|
| 297 | | - | 39havingacommoninterest,constitution,andbylaws,andorganizedandmaintainedin |
|---|
| 298 | | - | 40goodfaithforpurposesotherthanobtaininginsuranceformembersorparticipantsof |
|---|
| 299 | | - | 41suchassociationcoveringitsmembers; |
|---|
| 300 | | - | 42 (h)Anytrustorthetrusteesofafundestablished,created,ormaintainedforthe |
|---|
| 301 | | - | 43benefitofandcoveringmembers,employees,orcustomersofoneormoreassociations |
|---|
| 302 | | - | 44meetingtherequirementsofparagraph(g)ofthissubdivision,subjecttothedirector's |
|---|
| 303 | | - | 45permissionoftheuseofatrustandthestate'spremiumtaxprovisionsdescribedin |
|---|
| 304 | | - | 46subsection4ofthissection; |
|---|
| 305 | | - | 47 (i)Anyentertainmentproductioncompanycoveringanygroupofparticipants, |
|---|
| 306 | | - | 48volunteers,audiencemembers,contestants,orworkers; |
|---|
| 307 | | - | 49 (j)Anyvolunteerfiredepartment,ambulance,rescue,police,court,firstaid, |
|---|
| 308 | | - | 50civildefense,orothersuchvolunteergroup; |
|---|
| 309 | | - | 51 (k)Preschools,daycareinstitutionsforchildrenoradults,andseniorcitizen |
|---|
| 310 | | - | 52clubs; |
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| 311 | | - | 53 (l)Anyautomobileortruckrentalorleasingcompanycoveringagroupof |
|---|
| 312 | | - | 54personswhomaybecomerenters,lessees,orpassengersdefinedbytheirtravelstatuson |
|---|
| 313 | | - | 55therentedorleasedvehicles.Thecommoncarrier;theoperator,owner,orlessorofa |
|---|
| 314 | | - | 56meansoftransportation;ortheautomobileortruckrentalorleasingcompanyisthe |
|---|
| 315 | | - | 57policyholderunderapolicytowhichthissectionapplies;or |
|---|
| 316 | | - | 58 (m)Anyothergroupforwhichthedirectorhasdeterminedthatthemembers |
|---|
| 317 | | - | 59areengagedinacommonenterpriseorhaveaneconomic,educational,orsocialaffinity |
|---|
| 318 | | - | 60orrelationshipandthatissuanceofthepolicywouldnotbecontrarytothepublic |
|---|
| 319 | | - | 61interest; |
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| 320 | | - | 62 (6)"Fulfillmentmaterials",documentationsenttothepurchaserofatravel |
|---|
| 321 | | - | 63protectionplanconfirmingthepurchaseandprovidingthetravelprotectionplan's |
|---|
| 322 | | - | 64coverageandassistancedetails; |
|---|
| 323 | | - | CCSSSSCSHCSHB2168 9 65 (7)"Grouptravelinsurance",travelinsuranceissuedtoanyeligiblegroup; |
|---|
| 324 | | - | 66 (8)"Limitedlinestravelinsuranceproducer",a: |
|---|
| 325 | | - | 67 (a)Licensedmanaginggeneralagentasprovidedbysections375.147to375.153or |
|---|
| 326 | | - | 68third-partyadministrator; [or] |
|---|
| 327 | | - | 69 (b)Licensedinsuranceproducerasprovidedbychapter375[;], includingalimited |
|---|
| 328 | | - | 70linesproducer,designatedbytheinsurerasthetravelinsurancesupervisingentityasset |
|---|
| 329 | | - | 71forthinsubdivision(7)ofsubsection[5]3ofthissectionbelow;or |
|---|
| 330 | | - | 72 (c)Traveladministrator; |
|---|
| 331 | | - | 73 [(2)] (9)"Offeranddisseminate",providegeneralinformation,includinga |
|---|
| 332 | | - | 74descriptionofthecoverageandprice,aswellasprocesstheapplication,collectpremiums, |
|---|
| 333 | | - | 75andperformothernonlicensableactivitiespermittedbythestate; |
|---|
| 334 | | - | 76 [(3)](10)"Primarycertificateholder",apersonwhoelectsandpurchasestravel |
|---|
| 335 | | - | 77insuranceunderagrouppolicy; |
|---|
| 336 | | - | 78 (11)"Primarypolicyholder",apersonwhoelectsandpurchasesindividual |
|---|
| 337 | | - | 79travelinsurance; |
|---|
| 338 | | - | 80 (12)"Traveladministrator",apersonwhodirectlyorindirectlyunderwrites; |
|---|
| 339 | | - | 81collectscharges,collateral,orpremiumsfrom;oradjustsandsettlesclaimsonresidents |
|---|
| 340 | | - | 82ofthisstateinconnectionwithtravelinsurance;exceptthatapersonshallnotbe |
|---|
| 341 | | - | 83consideredatraveladministratorifthatperson'sonlyactionsthatwouldotherwise |
|---|
| 342 | | - | 84causethepersontobeconsideredatraveladministratorareamongthefollowing: |
|---|
| 343 | | - | 85 (a)Apersonworkingforatraveladministratortotheextentthattheperson's |
|---|
| 344 | | - | 86activitiesaresubjecttothesupervisionandcontrolofthetraveladministrator; |
|---|
| 345 | | - | 87 (b)Aninsuranceproducersellinginsuranceorengagedinadministrativeand |
|---|
| 346 | | - | 88claims-relatedactivitieswithinthescopeoftheproducer'slicense; |
|---|
| 347 | | - | 89 (c)Atravelretailerofferinganddisseminatingtravelinsuranceandregistered |
|---|
| 348 | | - | 90underthelicenseofalimitedlinestravelinsuranceproducerinaccordancewiththis |
|---|
| 349 | | - | 91section; |
|---|
| 350 | | - | 92 (d)Apersonadjustingorsettlingclaimsinthenormalcourseofthatperson's |
|---|
| 351 | | - | 93practiceoremploymentasanattorney-at-lawandwhodoesnotcollectchargesor |
|---|
| 352 | | - | 94premiumsinconnectionwithinsurancecoverage;or |
|---|
| 353 | | - | 95 (e)Abusinessentitythatisaffiliatedwithalicensedinsurerwhileactingasa |
|---|
| 354 | | - | 96traveladministratorforthedirectandassumedinsurancebusinessofanaffiliated |
|---|
| 355 | | - | 97insurer; |
|---|
| 356 | | - | 98 (13)"Travelassistanceservices",noninsuranceservicesforwhichtheconsumer |
|---|
| 357 | | - | 99isnotindemnifiedbasedonafortuitouseventandinwhichprovidingtheservicedoes |
|---|
| 358 | | - | 100notresultintransferorshiftingofriskthatwouldconstitutethebusinessofinsurance. |
|---|
| 359 | | - | 101Theterm"travelassistanceservices"includes,butisnotlimitedto:securityadvisories, |
|---|
| 360 | | - | CCSSSSCSHCSHB2168 10 102destinationinformation,vaccinationandimmunizationinformationservices,travel |
|---|
| 361 | | - | 103reservationservices,entertainment,activityandeventplanning,translationassistance, |
|---|
| 362 | | - | 104emergencymessaging,internationallegalandmedicalreferrals,medicalcase |
|---|
| 363 | | - | 105monitoring,coordinationoftransportationarrangements,emergencycashtransfer |
|---|
| 364 | | - | 106assistance,medicalprescriptionreplacementassistance,passportandtraveldocument |
|---|
| 365 | | - | 107replacementassistance,lostluggageassistance,conciergeservices,andanyotherservice |
|---|
| 366 | | - | 108thatisfurnishedinconnectionwithplannedtravel.Travelassistanceservicesarenot |
|---|
| 367 | | - | 109insuranceandnotrelatedtoinsurance; |
|---|
| 368 | | - | 110 (14)"Travelinsurance",insurancecoverageforpersonalrisksincidenttoplanned |
|---|
| 369 | | - | 111travel,including,butnotlimitedto: |
|---|
| 370 | | - | 112 (a)Interruptionorcancellationoftriporevent; |
|---|
| 371 | | - | 113 (b)Lossofbaggageorpersonaleffects; |
|---|
| 372 | | - | 114 (c)Damagestoaccommodationsorrentalvehicles;[or] |
|---|
| 373 | | - | 115 (d)Sickness,accident,disability,ordeathoccurringduringtravel; |
|---|
| 374 | | - | 116 (e)Emergencyevacuation; |
|---|
| 375 | | - | 117 (f)Repatriationofremains;or |
|---|
| 376 | | - | 118 (g)Anyothercontractualobligationstoindemnifyorpayaspecifiedamountto |
|---|
| 377 | | - | 119thetravelerupondeterminablecontingenciesrelatedtotravelasapprovedbythe |
|---|
| 378 | | - | 120director. |
|---|
| 379 | | - | 121 |
|---|
| 380 | | - | 122Travelinsurancedoesnotincludemajormedicalplans,whichprovidecomprehensive |
|---|
| 381 | | - | 123medicalprotectionfortravelerswithtripslastingsixmonthsorlonger,including,for |
|---|
| 382 | | - | 124example,thosepersonsworkingoverseasasexpatriatesormilitarypersonnelbeingdeployed, |
|---|
| 383 | | - | 125oranyotherproductthatrequiresaspecificinsuranceproducerlicense; |
|---|
| 384 | | - | 126 [(4)](15)"Travelprotectionplans",plansthatprovideoneormoreofthe |
|---|
| 385 | | - | 127following: |
|---|
| 386 | | - | 128 (a)Travelinsurance; |
|---|
| 387 | | - | 129 (b)Travelassistanceservices;or |
|---|
| 388 | | - | 130 (c)Cancellationfeewaivers; |
|---|
| 389 | | - | 131 (16)"Travelretailer",abusinessentitythatmakes,arranges,orofferstravelservices |
|---|
| 390 | | - | 132andmayofferanddisseminatetravelinsuranceasaservicetoitscustomersonbehalfofand |
|---|
| 391 | | - | 133underthedirectionofalimitedlinestravelinsuranceproducer. |
|---|
| 392 | | - | 134 2.(1)Therequirementsofthissectionshallapplytotravelinsurancethatcovers |
|---|
| 393 | | - | 135anyresidentofthisstateandissold,solicited,negotiated,orofferedinthisstateand |
|---|
| 394 | | - | 136policiesandcertificatesthataredeliveredorissuedfordeliveryinthisstate.Exceptas |
|---|
| 395 | | - | 137expresslyprovidedinthissection,therequirementsofthissectionshallnotapplyto |
|---|
| 396 | | - | 138cancellationfeewaiversortravelassistanceservices. |
|---|
| 397 | | - | CCSSSSCSHCSHB2168 11 139 (2)Allotherapplicableprovisionsofthisstate'sinsurancelawsshallcontinueto |
|---|
| 398 | | - | 140applytotravelinsurance,exceptthatthespecificprovisionsofthissectionshall |
|---|
| 399 | | - | 141supersedeanygeneralprovisionsoflawthatwouldotherwisebeapplicabletotravel |
|---|
| 400 | | - | 142insurance. |
|---|
| 401 | | - | 143 3.Notwithstandinganyotherprovisionoflaw: |
|---|
| 402 | | - | 144 (1)Thedirectormayissuealimitedlinestravelinsuranceproducerlicensetoa |
|---|
| 403 | | - | 145personorbusinessentitythathasfiledwiththedirectoranapplicationforalimited |
|---|
| 404 | | - | 146linestravelinsuranceproducerlicenseinaformandmannerprescribedbythedirector. |
|---|
| 405 | | - | 147Alimitedlinestravelinsuranceproducershallbelicensedtosell,solicit,ornegotiate |
|---|
| 406 | | - | 148travelinsurancethroughalicensedinsurer.Nopersonshallactasalimitedlinestravel |
|---|
| 407 | | - | 149insuranceproducerortravelretailerunlessproperlylicensedorregistered, |
|---|
| 408 | | - | 150respectively; |
|---|
| 409 | | - | 151 (2)Atravelretailermayofferanddisseminatetravelinsuranceonbehalfofandunder |
|---|
| 410 | | - | 152thecontrolofalimitedlinestravelinsuranceproduceronlyifthefollowingconditionsare |
|---|
| 411 | | - | 153met: |
|---|
| 412 | | - | 154 (a)Thelimitedlinestravelinsuranceproducerortravelretailerprovidesto |
|---|
| 413 | | - | 155purchasersoftravelinsurance: |
|---|
| 414 | | - | 156 a.Adescriptionofthematerialtermsortheactualmaterialtermsoftheinsurance |
|---|
| 415 | | - | 157coverage; |
|---|
| 416 | | - | 158 b.Adescriptionoftheprocessforfilingaclaim; |
|---|
| 417 | | - | 159 c.Adescriptionoftherevieworcancellationprocessforthetravelinsurancepolicy; |
|---|
| 418 | | - | 160and |
|---|
| 419 | | - | 161 d.Theidentityandcontactinformationoftheinsurerandlimitedlinestravel |
|---|
| 420 | | - | 162insuranceproducer; |
|---|
| 421 | | - | 163 (b)Atthetimeoflicensure,thelimitedlinestravelinsuranceproducershallestablish |
|---|
| 422 | | - | 164andmaintainaregisteronaformprescribedbythedirectorofeachtravelretailerthatoffers |
|---|
| 423 | | - | 165travelinsuranceonthelimitedlinestravelinsuranceproducer'sbehalf.Theregistershallbe |
|---|
| 424 | | - | 166maintainedandupdatedannuallybythelimitedlinestravelinsuranceproducerandshall |
|---|
| 425 | | - | 167includethename,address,andcontactinformationofthetravelretailerandanofficeror |
|---|
| 426 | | - | 168personwhodirectsorcontrolsthetravelretailer'soperations,andthetravelretailer'sfederal |
|---|
| 427 | | - | 169taxidentificationnumber.Thelimitedlinestravelinsuranceproducershallsubmitsuch |
|---|
| 428 | | - | 170registerwithinthirtydaysuponrequestbythedepartment.Thelimitedlinestravelinsurance |
|---|
| 429 | | - | 171producershallalsocertifythatthetravelretailer[register] registeredcomplieswith18 |
|---|
| 430 | | - | 172U.S.C.1033. Thegroundsforsuspensionandrevocationandthepenaltiesapplicableto |
|---|
| 431 | | - | 173residentinsuranceproducersundersections375.141to375.153shallbeapplicableto |
|---|
| 432 | | - | 174thelimitedlinestravelinsuranceproducersandtravelretailers; |
|---|
| 433 | | - | CCSSSSCSHCSHB2168 12 175 (c)Thelimitedlinestravelinsuranceproducerhasdesignatedoneofitsemployees |
|---|
| 434 | | - | 176whoisalicensedindividualproducerasapersonresponsibleforthebusinessentity's |
|---|
| 435 | | - | 177compliancewiththetravelinsurancelaws,rules,andregulationsofthisstate; |
|---|
| 436 | | - | 178 (d)Thedesignatedpersonunderparagraph(c)ofthissubdivision,president, |
|---|
| 437 | | - | 179secretary,treasurer,andanyotherofficerorpersonwhodirectsorcontrolsthelimitedlines |
|---|
| 438 | | - | 180travelinsuranceproducer'sinsuranceoperationscomplieswiththefingerprinting |
|---|
| 439 | | - | 181requirementsapplicabletoinsuranceproducersintheresidentstateofthe[businessentity] |
|---|
| 440 | | - | 182limitedlinestravelinsuranceproducer; |
|---|
| 441 | | - | 183 (e)Thelimitedlinestravelinsuranceproducerhaspaidallapplicableinsurance |
|---|
| 442 | | - | 184producerlicensingfeesassetforthinapplicablestatelaw; |
|---|
| 443 | | - | 185 (f)Thelimitedlinestravelinsuranceproducerrequireseachemployeeandauthorized |
|---|
| 444 | | - | 186representativeofthetravelretailerwhosedutiesincludeofferinganddisseminatingtravel |
|---|
| 445 | | - | 187insurancetoreceiveaprogramofinstructionortraining,whichmaybesubjecttoreviewby |
|---|
| 446 | | - | 188thedirector.Thetrainingmaterialshall,ataminimum,containinstructionsonthetypesof |
|---|
| 447 | | - | 189insuranceoffered,ethicalsalespractices,andrequireddisclosurestoprospectivecustomers; |
|---|
| 448 | | - | 190 [(2)](3)Anytravelretailerofferingordisseminatingtravelinsuranceshallmake |
|---|
| 449 | | - | 191availabletoprospectivepurchasersbrochuresorotherwrittenmaterialsthathavebeen |
|---|
| 450 | | - | 192approvedbythetravelinsurer.Suchmaterialsshallincludeinformationthat,ata |
|---|
| 451 | | - | 193minimum,shall: |
|---|
| 452 | | - | 194 (a)Providetheidentityandcontactinformationoftheinsurerandthelimitedlines |
|---|
| 453 | | - | 195travelinsuranceproducer; |
|---|
| 454 | | - | 196 (b)Explainthatthepurchaseoftravelinsuranceisnotrequiredtopurchaseanyother |
|---|
| 455 | | - | 197productorservicefromthetravelretailer;and |
|---|
| 456 | | - | 198 (c)Explainthatanunlicensedtravelretailerispermittedtoprovidegeneral |
|---|
| 457 | | - | 199informationabouttheinsuranceofferedbythetravelretailer,includingadescriptionofthe |
|---|
| 458 | | - | 200coverageandprice,butisnotqualifiedorauthorizedtoanswertechnicalquestionsaboutthe |
|---|
| 459 | | - | 201termsandconditionsoftheinsuranceofferedbythetravelretailerortoevaluatetheadequacy |
|---|
| 460 | | - | 202ofthecustomer'sexistinginsurancecoverage; |
|---|
| 461 | | - | 203 [(3)](4)Atravelretailer'semployeeorauthorizedrepresentative,whoisnotlicensed |
|---|
| 462 | | - | 204asaninsuranceproducer,maynot: |
|---|
| 463 | | - | 205 (a)Evaluateorinterpretthetechnicalterms,benefits,andconditionsoftheoffered |
|---|
| 464 | | - | 206travelinsurancecoverage; |
|---|
| 465 | | - | 207 (b)Evaluateorprovideadviceconcerningaprospectivepurchaser'sexisting |
|---|
| 466 | | - | 208insurancecoverage;or |
|---|
| 467 | | - | 209 (c)Holdthemselvesoritselfoutasalicensedinsurer,licensedproducer,orinsurance |
|---|
| 468 | | - | 210expert[.]; |
|---|
| 469 | | - | CCSSSSCSHCSHB2168 13 211 [3.Notwithstandinganyotherprovisionoflaw,](5)Atravelretailerwhose |
|---|
| 470 | | - | 212insurance-relatedactivities,andthoseofitsemployeesandauthorizedrepresentatives,are |
|---|
| 471 | | - | 213limitedtoofferinganddisseminatingtravelinsuranceonbehalfofandunderthedirectionof |
|---|
| 472 | | - | 214alimitedlinestravelinsuranceproducermeetingtheconditionsstatedinthissectionis |
|---|
| 473 | | - | 215authorizedtodosoandreceiverelatedcompensation,uponregistrationbythelimitedlines |
|---|
| 474 | | - | 216travelinsuranceproducerasdescribedinparagraph(b)ofsubdivision[(1)](2)ofthis |
|---|
| 475 | | - | 217subsection[2ofthissection.]; |
|---|
| 476 | | - | 218 [4.](6)Travelinsurancemaybeprovidedunderanindividualpolicyorundera |
|---|
| 477 | | - | 219groupor[master] blanketpolicy[.]; |
|---|
| 478 | | - | 220 [5.](7)Astheinsurerdesignee,thelimitedlinestravelinsuranceproduceris |
|---|
| 479 | | - | 221responsiblefortheactsofthetravelretailerandshallusereasonablemeanstoensure |
|---|
| 480 | | - | 222compliancebythetravelretailerwiththissection; and |
|---|
| 481 | | - | 223 (8)Anypersonlicensedinamajorlineofauthorityasaninsuranceproduceris |
|---|
| 482 | | - | 224authorizedtosell,solicit,andnegotiatetravelinsurance.Apropertyandcasualty |
|---|
| 483 | | - | 225insuranceproducerisnotrequiredtobecomeappointedbyaninsurerinordertosell, |
|---|
| 484 | | - | 226solicit,ornegotiatetravelinsurance. |
|---|
| 485 | | - | 227 4.(1)Atravelinsurershallpaypremiumtax,asprovidedinsection148.370,on |
|---|
| 486 | | - | 228travelinsurancepremiumspaidbyanyofthefollowing: |
|---|
| 487 | | - | 229 (a)Anindividualprimarypolicyholderwhoisaresidentofthisstate; |
|---|
| 488 | | - | 230 (b)Aprimarycertificateholderwhoisaresidentofthisstatewhoelects |
|---|
| 489 | | - | 231coverageunderagrouptravelinsurancepolicy;or |
|---|
| 490 | | - | 232 (c)Ablankettravelinsurancepolicyholderthatisaresidentinthisstateorhas |
|---|
| 491 | | - | 233itsprincipalplaceofbusinessortheprincipalplaceofbusinessofanaffiliateor |
|---|
| 492 | | - | 234subsidiarythathaspurchasedblankettravelinsuranceinthisstateforeligibleblanket |
|---|
| 493 | | - | 235groupmembers,subjecttoanyapportionmentrulesthatapplytotheinsureracross |
|---|
| 494 | | - | 236multipletaxingjurisdictionsorthatpermittheinsurertoallocatepremiumonan |
|---|
| 495 | | - | 237apportionedbasisinareasonableandequitablemannerinthosejurisdictions. |
|---|
| 496 | | - | 238 (2)Atravelinsurershall: |
|---|
| 497 | | - | 239 (a)Documentthestateofresidenceorprincipalplaceofbusinessofthe |
|---|
| 498 | | - | 240policyholderorcertificateholder,asrequiredinsubdivision(1)ofthissubsection;and |
|---|
| 499 | | - | 241 (b)Reportaspremiumonlytheamountallocabletotravelinsuranceandnot |
|---|
| 500 | | - | 242anyamountsreceivedfortravelassistanceservicesorcancellationfeewaivers. |
|---|
| 501 | | - | 243 5.Travelprotectionplansmaybeofferedforonepriceforthecombinedfeatures |
|---|
| 502 | | - | 244thatthetravelprotectionplanoffersinthisstateif: |
|---|
| 503 | | - | 245 (1)Thetravelprotectionplanclearlydisclosestotheconsumer,atorpriortothe |
|---|
| 504 | | - | 246timeofpurchase,thatitincludestravelinsurance,travelassistanceservices,and |
|---|
| 505 | | - | 247cancellationfeewaiversasapplicable,andprovidesinformationandanopportunity,at |
|---|
| 506 | | - | CCSSSSCSHCSHB2168 14 248orpriortothetimeofpurchase,fortheconsumertoobtainadditionalinformation |
|---|
| 507 | | - | 249regardingthefeaturesandpricingofeach; |
|---|
| 508 | | - | 250 (2)Thefulfillmentmaterialsdescribeanddelineatethetravelinsurance,travel |
|---|
| 509 | | - | 251assistanceservices,andcancellationfeewaiversinthetravelprotectionplan;and |
|---|
| 510 | | - | 252 (3)Thefulfillmentmaterialsincludethetravelinsurancedisclosuresandthe |
|---|
| 511 | | - | 253contactinformationforpersonsprovidingtravelassistanceservicesandcancellationfee |
|---|
| 512 | | - | 254waivers,asapplicable. |
|---|
| 513 | | - | 255 6.(1)Exceptasotherwiseprovidedinthissection,allpersonsofferingtravel |
|---|
| 514 | | - | 256insurancetoresidentsofthisstatearesubjecttosections375.930to375.948.Ifthereisa |
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| 515 | | - | 257conflictbetweenthissectionandotherprovisionsofchapters361to385regardingthe |
|---|
| 516 | | - | 258saleandmarketingoftravelinsuranceandtravelprotectionplans,theprovisionsofthis |
|---|
| 517 | | - | 259sectionshallcontrol. |
|---|
| 518 | | - | 260 (2)Offeringorsellingatravelinsurancepolicythatcouldneverresultin |
|---|
| 519 | | - | 261paymentofanyclaimsforanyinsuredunderthepolicyisanunfairtradepracticeunder |
|---|
| 520 | | - | 262sections375.930to375.948. |
|---|
| 521 | | - | 263 (3)(a)Alldocumentsprovidedtoconsumerspriortothepurchaseoftravel |
|---|
| 522 | | - | 264insurance,includingbutnotlimitedtosalesmaterials,advertisingmaterials,and |
|---|
| 523 | | - | 265marketingmaterials,shallbeconsistentwiththetravelinsurancepolicyitself,including |
|---|
| 524 | | - | 266butnotlimitedtoforms,endorsements,policies,ratefilings,andcertificatesof |
|---|
| 525 | | - | 267insurance. |
|---|
| 526 | | - | 268 (b)Fortravelinsurancepoliciesorcertificatesthatcontainpreexistingcondition |
|---|
| 527 | | - | 269exclusions,informationandanopportunitytolearnmoreaboutthepreexisting |
|---|
| 528 | | - | 270conditionexclusionsshallbeprovidedanytimepriortothetimeofpurchase,andinthe |
|---|
| 529 | | - | 271coverage'sfulfillmentmaterials. |
|---|
| 530 | | - | 272 (c)Thefulfillmentmaterialsandtheinformationdescribedinparagraph(a)of |
|---|
| 531 | | - | 273subdivision(2)ofsubsection3ofthissectionshallbeprovidedtoapolicyholderor |
|---|
| 532 | | - | 274certificateholderassoonaspracticablefollowingthepurchaseofatravelprotection |
|---|
| 533 | | - | 275plan.Unlesstheinsuredhaseitherstartedacoveredtriporfiledaclaimunderthe |
|---|
| 534 | | - | 276travelinsurancecoverage,apolicyholderorcertificateholdermaycancelapolicyor |
|---|
| 535 | | - | 277certificateforafullrefundofthetravelprotectionplanpricefromthedateofpurchase |
|---|
| 536 | | - | 278ofatravelprotectionplanuntilatleast: |
|---|
| 537 | | - | 279 a.Fifteendaysfollowingthedateofdeliveryofthetravelprotectionplan's |
|---|
| 538 | | - | 280fulfillmentmaterialsbypostalmail;or |
|---|
| 539 | | - | 281 b.Tendaysfollowingthedateofdeliveryofthetravelprotectionplan's |
|---|
| 540 | | - | 282fulfillmentmaterialsbymeansotherthanpostalmail. |
|---|
| 541 | | - | 283 |
|---|
| 542 | | - | CCSSSSCSHCSHB2168 15 284Forpurposesofthisparagraph,deliverymeanshandingfulfillmentmaterialstothe |
|---|
| 543 | | - | 285policyholderorcertificateholderorsendingfulfillmentmaterialsbypostalmailor |
|---|
| 544 | | - | 286electronicmeanstothepolicyholderorcertificateholder. |
|---|
| 545 | | - | 287 (d)Thecompanyshalldiscloseinthepolicydocumentationandfulfillment |
|---|
| 546 | | - | 288materialswhetherthetravelinsuranceisprimaryorsecondarytootherapplicable |
|---|
| 547 | | - | 289coverage. |
|---|
| 548 | | - | 290 (e)Marketingtravelinsurancedirectlytoaconsumerthroughaninsurer's |
|---|
| 549 | | - | 291websiteorbyothersthroughanaggregatorsiteshallnotbeanunfairtradepracticeor |
|---|
| 550 | | - | 292otherviolationoflawifanaccuratesummaryorshortdescriptionofcoverageis |
|---|
| 551 | | - | 293providedonthewebpageandtheconsumerhasaccesstothefullprovisionsofthe |
|---|
| 552 | | - | 294policythroughelectronicmeans. |
|---|
| 553 | | - | 295 (4)Nopersonoffering,soliciting,ornegotiatingtravelinsuranceortravel |
|---|
| 554 | | - | 296protectionplansonanindividualorgroupbasisshalldosobyusingnegativeoptionor |
|---|
| 555 | | - | 297opt-outthatwouldrequireaconsumertotakeanaffirmativeactiontodeselect |
|---|
| 556 | | - | 298coverage,suchasuncheckingaboxonanelectronicform,whentheconsumer |
|---|
| 557 | | - | 299purchasesatrip. |
|---|
| 558 | | - | 300 (5)Itshallbeanunfairtradepracticetomarketblankettravelinsurance |
|---|
| 559 | | - | 301coverageasfree. |
|---|
| 560 | | - | 302 (6)Whereaconsumer'sdestinationjurisdictionrequiresinsurancecoverage,it |
|---|
| 561 | | - | 303shallnotbeanunfairtradepracticetorequirethataconsumerchoosebetweenthe |
|---|
| 562 | | - | 304followingoptionsasaconditionofpurchasingatriportravelpackage: |
|---|
| 563 | | - | 305 (a)Purchasingthecoveragerequiredbythedestinationjurisdictionthroughthe |
|---|
| 564 | | - | 306travelretailerorlimitedlinestravelinsuranceproducersupplyingthetriportravel |
|---|
| 565 | | - | 307package;or |
|---|
| 566 | | - | 308 (b)Agreeingtoobtainandprovideproofofcoveragethatmeetsthedestination |
|---|
| 567 | | - | 309jurisdiction'srequirementspriortodeparture. |
|---|
| 568 | | - | 310 7.(1)Notwithstandinganyotherprovisionsofchapters361to385,noperson |
|---|
| 569 | | - | 311shallactorrepresenthimselforherselfasatraveladministratorfortravelinsurancein |
|---|
| 570 | | - | 312thisstateunlesstheperson: |
|---|
| 571 | | - | 313 (a)Isalicensedpropertyandcasualtyinsuranceproducerinthisstatefor |
|---|
| 572 | | - | 314activitiespermittedunderthatproducerlicense; |
|---|
| 573 | | - | 315 (b)Holdsavalidmanaginggeneralagentlicenseinthisstate;or |
|---|
| 574 | | - | 316 (c)Holdsavalidthird-partyadministratorlicenseinthisstate. |
|---|
| 575 | | - | 317 (2)Aninsurerisresponsiblefortheactsofatraveladministratoradministering |
|---|
| 576 | | - | 318travelinsuranceunderwrittenbytheinsurer,andisresponsibleforensuringthatthe |
|---|
| 577 | | - | 319traveladministratormaintainsallbooksandrecordsrelevanttotheinsurertobemade |
|---|
| 578 | | - | 320availablebythetraveladministratortothedirectoruponrequest. |
|---|
| 579 | | - | CCSSSSCSHCSHB2168 16 321 8.(1)Notwithstandinganyotherprovisionofchapters361to385,travel |
|---|
| 580 | | - | 322insuranceshallbeclassifiedandfiledforpurposesofratesandformsunderaninland |
|---|
| 581 | | - | 323marinelineofinsurance,exceptthattravelinsurancethatprovidescoveragefor |
|---|
| 582 | | - | 324sickness,accident,disability,ordeathoccurringduringtravel,eitherexclusivelyorin |
|---|
| 583 | | - | 325conjunctionwithrelatedcoveragesofemergencyevacuationorrepatriationofremains |
|---|
| 584 | | - | 326orincidentallimitedpropertyandcasualtybenefitssuchasbaggageortripcancellation, |
|---|
| 585 | | - | 327maybefiledundereitheranaccidentandhealthlineofinsuranceoraninlandmarine |
|---|
| 586 | | - | 328lineofinsurance. |
|---|
| 587 | | - | 329 (2)Eligibilityandunderwritingstandardsfortravelinsurancemaybe |
|---|
| 588 | | - | 330developedandprovidedbasedontravelprotectionplansdesignedforindividualor |
|---|
| 589 | | - | 331identifiedmarketingordistributionchannels,providedthosestandardsalsomeetthe |
|---|
| 590 | | - | 332state'sunderwritingstandardsforaninlandmarinelineofinsurance. |
|---|
| 591 | | - | 333 [6.]9.Thelimitedlinestravelinsuranceproducerandanytravelretailerofferingand |
|---|
| 592 | | - | 334disseminatingtravelinsuranceunderthelimitedlinestravelinsuranceproducerlicenseshall |
|---|
| 593 | | - | 335besubjecttotheprovisionsofchapters374and375,exceptasprovidedforinthissection. |
|---|
| 594 | | - | 336 [7.]10.Thedirectormaypromulgaterulestoeffectuatethissection.Anyruleor |
|---|
| 595 | | - | 337portionofarule,asthattermisdefinedinsection536.010,thatiscreatedundertheauthority |
|---|
| 596 | | - | 338delegatedinthissectionshallbecomeeffectiveonlyifitcomplieswithandissubjecttoallof |
|---|
| 597 | | - | 339theprovisionsofchapter536and,ifapplicable,section536.028.Thissectionandchapter |
|---|
| 598 | | - | 340536arenonseverableandifanyofthepowersvestedwiththegeneralassemblypursuantto |
|---|
| 599 | | - | 341chapter536toreview,todelaytheeffectivedate,ortodisapproveandannularuleare |
|---|
| 600 | | - | 342subsequentlyheldunconstitutional,thenthegrantofrulemakingauthorityandanyrule |
|---|
| 601 | | - | 343proposedoradoptedafterAugust28,2013,shallbeinvalidandvoid. |
|---|
| 602 | | - | 376.380.1.Thelegalminimumstandardforvaluationofpoliciesandcontractsand |
|---|
| 603 | | - | 2thereservestobemaintainedthereonshallbeasfollows: |
|---|
| 604 | | - | 3 (1)Forthosepoliciesandcontractsissuedpriortotheoperativedateprovidedin |
|---|
| 605 | | - | 4subsection20ofsection376.670: |
|---|
| 606 | | - | 5 (a)Exceptasotherwiseprovidedinsubdivision(3)ofthissubsection,thelegal |
|---|
| 607 | | - | 6minimumstandardforvaluationofpoliciesoflifeinsuranceorannuitycontractsissuedprior |
|---|
| 608 | | - | 7toApril13,1934,shallbetheActuaries'orCombinedExperienceTableofMortality,with |
|---|
| 609 | | - | 8interestattherateoffivepercentperannumforgroupannuitycontractsandfourpercentper |
|---|
| 610 | | - | 9annumforallotherpoliciesandcontracts;andforpoliciesoflifeinsuranceandannuity |
|---|
| 611 | | - | 10contractsissuedonandafterApril13,1934,suchminimumstandardshallbetheAmerican |
|---|
| 612 | | - | 11ExperienceTableofMortalitywithinterestattherateoffivepercentperannumforgroup |
|---|
| 613 | | - | 12annuitycontractsandthreeandone-halfpercentperannumforallotherpoliciesand |
|---|
| 614 | | - | 13contracts; |
|---|
| 615 | | - | CCSSSSCSHCSHB2168 17 14 (b)Thedirectormayvarythelegalminimumstandardsofinterestandmortalityfor |
|---|
| 616 | | - | 15annuitycontractsandinparticularcasesofinvalidorsubstandardlivesandotherextra |
|---|
| 617 | | - | 16hazards,andshallhavetherightandauthoritytodesignatethelegalminimumstandardfor |
|---|
| 618 | | - | 17valuationoftotalandpermanentdisabilitybenefitsandadditionalaccidentaldeathbenefits; |
|---|
| 619 | | - | 18 (c)Policiesissuedbycompaniesdoingbusinessinthisstatemayprovidefornot |
|---|
| 620 | | - | 19morethanoneyearpreliminaryterminsurancebyincorporatingintheprovisionsthereof, |
|---|
| 621 | | - | 20specifyingthepremiumconsiderationtobereceived,aclauseplainlyshowingthatthefirst |
|---|
| 622 | | - | 21year'sinsuranceundersuchpoliciesisterminsurance,purchasedbythewholeorapartofthe |
|---|
| 623 | | - | 22premiumtobereceivedduringthefirstpolicyyearandshallbevaluedaccordingly;provided, |
|---|
| 624 | | - | 23thatifthepremiumchargedforterminsuranceunderalimitedpaymentlifepreliminaryterm |
|---|
| 625 | | - | 24policyprovidingforthepaymentofallpremiumsthereoninlessthantwentyyearsfromthe |
|---|
| 626 | | - | 25dateofthepolicy,orunderanendowmentpreliminarytermpolicy,exceedsthatchargedfor |
|---|
| 627 | | - | 26lifeinsurancetwentypaymentlifepreliminarytermpoliciesofthesamecompany,thereserve |
|---|
| 628 | | - | 27thereonattheendofanyyear,includingthefirst,shallnotbelessthanthereserveona |
|---|
| 629 | | - | 28twentypaymentlifepreliminarytermpolicyissuedinthesameyearandatthesameage, |
|---|
| 630 | | - | 29togetherwithanamountwhichshallbeequivalenttotheaccumulationofanetlevelpremium |
|---|
| 631 | | - | 30sufficienttoprovideforapureendowmentattheendofthepremiumpaymentperiodequalto |
|---|
| 632 | | - | 31thedifferencebetweenthevalueattheendofsuchperiodofsuchtwentypaymentlife |
|---|
| 633 | | - | 32preliminarytermpolicyandthefullreserveatsuchtimeofsuchalimitedpaymentlifeor |
|---|
| 634 | | - | 33endowmentpolicy.Thepremiumpaymentperiodistheperiodduringwhichpremiumsare |
|---|
| 635 | | - | 34concurrentlypayableundersuchtwentypaymentlifepreliminarytermpolicyandsuch |
|---|
| 636 | | - | 35limitedpaymentlifeorendowmentpolicy; |
|---|
| 637 | | - | 36 (d)Reservesforallsuchpoliciesandcontractsmaybecalculated,attheoptionofthe |
|---|
| 638 | | - | 37company,accordingtoanystandardswhichproducegreateraggregatereservesforallsuch |
|---|
| 639 | | - | 38policiesandcontractsthantheminimumreservesrequiredbythissubdivision.Inthecaseof |
|---|
| 640 | | - | 39policyobligationsofaninsolventlifeinsurancecompanyassumedorreinsuredinbulkbyan |
|---|
| 641 | | - | 40insurancecompanyuponabasisrequiringaseparateaccountingofthebusinessandassetsof |
|---|
| 642 | | - | 41suchinsolventcompanyandanapplicationofanypartoftheearningstherefromupon |
|---|
| 643 | | - | 42obligationswhicharenotimplicitintheoriginaltermsofthepoliciesorcontractsassumedor |
|---|
| 644 | | - | 43reinsured,thedirector,inordertoprotectallpolicyholdersofthereinsuringcompany, |
|---|
| 645 | | - | 44includingtheholdersofallpoliciessoassumedorreinsured,andtosafeguardthefuture |
|---|
| 646 | | - | 45solvencyofsuchreinsuringcompany,shallhavetherightandauthoritytodesignatestandards |
|---|
| 647 | | - | 46ofvaluationforsuchreinsuredpoliciesandcontractswhichwillproducegreateraggregate |
|---|
| 648 | | - | 47reservesforallsuchpoliciesandcontractsthantheminimumreservesrequiredbythis |
|---|
| 649 | | - | 48subdivisionorthetermsandprovisionsofthepoliciesandcontractssoassumedorreinsured, |
|---|
| 650 | | - | 49and,insuchevent,suchreinsuringcompanyshallnot,thereafter,adoptanylowerstandards |
|---|
| 651 | | - | 50ofvaluationwithouttheapprovalofthedirector. |
|---|
| 652 | | - | CCSSSSCSHCSHB2168 18 51 (2)Forthosepoliciesandcontractsissuedonoraftertheoperativedateprovidedin |
|---|
| 653 | | - | 52subsection20ofsection376.670: |
|---|
| 654 | | - | 53 (a)Exceptasotherwiseprovidedinsubdivision(3)ofthissubsectionandsubsection |
|---|
| 655 | | - | 542ofthissection,theminimumstandardforthevaluationofallsuchpoliciesandcontracts |
|---|
| 656 | | - | 55shallbethecommissionersreservevaluationmethodsdefinedinparagraphs(b),(c),(d),(e), |
|---|
| 657 | | - | 56and(h)ofthissubdivision,threeandone-halfpercentinterestonallsuchpoliciesand |
|---|
| 658 | | - | 57contractsexceptthosecontractsspecifiedinsubparagraphc.ofthisparagraphwhichconsist |
|---|
| 659 | | - | 58ofsinglepremiumannuitycontractsandinsubparagraphd.ofthisparagraphwhichconsists |
|---|
| 660 | | - | 59ofgroupannuitycontractswheretheinterestrateshallbefivepercent,andexceptpolicies |
|---|
| 661 | | - | 60andcontracts,otherthanannuityandpureendowmentcontracts,issuedonorafterSeptember |
|---|
| 662 | | - | 6128,1975,wheretheinterestrateshallbefourpercentinterestforsuchpoliciesissuedpriorto |
|---|
| 663 | | - | 62September28,1979,andfourandone-halfpercentinterestforsuchpoliciesissuedonorafter |
|---|
| 664 | | - | 63September28,1979,andthefollowingtables: |
|---|
| 665 | | - | 64 a.Forallordinarypoliciesoflifeinsuranceissuedpriortotheoperativedateprovided |
|---|
| 666 | | - | 65insubsection12ofsection376.670onthestandardbasis,excludinganydisabilityand |
|---|
| 667 | | - | 66accidentaldeathbenefitsinsuchpolicies,theCommissioners1941StandardOrdinary |
|---|
| 668 | | - | 67MortalityTable,andforsuchpoliciesissuedonoraftertheoperativedateprovidedin |
|---|
| 669 | | - | 68subsection12ofsection376.670,andpriortotheoperativedateofsubsection14ofsection |
|---|
| 670 | | - | 69376.670,theCommissioners1958StandardOrdinaryMortalityTable;providedthatforany |
|---|
| 671 | | - | 70categoryofsuchpoliciesissuedonorafterSeptember28,1979,onfemalerisksallmodified |
|---|
| 672 | | - | 71netpremiumsandpresentvaluesreferredtointhissectionmaybecalculatedaccordingtoan |
|---|
| 673 | | - | 72agenotmorethansixyearsyoungerthantheactualageoftheinsured;andforsuchpolicies |
|---|
| 674 | | - | 73issuedonoraftertheoperativedateofsubsection14ofsection376.670: |
|---|
| 675 | | - | 74 (i)TheCommissioners1980StandardOrdinaryMortalityTable;or |
|---|
| 676 | | - | 75 (ii)Attheelectionofthecompanyforanyoneormorespecifiedplansoflife |
|---|
| 677 | | - | 76insurance,theCommissioners1980StandardOrdinaryMortalityTablewithTen-YearSelect |
|---|
| 678 | | - | 77MortalityFactors;or |
|---|
| 679 | | - | 78 (iii)Anyordinarymortalitytable,adoptedafter1980bytheNAIC,thatisapproved |
|---|
| 680 | | - | 79byregulationpromulgatedbythedirectorforuseindeterminingtheminimumstandardof |
|---|
| 681 | | - | 80valuationforsuchpolicies; |
|---|
| 682 | | - | 81 b.Forallindustriallifeinsurancepoliciesissuedonthestandardbasis,excludingany |
|---|
| 683 | | - | 82disabilityandaccidentaldeathbenefitsinsuchpolicies,the1941StandardIndustrial |
|---|
| 684 | | - | 83MortalityTableforsuchpoliciesissuedpriortotheoperativedateofsubsection13ofsection |
|---|
| 685 | | - | 84376.670andforsuchpoliciesissuedonoraftersuchoperativedate,theCommissioners1961 |
|---|
| 686 | | - | 85StandardIndustrialMortalityTableoranyindustrialmortalitytable,adoptedafter1980by |
|---|
| 687 | | - | 86theNAIC,thatisapprovedbyregulationpromulgatedbythedirectorforuseindetermining |
|---|
| 688 | | - | 87theminimumstandardofvaluationforsuchpolicies; |
|---|
| 689 | | - | CCSSSSCSHCSHB2168 19 88 c.Forindividualannuityandpureendowmentcontracts,excludinganydisabilityand |
|---|
| 690 | | - | 89accidentaldeathbenefitsinsuchpolicies,the1937StandardAnnuityMortalityTableor,at |
|---|
| 691 | | - | 90theoptionofthecompany,theAnnuityMortalityTablefor1949,Ultimate,orany |
|---|
| 692 | | - | 91modificationofeitherofthesetablesapprovedbythedirector; |
|---|
| 693 | | - | 92 d.Forgroupannuityandpureendowmentcontracts,excludinganydisabilityand |
|---|
| 694 | | - | 93accidentaldeathbenefitsinsuchpolicies,theGroupAnnuityMortalityTablefor1951,any |
|---|
| 695 | | - | 94modificationofsuchtableapprovedbythedirector,or,attheoptionofthecompany,anyof |
|---|
| 696 | | - | 95thetablesormodificationsoftablesspecifiedforindividualannuityandpureendowment |
|---|
| 697 | | - | 96contracts; |
|---|
| 698 | | - | 97 e.Fortotalandpermanentdisabilitybenefitsinorsupplementarytoordinarypolicies |
|---|
| 699 | | - | 98orcontracts,forpoliciesorcontractsissuedonorafterJanuary1,1966,thetablesofperiod |
|---|
| 700 | | - | 99twodisablementratesandthe1930to1950terminationratesofthe1952disabilitystudyof |
|---|
| 701 | | - | 100theSocietyofActuaries,withdueregardtothetypeofbenefitoranytablesofdisablement |
|---|
| 702 | | - | 101ratesandterminationrates,adoptedafter1980bytheNAIC,thatareapprovedbyregulation |
|---|
| 703 | | - | 102promulgatedbythedirectorforuseindeterminingtheminimumstandardofvaluationfor |
|---|
| 704 | | - | 103suchpolicies;forpoliciesorcontractsissuedonorafterJanuary1,1961,andpriortoJanuary |
|---|
| 705 | | - | 1041,1966,eithersuchtablesorattheoptionofthecompany,theClass(3)DisabilityTable |
|---|
| 706 | | - | 105(1926);andforpoliciesissuedpriortoJanuary1,1961,theClass(3)DisabilityTable(1926). |
|---|
| 707 | | - | 106Anysuchtableshall,foractivelives,becombinedwithamortalitytablepermittedfor |
|---|
| 708 | | - | 107calculatingthereservesforlifeinsurancepolicies; |
|---|
| 709 | | - | 108 f.Foraccidentaldeathbenefitsinorsupplementarytopoliciesissuedonorafter |
|---|
| 710 | | - | 109January1,1966,the1959AccidentalDeathBenefitsTableoranyaccidentaldeathbenefits |
|---|
| 711 | | - | 110table,adoptedafter1980bytheNAIC,thatisapprovedbyregulationpromulgatedbythe |
|---|
| 712 | | - | 111directorforuseindeterminingtheminimumstandardofvaluationforsuchpolicies;for |
|---|
| 713 | | - | 112policiesissuedonorafterJanuary1,1961,andpriortoJanuary1,1966,eithersuchtableor, |
|---|
| 714 | | - | 113attheoptionofthecompany,theInter-CompanyDoubleIndemnityMortalityTable;andfor |
|---|
| 715 | | - | 114policiesissuedpriortoJanuary1,1961,theInter-CompanyDoubleIndemnityMortality |
|---|
| 716 | | - | 115Table.Eithertableshallbecombinedwithamortalitytablepermittedforcalculatingthe |
|---|
| 717 | | - | 116reservesforlifeinsurancepolicies; |
|---|
| 718 | | - | 117 g.Forgrouplifeinsurance,lifeinsuranceissuedonthesubstandardbasisandother |
|---|
| 719 | | - | 118specialbenefits,suchtablesasmaybeapprovedbythedirector; |
|---|
| 720 | | - | 119 (b)Exceptasotherwiseprovidedinparagraphs(d),(e),and(h)ofthissubdivision, |
|---|
| 721 | | - | 120reservesaccordingtothecommissionersreservevaluationmethod,forthelifeinsuranceand |
|---|
| 722 | | - | 121endowmentbenefitsofpoliciesprovidingforauniformamountofinsuranceandrequiring |
|---|
| 723 | | - | 122thepaymentofuniformpremiumsshallbetheexcess,ifany,ofthepresentvalue,atthedate |
|---|
| 724 | | - | 123ofvaluation,ofsuchfutureguaranteedbenefitsprovidedforbysuchpolicies,overthethen |
|---|
| 725 | | - | 124presentvalueofanyfuturemodifiednetpremiumstherefor.Themodifiednetpremiumsfor |
|---|
| 726 | | - | CCSSSSCSHCSHB2168 20 125anysuchpolicyshallbesuchuniformpercentageoftherespectivecontractpremiumsfor |
|---|
| 727 | | - | 126suchbenefitsthatthepresentvalue,atthedateofissueofthepolicy,ofallsuchmodifiednet |
|---|
| 728 | | - | 127premiumsshallbeequaltothesumofthethenpresentvalueofsuchbenefitsprovidedforby |
|---|
| 729 | | - | 128thepolicyandtheexcessofa.overb.,asfollows: |
|---|
| 730 | | - | 129 a.Anetlevelannualpremiumequaltothepresentvalue,atthedateofissue,ofsuch |
|---|
| 731 | | - | 130benefitsprovidedforafterthefirstpolicyyear,dividedbythepresentvalue,atthedateof |
|---|
| 732 | | - | 131issue,ofanannuityofoneperannumpayableonthefirstandeachsubsequentanniversaryof |
|---|
| 733 | | - | 132suchpolicyonwhichapremiumfallsdue;provided,however,thatsuchnetlevelannual |
|---|
| 734 | | - | 133premiumshallnotexceedthenetlevelannualpremiumonthenineteenyearpremiumwhole |
|---|
| 735 | | - | 134lifeplanforinsuranceofthesameamountatanageoneyearhigherthantheageatissueof |
|---|
| 736 | | - | 135suchpolicy; |
|---|
| 737 | | - | 136 b.Anetoneyeartermpremiumforsuchbenefitprovidedforinthefirstpolicyyear; |
|---|
| 738 | | - | 137provided,thatforanylifeinsurancepolicyissuedonorafterJanuary1,1986,forwhichthe |
|---|
| 739 | | - | 138contractpremiuminthefirstpolicyyearexceedsthatofthesecondyearandforwhichno |
|---|
| 740 | | - | 139comparableadditionalbenefitisprovidedinthefirstyearforsuchexcessandwhichprovides |
|---|
| 741 | | - | 140anendowmentbenefitoracashsurrendervalueoracombinationthereofinanamountgreater |
|---|
| 742 | | - | 141thansuchexcesspremium,thereserveaccordingtothecommissionersreservevaluation |
|---|
| 743 | | - | 142methodasofanypolicyanniversaryoccurringonorbeforetheassumedendingdatedefined |
|---|
| 744 | | - | 143hereinasthefirstpolicyanniversaryonwhichthesumofanyendowmentbenefitandany |
|---|
| 745 | | - | 144cashsurrendervaluethenavailableisgreaterthansuchexcesspremiumshall,exceptas |
|---|
| 746 | | - | 145otherwiseprovidedinparagraph(h)ofthissubdivision,bethegreaterofthereserveasof |
|---|
| 747 | | - | 146suchpolicyanniversarycalculatedasdescribedinparagraph(b)ofthissubdivisionandthe |
|---|
| 748 | | - | 147reserveasofsuchpolicyanniversarycalculatedasdescribedinparagraph(b)ofthis |
|---|
| 749 | | - | 148subdivision,butwith: |
|---|
| 750 | | - | 149 (i)Thevaluedefinedinsubparagrapha.ofparagraph(b)ofthissubdivisionbeing |
|---|
| 751 | | - | 150reducedbyfifteenpercentoftheamountofsuchexcessfirstyearpremium; |
|---|
| 752 | | - | 151 (ii)Allpresentvaluesofbenefitsandpremiumsbeingdeterminedwithoutreference |
|---|
| 753 | | - | 152topremiumsorbenefitsprovidedforbythepolicyaftertheassumedendingdate; |
|---|
| 754 | | - | 153 (iii)Thepolicybeingassumedtomatureonsuchdateasanendowment;and |
|---|
| 755 | | - | 154 (iv)Thecashsurrendervalueprovidedonsuchdatebeingconsideredasan |
|---|
| 756 | | - | 155endowmentbenefit. |
|---|
| 757 | | - | 156 |
|---|
| 758 | | - | 157Inmakingtheabovecomparisonthemortalityandinterestbasesstatedinparagraph(a)of |
|---|
| 759 | | - | 158thissubdivisionandsubsection2ofthissectionshallbeused; |
|---|
| 760 | | - | 159 (c)Reservesaccordingtothecommissionersreservevaluationmethodfor: |
|---|
| 761 | | - | 160 a.Lifeinsurancepoliciesprovidingforavaryingamountofinsuranceorrequiring |
|---|
| 762 | | - | 161thepaymentofvaryingpremiums; |
|---|
| 763 | | - | CCSSSSCSHCSHB2168 21 162 b.Groupannuityandpureendowmentcontractspurchasedunderaretirementplanor |
|---|
| 764 | | - | 163planofdeferredcompensation,establishedormaintainedbyanemployer(includinga |
|---|
| 765 | | - | 164partnershiporsoleproprietorship)orbyanemployeeorganization,orbyboth,otherthana |
|---|
| 766 | | - | 165planprovidingindividualretirementaccountsorindividualretirementannuitiesunderSection |
|---|
| 767 | | - | 166408oftheInternalRevenueCode,asnoworhereafteramended; |
|---|
| 768 | | - | 167 c.Disabilityandaccidentaldeathbenefitsinallpoliciesandcontracts;and |
|---|
| 769 | | - | 168 d.Allotherbenefits,exceptlifeinsuranceandendowmentbenefitsinlifeinsurance |
|---|
| 770 | | - | 169policiesandbenefitsprovidedbyallotherannuityandpureendowmentcontracts,shallbe |
|---|
| 771 | | - | 170calculatedbyamethodconsistentwiththeprinciplesofparagraph(b)ofthissubdivision; |
|---|
| 772 | | - | 171 (d)Paragraph(e)ofthissubdivisionshallapplytoallannuityandpureendowment |
|---|
| 773 | | - | 172contractsotherthangroupannuityandpureendowmentcontractspurchasedundera |
|---|
| 774 | | - | 173retirementplanorplanofdeferredcompensation,establishedormaintainedbyanemployer |
|---|
| 775 | | - | 174(includingapartnershiporsoleproprietorship),orbyanemployeeorganization,orbyboth, |
|---|
| 776 | | - | 175otherthanaplanprovidingindividualretirementaccountsorindividualretirementannuities |
|---|
| 777 | | - | 176underSection408oftheInternalRevenueCode,asnoworhereafteramended; |
|---|
| 778 | | - | 177 (e)Reservesaccordingtothecommissionersannuityreservemethodforbenefits |
|---|
| 779 | | - | 178underannuityorpureendowmentcontracts,excludinganydisabilityandaccidentaldeath |
|---|
| 780 | | - | 179benefitsinsuchcontracts,shallbethegreatestoftherespectiveexcessesofthepresent |
|---|
| 781 | | - | 180values,atthedateofvaluation,ofthefutureguaranteedbenefits,includingguaranteed |
|---|
| 782 | | - | 181nonforfeiturebenefits,providedforbysuchcontractsattheendofeachrespectivecontract |
|---|
| 783 | | - | 182year,overthepresentvalue,atthedateofvaluation,ofanyfuturevaluationconsiderations |
|---|
| 784 | | - | 183derivedfromfuturegrossconsiderations,requiredbythetermsofsuchcontract,thatbecome |
|---|
| 785 | | - | 184payablepriortotheendofsuchrespectivecontractyear.Thefutureguaranteedbenefitsshall |
|---|
| 786 | | - | 185bedeterminedbyusingthemortalitytable,ifany,andtheinterestrate,orrates,specifiedin |
|---|
| 787 | | - | 186suchcontractsfordeterminingguaranteedbenefits.Thevaluationconsiderationsarethe |
|---|
| 788 | | - | 187portionsoftherespectivegrossconsiderationsappliedunderthetermsofsuchcontractsto |
|---|
| 789 | | - | 188determinenonforfeiturevalues; |
|---|
| 790 | | - | 189 (f)Innoeventshallacompany'saggregatereservesforalllifeinsurancepolicies, |
|---|
| 791 | | - | 190excludingdisabilityandaccidentaldeathbenefits,belessthantheaggregatereserves |
|---|
| 792 | | - | 191calculatedinaccordancewiththemethodsetforthinparagraphs(b),(c),(d),(e),(h)and(i)of |
|---|
| 793 | | - | 192thissubdivisionandthemortalitytableortablesandrateorratesofinterestusedin |
|---|
| 794 | | - | 193calculatingnonforfeiturebenefitsforsuchpolicies; |
|---|
| 795 | | - | 194 (g)Innoeventshalltheaggregatereservesforallpolicies,contractsandbenefitsbe |
|---|
| 796 | | - | 195lessthantheaggregatereservesdeterminedbythequalifiedactuarytobenecessarytorender |
|---|
| 797 | | - | 196theopinionrequiredbysubsections4and5ofthissection; |
|---|
| 798 | | - | 197 (h)Ifinanycontractyearthegrosspremiumchargedbyanylifeinsurancecompany |
|---|
| 799 | | - | 198onanypolicyorcontractislessthanthevaluationnetpremiumforthepolicyorcontract |
|---|
| 800 | | - | CCSSSSCSHCSHB2168 22 199calculatedbythemethodusedincalculatingthereservethereonbutusingtheminimum |
|---|
| 801 | | - | 200valuationstandardsofmortalityandrateofinterest,theminimumreserverequiredforsuch |
|---|
| 802 | | - | 201policyorcontractshallbethegreaterofeitherthereservecalculatedaccordingtothe |
|---|
| 803 | | - | 202mortalitytable,rateofinterest,andmethodactuallyusedforsuchpolicyorcontract,orthe |
|---|
| 804 | | - | 203reservecalculatedbythemethodactuallyusedforsuchpolicyorcontractbutusingthe |
|---|
| 805 | | - | 204minimumvaluationstandardsofmortalityandrateofinterestandreplacingthevaluationnet |
|---|
| 806 | | - | 205premiumbytheactualgrosspremiumineachcontractyearforwhichthevaluationnet |
|---|
| 807 | | - | 206premiumexceedstheactualgrosspremium.Theminimumvaluationstandardsofmortality |
|---|
| 808 | | - | 207andrateofinterestreferredtointhissectionarethosestandardsstatedinparagraph(a)ofthis |
|---|
| 809 | | - | 208subdivisionandsubsection2ofthissection;provided,thatforanylifeinsurancepolicy |
|---|
| 810 | | - | 209issuedonorafterJanuary1,1986,forwhichthegrosspremiuminthefirstpolicyyear |
|---|
| 811 | | - | 210exceedsthatofthesecondyearandforwhichnocomparableadditionalbenefitisprovidedin |
|---|
| 812 | | - | 211thefirstyearforsuchexcessandwhichprovidesanendowmentbenefitoracashsurrender |
|---|
| 813 | | - | 212valueoracombinationthereofinanamountgreaterthansuchexcesspremium,theforegoing |
|---|
| 814 | | - | 213provisionsofthisparagraphshallbeappliedasifthemethodactuallyusedincalculatingthe |
|---|
| 815 | | - | 214reserveforsuchpolicywerethemethoddescribedinparagraph(b)ofthissubdivision.The |
|---|
| 816 | | - | 215minimumreserveateachpolicyanniversaryofsuchapolicyshallbethegreaterofthe |
|---|
| 817 | | - | 216minimumreservecalculatedinaccordancewithparagraphs(b)and(c)ofthissubdivisionand |
|---|
| 818 | | - | 217theminimumreservecalculatedinaccordancewiththisparagraph; |
|---|
| 819 | | - | 218 (i)Inthecaseofanyplanoflifeinsurancewhichprovidesforfuturepremium |
|---|
| 820 | | - | 219determination,theamountsofwhicharetobedeterminedbytheinsurancecompanybasedon |
|---|
| 821 | | - | 220thenestimatesoffutureexperience,orinthecaseofanyplanoflifeinsuranceorannuity |
|---|
| 822 | | - | 221whichisofsuchanaturethattheminimumreservescannotbedeterminedbythemethods |
|---|
| 823 | | - | 222describedinparagraphs(b)to(e)ofthissubdivision,andparagraph(h)ofthissubdivision, |
|---|
| 824 | | - | 223thereserveswhichareheldunderanysuchplanmust: |
|---|
| 825 | | - | 224 a.Beappropriateinrelationtothebenefitsandthepatternofpremiumsforthatplan; |
|---|
| 826 | | - | 225and |
|---|
| 827 | | - | 226 b.Becomputedbyamethodwhichisconsistentwiththeprinciplesofthissectionas |
|---|
| 828 | | - | 227determinedbyregulationspromulgatedbythedirector. |
|---|
| 829 | | - | 228 (3)Exceptasprovidedinsubsection2ofthissection,theminimumstandardforthe |
|---|
| 830 | | - | 229valuationofallindividualannuityandpureendowmentcontractsissuedonorafterthe |
|---|
| 831 | | - | 230operativedateofthissubdivision,asdefinedherein,andforallannuitiesandpure |
|---|
| 832 | | - | 231endowmentspurchasedonoraftersuchoperativedateundergroupannuityandpure |
|---|
| 833 | | - | 232endowmentcontracts,shallbethecommissionersreservevaluationmethodsdefinedin |
|---|
| 834 | | - | 233paragraphs(b),(c),(d),and(e)ofsubdivision(2)ofthissubsection,andthefollowingtables |
|---|
| 835 | | - | 234andinterestrates: |
|---|
| 836 | | - | CCSSSSCSHCSHB2168 23 235 (a)ForindividualannuityandpureendowmentcontractsissuedpriortoSeptember |
|---|
| 837 | | - | 23628,1979,excludinganydisabilityandaccidentaldeathbenefitsinsuchcontracts,the1971 |
|---|
| 838 | | - | 237IndividualAnnuityMortalityTable,oranymodificationofthistableapprovedbythe |
|---|
| 839 | | - | 238director,andsixpercentinterestforsinglepremiumimmediateannuitycontracts,andfour |
|---|
| 840 | | - | 239percentinterestforallotherindividualannuityandpureendowmentcontracts; |
|---|
| 841 | | - | 240 (b)Forindividualsinglepremiumimmediateannuitycontractsissuedonorafter |
|---|
| 842 | | - | 241September28,1979,excludinganydisabilityandaccidentaldeathbenefitsinsuchcontracts, |
|---|
| 843 | | - | 242the1971IndividualAnnuityMortalityTable,oranyindividualannuitymortalitytable |
|---|
| 844 | | - | 243adoptedafter1980bytheNAIC,thatisapprovedbyregulationpromulgatedbythedirector |
|---|
| 845 | | - | 244foruseindeterminingtheminimumstandardofvaluationforsuchcontracts,orany |
|---|
| 846 | | - | 245modificationofthesetablesapprovedbythedirector,andsevenandone-halfpercentinterest; |
|---|
| 847 | | - | 246 (c)Forindividualannuityandpureendowmentcontractsissuedonorafter |
|---|
| 848 | | - | 247September28,1979,otherthansinglepremiumimmediateannuitycontracts,excludingany |
|---|
| 849 | | - | 248disabilityandaccidentaldeathbenefitsinsuchcontracts,the1971IndividualAnnuity |
|---|
| 850 | | - | 249MortalityTable,oranyindividualannuitymortalitytableadoptedafter1980bytheNAIC, |
|---|
| 851 | | - | 250thatisapprovedbyregulationpromulgatedbythedirectorforuseindeterminingthe |
|---|
| 852 | | - | 251minimumstandardofvaluationforsuchcontracts,oranymodificationofthesetables |
|---|
| 853 | | - | 252approvedbythedirector,andfiveandone-halfpercentinterestforsinglepremiumdeferred |
|---|
| 854 | | - | 253annuityandpureendowmentcontractsandfourandone-halfpercentinterestforallother |
|---|
| 855 | | - | 254suchindividualannuityandpureendowmentcontracts; |
|---|
| 856 | | - | 255 (d)ForallannuitiesandpureendowmentspurchasedpriortoSeptember28,1979, |
|---|
| 857 | | - | 256undergroupannuityandpureendowmentcontracts,excludinganydisabilityandaccidental |
|---|
| 858 | | - | 257deathbenefitspurchasedundersuchcontracts,the1971GroupAnnuityMortalityTable,or |
|---|
| 859 | | - | 258anymodificationofthistableapprovedbythedirector,andsixpercentinterest; |
|---|
| 860 | | - | 259 (e)ForallannuitiesandpureendowmentspurchasedonorafterSeptember28,1979, |
|---|
| 861 | | - | 260undergroupannuityandpureendowmentcontracts,excludinganydisabilityandaccidental |
|---|
| 862 | | - | 261deathbenefitspurchasedundersuchcontracts,the1971GroupAnnuityMortalityTable,or |
|---|
| 863 | | - | 262anygroupannuitymortalitytableadoptedafter1980bytheNAIC,thatisapprovedby |
|---|
| 864 | | - | 263regulationpromulgatedbythedirectorforuseindeterminingtheminimumstandardof |
|---|
| 865 | | - | 264valuationforsuchannuitiesandpureendowments,oranymodificationofthesetables |
|---|
| 866 | | - | 265approvedbythedirector,andsevenandone-halfpercentinterest; |
|---|
| 867 | | - | 266 (f)OnandafterSeptember28,1975,anycompanymayfilewiththedirectora |
|---|
| 868 | | - | 267writtennoticeofitselectiontocomplywiththeprovisionsofthissubdivisionafteraspecified |
|---|
| 869 | | - | 268datebeforeJanuary1,1980,whichshallbetheoperativedateofthissubdivisionforsuch |
|---|
| 870 | | - | 269company,providedacompanymayelectadifferentoperativedateforindividualannuityand |
|---|
| 871 | | - | 270pureendowmentcontractsfromthatelectedforgroupannuityandpureendowmentcontracts. |
|---|
| 872 | | - | CCSSSSCSHCSHB2168 24 271Ifacompanymakesnosuchelection,theoperativedateofthissubdivisionforsuchcompany |
|---|
| 873 | | - | 272shallbeJanuary1,1980. |
|---|
| 874 | | - | 273 2.(1)Thecalendaryearstatutoryvaluationinterestratesasdefinedinthissubsection |
|---|
| 875 | | - | 274shallbetheinterestratesusedindeterminingtheminimumstandardforthevaluationof: |
|---|
| 876 | | - | 275 (a)Alllifeinsurancepoliciesissuedinaparticularcalendaryear,onorafterthe |
|---|
| 877 | | - | 276operativedateofsubsection14ofsection376.670; |
|---|
| 878 | | - | 277 (b)Allindividualannuityandpureendowmentcontractsissuedinaparticular |
|---|
| 879 | | - | 278calendaryearonorafterJanuary1,1983; |
|---|
| 880 | | - | 279 (c)Allannuitiesandpureendowmentcontractspurchasedinaparticularcalendar |
|---|
| 881 | | - | 280yearonorafterJanuary1,1983,undergroupannuityandpureendowmentcontracts;and |
|---|
| 882 | | - | 281 (d)Thenetincrease,ifany,inaparticularcalendaryearafterJanuary1,1983,in |
|---|
| 883 | | - | 282amountsheldunderguaranteedinterestcontracts. |
|---|
| 884 | | - | 283 (2)Thecalendaryearstatutoryvaluationinterestrates,I,shallbedeterminedas |
|---|
| 885 | | - | 284followsandtheresultsroundedtothenearerone-quarterofonepercent: |
|---|
| 886 | | - | 285 (a)Forlifeinsurance: |
|---|
| 887 | | - | 286 I=.03+W(R1-.03)+W/2(R2-.09); |
|---|
| 888 | | - | 287 (b)Forsinglepremiumimmediateannuitiesandforannuitybenefitsinvolvinglife |
|---|
| 889 | | - | 288contingenciesarisingfromotherannuitieswithcashsettlementoptionsandfromguaranteed |
|---|
| 890 | | - | 289interestcontractswithcashsettlementoptions: |
|---|
| 891 | | - | 290 I=.03+W(R-.03),whereR1isthelesserofRand.09;R2isthegreaterofRand |
|---|
| 892 | | - | 291 .09;Risthereferenceinterestratedefinedinthissubsection;andWistheweighting |
|---|
| 893 | | - | 292 factordefinedinthissubsection; |
|---|
| 894 | | - | 293 (c)Forotherannuitieswithcashsettlementoptionsandguaranteedinterestcontracts |
|---|
| 895 | | - | 294withcashsettlementoptions,valuedonanissueyearbasis,exceptasstatedinparagraph(b) |
|---|
| 896 | | - | 295ofthissubdivision,theformulaforlifeinsurancestatedinparagraph(a)ofthissubdivision |
|---|
| 897 | | - | 296shallapplytoannuitiesandguaranteedinterestcontractswithguaranteedurationsinexcess |
|---|
| 898 | | - | 297oftenyearsandtheformulaforsinglepremiumimmediateannuitiesstatedinparagraph(b) |
|---|
| 899 | | - | 298ofthissubdivisionshallapplytoannuitiesandguaranteedinterestcontractswithguarantee |
|---|
| 900 | | - | 299durationsoftenyearsorless; |
|---|
| 901 | | - | 300 (d)Forotherannuitieswithnocashsettlementoptionsandforguaranteedinterest |
|---|
| 902 | | - | 301contractswithnocashsettlementoptions,theformulaforsinglepremiumimmediate |
|---|
| 903 | | - | 302annuitiesstatedinparagraph(b)ofthissubdivisionshallapply; |
|---|
| 904 | | - | 303 (e)Forotherannuitieswithcashsettlementoptionsandguaranteedinterestcontracts |
|---|
| 905 | | - | 304withcashsettlementoptions,valuedonachangeinfundbasis,theformulaforsingle |
|---|
| 906 | | - | 305premiumimmediateannuitiesstatedinparagraph(b)ofthissubdivisionshallapply.Ifthe |
|---|
| 907 | | - | 306calendaryearstatutoryvaluationinterestrateforanylifeinsurancepoliciesissuedinany |
|---|
| 908 | | - | 307calendaryeardeterminedwithoutreferencetothissentencediffersfromthecorresponding |
|---|
| 909 | | - | CCSSSSCSHCSHB2168 25 308actualrateforsimilarpoliciesissuedintheimmediatelyprecedingcalendaryearbylessthan |
|---|
| 910 | | - | 309one-halfofonepercent,thecalendaryearstatutoryvaluationinterestrateforsuchlife |
|---|
| 911 | | - | 310insurancepoliciesshallbeequaltothecorrespondingactualratefortheimmediately |
|---|
| 912 | | - | 311precedingcalendaryear.Forpurposesofapplyingtheimmediatelyprecedingsentence,the |
|---|
| 913 | | - | 312calendaryearstatutoryvaluationinterestrateforlifeinsurancepoliciesissuedinacalendar |
|---|
| 914 | | - | 313yearshallbedeterminedfor1980(usingthereferenceinterestratedefinedfor1979)andshall |
|---|
| 915 | | - | 314bedeterminedforeachsubsequentcalendaryearregardlessofwhensubsection14ofsection |
|---|
| 916 | | - | 315376.670becomesoperative. |
|---|
| 917 | | - | 316 (3)Theweightingfactorsreferredtointheformulasstatedinsubdivision(2)ofthis |
|---|
| 918 | | - | 317subsectionaregiveninthefollowingtables: |
|---|
| 919 | | - | 318 (a)Weightingfactorsforlifeinsurance: |
|---|
| 920 | | - | 319 Guarantee Weighting |
|---|
| 921 | | - | 320 Duration Factors |
|---|
| 922 | | - | 321 (Years) |
|---|
| 923 | | - | 322 10orless .50 |
|---|
| 924 | | - | 323 Morethan10,butnotmorethan20 .45 |
|---|
| 925 | | - | 324 Morethan20 .35 |
|---|
| 926 | | - | 325 |
|---|
| 927 | | - | 326Forlifeinsurance,theguaranteedurationisthemaximumnumberofyearsthelifeinsurance |
|---|
| 928 | | - | 327canremaininforceonabasisguaranteedinthepolicyorunderoptionstoconverttoplansof |
|---|
| 929 | | - | 328lifeinsurancewithpremiumratesornonforfeiturevaluesorbothwhichareguaranteedinthe |
|---|
| 930 | | - | 329originalpolicy; |
|---|
| 931 | | - | 330 (b)Weightingfactorforsinglepremiumimmediateannuitiesandforannuitybenefits |
|---|
| 932 | | - | 331involvinglifecontingenciesarisingfromotherannuitieswithcashsettlementoptionsand |
|---|
| 933 | | - | 332guaranteedinterestcontractswithcashsettlementoptions:.80; |
|---|
| 934 | | - | 333 (c)Weightingfactorsforotherannuitiesandforguaranteedinterestcontracts,except |
|---|
| 935 | | - | 334asstatedinparagraph(b)ofthissubdivision,shallbeasspecifiedinsubparagraphsa.,b.,and |
|---|
| 936 | | - | 335c.ofthisparagraph,accordingtotherulesanddefinitionsinsubparagraphsd.,e.,andf.of |
|---|
| 937 | | - | 336thisparagraph: |
|---|
| 938 | | - | 337 a.Forannuitiesandguaranteedinterestcontractsvaluedonanissueyearbasis: |
|---|
| 939 | | - | 338 Guarantee WeightingFactor |
|---|
| 940 | | - | 339 Duration forPlanType |
|---|
| 941 | | - | 340 (Years) A B C |
|---|
| 942 | | - | 341 5orless: .80.60.50 |
|---|
| 943 | | - | 342 Morethan5,butnotmorethan10: .75.60.50 |
|---|
| 944 | | - | 343 Morethan10,butnotmorethan20: .65.50.45 |
|---|
| 945 | | - | 344 Morethan20: .45.35.35 |
|---|
| 946 | | - | CCSSSSCSHCSHB2168 26 345 b.Forannuitiesandguaranteedinterestcontractsvaluedonachangeinfundbasis, |
|---|
| 947 | | - | 346thefactorsshowninsubparagrapha.ofthisparagraphincreasedby: |
|---|
| 948 | | - | 347 PlanType |
|---|
| 949 | | - | 348 A B C |
|---|
| 950 | | - | 349 .15.25.05 |
|---|
| 951 | | - | 350 c.Forannuitiesandguaranteedinterestcontractsvaluedonanissueyearbasis(other |
|---|
| 952 | | - | 351thanthosewithnocashsettlementoptions)whichdonotguaranteeinterestonconsiderations |
|---|
| 953 | | - | 352receivedmorethanoneyearafterissueorpurchaseandforannuitiesandguaranteedinterest |
|---|
| 954 | | - | 353contractsvaluedonachangeinfundbasiswhichdonotguaranteeinterestrateson |
|---|
| 955 | | - | 354considerationsreceivedmorethantwelvemonthsbeyondthevaluationdate,thefactors |
|---|
| 956 | | - | 355showninsubparagrapha.ofthisparagraphorderivedinsubparagraphb.ofthisparagraph |
|---|
| 957 | | - | 356increasedby: |
|---|
| 958 | | - | 357 PlanType |
|---|
| 959 | | - | 358 A B C |
|---|
| 960 | | - | 359 .05.05.05 |
|---|
| 961 | | - | 360 d.Forotherannuitieswithcashsettlementoptionsandguaranteedinterestcontracts |
|---|
| 962 | | - | 361withcashsettlementoptions,theguaranteedurationisthenumberofyearsforwhichthe |
|---|
| 963 | | - | 362contractguaranteesinterestratesinexcessofthecalendaryearstatutoryvaluationinterest |
|---|
| 964 | | - | 363rateforlifeinsurancepolicieswithguaranteedurationinexcessoftwentyyears.Forother |
|---|
| 965 | | - | 364annuitieswithnocashsettlementoptionsandforguaranteedinterestcontractswithnocash |
|---|
| 966 | | - | 365settlementoptions,theguaranteedurationisthenumberofyearsfromthedateofissueor |
|---|
| 967 | | - | 366dateofpurchasetothedateannuitybenefitsarescheduledtocommence; |
|---|
| 968 | | - | 367 e.Plantypeasusedinsubparagraphsa.,b.,andc.ofthisparagraphisdefinedas |
|---|
| 969 | | - | 368follows: |
|---|
| 970 | | - | 369 PlanTypeA:Atanytimepolicyholdermaywithdrawfundsonlywithanadjustment |
|---|
| 971 | | - | 370toreflectchangesininterestratesorassetvaluessincereceiptofthefundsbytheinsurance |
|---|
| 972 | | - | 371company,orwithoutsuchadjustmentbutininstallmentsoverfiveyearsormore,orasan |
|---|
| 973 | | - | 372immediatelifeannuity,ornowithdrawalpermitted; |
|---|
| 974 | | - | 373 PlanTypeB:Beforeexpirationoftheinterestrateguarantee,policyholdermay |
|---|
| 975 | | - | 374withdrawfundsonlywithanadjustmenttoreflectchangesininterestratesorassetvalues |
|---|
| 976 | | - | 375sincereceiptofthefundsbytheinsurancecompany,orwithoutsuchadjustmentbutin |
|---|
| 977 | | - | 376installmentsoverfiveyearsormore,ornowithdrawalpermitted.Attheendofinterestrate |
|---|
| 978 | | - | 377guarantee,fundsmaybewithdrawnwithoutsuchadjustmentinasinglesumorinstallments |
|---|
| 979 | | - | 378overfewerthanfiveyears; |
|---|
| 980 | | - | CCSSSSCSHCSHB2168 27 379 PlanTypeC:Policyholdermaywithdrawfundsbeforeexpirationofinterestrate |
|---|
| 981 | | - | 380guaranteeinasinglesumorinstallmentsoverfewerthanfiveyearseitherwithoutadjustment |
|---|
| 982 | | - | 381toreflectchangesininterestratesorassetvaluessincereceiptofthefundsbytheinsurance |
|---|
| 983 | | - | 382company,orsubjectonlytoafixedsurrenderchargestipulatedinthecontractasapercentage |
|---|
| 984 | | - | 383ofthefund; |
|---|
| 985 | | - | 384 f.Acompanymayelecttovalueguaranteedinterestcontractswithcashsettlement |
|---|
| 986 | | - | 385optionsandannuitieswithcashsettlementoptionsoneitheranissueyearbasisoronachange |
|---|
| 987 | | - | 386infundbasis.Guaranteedinterestcontractswithnocashsettlementoptionsandother |
|---|
| 988 | | - | 387annuitieswithnocashsettlementoptionsmustbevaluedonanissueyearbasis.Asusedin |
|---|
| 989 | | - | 388thissubsectionanissueyearbasisofvaluationreferstoavaluationbasisunderwhichthe |
|---|
| 990 | | - | 389interestrateusedtodeterminetheminimumvaluationstandardfortheentiredurationofthe |
|---|
| 991 | | - | 390annuityorguaranteedinterestcontractisthecalendaryearvaluationinterestratefortheyear |
|---|
| 992 | | - | 391ofissueoryearofpurchaseoftheannuityorguaranteedinterestcontract,andthechangein |
|---|
| 993 | | - | 392fundbasisofvaluationreferstoavaluationbasisunderwhichtheinterestrateusedto |
|---|
| 994 | | - | 393determinetheminimumvaluationstandardapplicabletoeachchangeinthefundheldunder |
|---|
| 995 | | - | 394theannuityorguaranteedinterestcontractisthecalendaryearvaluationinterestrateforthe |
|---|
| 996 | | - | 395yearofthechangeinthefund. |
|---|
| 997 | | - | 396 (4)The"referenceinterestrate"referredtoinsubdivision(2)ofthissubsectionshall |
|---|
| 998 | | - | 397bedefinedasfollows: |
|---|
| 999 | | - | 398 (a)Foralllifeinsurance,thelesseroftheaverageoveraperiodofthirty-sixmonths |
|---|
| 1000 | | - | 399andtheaverageoveraperiodoftwelvemonths,endingonJunethirtiethofthecalendaryear |
|---|
| 1001 | | - | 400nextprecedingtheyearofissue,oftheMonthlyAverageoftheCompositeYieldonSeasoned |
|---|
| 1002 | | - | 401CorporateBonds,aspublishedbyMoody'sInvestorsService,Inc.; |
|---|
| 1003 | | - | 402 (b)Forsinglepremiumimmediateannuitiesandforannuitybenefitsinvolvinglife |
|---|
| 1004 | | - | 403contingenciesarisingfromotherannuitieswithcashsettlementoptionsandguaranteed |
|---|
| 1005 | | - | 404interestcontractswithcashsettlementoptions,theaverageoveraperiodoftwelvemonths, |
|---|
| 1006 | | - | 405endingonJunethirtiethofthecalendaryearofissueorpurchase,oftheMonthlyAverageof |
|---|
| 1007 | | - | 406theCompositeYieldonSeasonedCorporateBonds,aspublishedbyMoody'sInvestors |
|---|
| 1008 | | - | 407Service,Inc.; |
|---|
| 1009 | | - | 408 (c)Forotherannuitieswithcashsettlementoptionsandguaranteedinterestcontracts |
|---|
| 1010 | | - | 409withcashsettlementoptions,valuedonayearofissuebasis,exceptasstatedinparagraph(b) |
|---|
| 1011 | | - | 410ofthissubdivision,withguaranteedurationinexcessoftenyears,thelesseroftheaverage |
|---|
| 1012 | | - | 411overaperiodofthirty-sixmonthsandtheaverageoveraperiodoftwelvemonths,endingon |
|---|
| 1013 | | - | 412Junethirtiethofthecalendaryearofissueorpurchase,oftheMonthlyAverageofthe |
|---|
| 1014 | | - | 413CompositeYieldonSeasonedCorporateBonds,aspublishedbyMoody'sInvestorsService, |
|---|
| 1015 | | - | 414Inc.; |
|---|
| 1016 | | - | CCSSSSCSHCSHB2168 28 415 (d)Forotherannuitieswithcashsettlementoptionsandguaranteedinterestcontracts |
|---|
| 1017 | | - | 416withcashsettlementoptions,valuedonayearofissuebasis,exceptasstatedinparagraph(b) |
|---|
| 1018 | | - | 417ofthissubdivision,withguaranteedurationoftenyearsorless,theaverageoveraperiodof |
|---|
| 1019 | | - | 418twelvemonths,endingonJunethirtiethofthecalendaryearofissueorpurchase,ofthe |
|---|
| 1020 | | - | 419MonthlyAverageoftheCompositeYieldonSeasonedCorporateBonds,aspublishedby |
|---|
| 1021 | | - | 420Moody'sInvestorsService,Inc.; |
|---|
| 1022 | | - | 421 (e)Forotherannuitieswithnocashsettlementoptionsandforguaranteedinterest |
|---|
| 1023 | | - | 422contractswithnocashsettlementoptions,theaverageoveraperiodoftwelvemonths,ending |
|---|
| 1024 | | - | 423onJunethirtiethofthecalendaryearofissueorpurchase,oftheMonthlyAverageofthe |
|---|
| 1025 | | - | 424CompositeYieldonSeasonedCorporateBonds,aspublishedbyMoody'sInvestorsService, |
|---|
| 1026 | | - | 425Inc.; |
|---|
| 1027 | | - | 426 (f)Forotherannuitieswithcashsettlementoptionsandguaranteedinterestcontracts |
|---|
| 1028 | | - | 427withcashsettlementoptions,valuedonachangeinfundbasis,exceptasstatedinparagraph |
|---|
| 1029 | | - | 428(b)ofthissubdivision,theaverageoveraperiodoftwelvemonths,endingonJunethirtiethof |
|---|
| 1030 | | - | 429thecalendaryearofthechangeinthefund,oftheMonthlyAverageoftheCompositeYield |
|---|
| 1031 | | - | 430onSeasonedCorporateBonds,aspublishedbyMoody'sInvestorsService,Inc. |
|---|
| 1032 | | - | 431 (5)IntheeventthattheMonthlyAverageoftheCompositeYieldonSeasoned |
|---|
| 1033 | | - | 432CorporateBondsisnolongerpublishedbyMoody'sInvestorsService,Inc.,orintheevent |
|---|
| 1034 | | - | 433thattheNAICdeterminesthattheMonthlyAverageoftheCompositeYieldonSeasoned |
|---|
| 1035 | | - | 434CorporateBondsaspublishedbyMoody'sInvestorsService,Inc.,isnolongerappropriatefor |
|---|
| 1036 | | - | 435thedeterminationofthereferenceinterestrate,thenanalternativemethodfordetermination |
|---|
| 1037 | | - | 436ofthereferenceinterestrate,whichisadoptedbytheNAICandapprovedbyregulation |
|---|
| 1038 | | - | 437promulgatedbythedirector,maybesubstituted. |
|---|
| 1039 | | - | 438 3.Foraccidentandhealthinsurancecontractsissuedonoraftertheoperativedateof |
|---|
| 1040 | | - | 439thevaluationmanual,thestandardprescribedinthevaluationmanualistheminimum |
|---|
| 1041 | | - | 440standardofvaluationrequiredundersubsection2ofsection376.370.Fordisability,accident |
|---|
| 1042 | | - | 441andsickness,andaccidentandhealthinsurancecontractsissuedonoraftertheoperativedate |
|---|
| 1043 | | - | 442providedinsubsection20ofsection376.670andpriortotheoperativedateofthevaluation |
|---|
| 1044 | | - | 443manual,theminimumstandardofvaluationisthestandardadoptedbythedirectorby |
|---|
| 1045 | | - | 444regulation. |
|---|
| 1046 | | - | 445 4.(1)Thissubsectionshallapplytoactuarialopinionsofreservespriortothedateof |
|---|
| 1047 | | - | 446thevaluationmanual. |
|---|
| 1048 | | - | 447 (2)Everylifeinsurancecompanydoingbusinessinthisstateshallannuallysubmit |
|---|
| 1049 | | - | 448theopinionofaqualifiedactuaryastowhetherthereservesandrelatedactuarialitemsheldin |
|---|
| 1050 | | - | 449supportofthepoliciesandcontractsspecifiedbythedirectorbyregulationarecomputed |
|---|
| 1051 | | - | 450appropriately,arebasedonassumptionswhichsatisfycontractualprovisions,areconsistent |
|---|
| 1052 | | - | 451withpriorreportedamountsandcomplywithapplicablelawsofthisstate.Thedirectorby |
|---|
| 1053 | | - | CCSSSSCSHCSHB2168 29 452regulationshalldefinethespecificsofthisopinionandaddanyotheritemsdeemedtobe |
|---|
| 1054 | | - | 453necessarytoitsscope. |
|---|
| 1055 | | - | 454 (3)(a)Everylifeinsurancecompany,exceptasexemptedbyorpursuantto |
|---|
| 1056 | | - | 455regulation,shallalsoannuallyincludeintheopinionrequiredbysubdivision(2)ofthis |
|---|
| 1057 | | - | 456subsection,anopinionofthesamequalifiedactuaryastowhetherthereservesandrelated |
|---|
| 1058 | | - | 457actuarialitemsheldinsupportofthepoliciesandcontractsspecifiedbythedirectorby |
|---|
| 1059 | | - | 458regulation,whenconsideredinlightoftheassetsheldbythecompanywithrespecttothe |
|---|
| 1060 | | - | 459reservesandrelatedactuarialitems,includingbutnotlimitedtotheinvestmentearningson |
|---|
| 1061 | | - | 460theassetsandtheconsiderationsanticipatedtobereceivedandretainedunderthepoliciesand |
|---|
| 1062 | | - | 461contracts,makeadequateprovisionforthecompany'sobligationsunderthepoliciesand |
|---|
| 1063 | | - | 462contracts,includingbutnotlimitedtothebenefitsunderandexpensesassociatedwiththe |
|---|
| 1064 | | - | 463policiesandcontracts. |
|---|
| 1065 | | - | 464 (b)Thedirectormayprovidebyregulationforatransitionperiodforestablishingany |
|---|
| 1066 | | - | 465higherreserveswhichthequalifiedactuarymaydeemnecessaryinordertorenderthe |
|---|
| 1067 | | - | 466opinionrequiredbythissubsection. |
|---|
| 1068 | | - | 467 (4)Eachopinionrequiredbysubdivision(3)ofthissubsectionshallbegovernedby |
|---|
| 1069 | | - | 468thefollowingprovisions: |
|---|
| 1070 | | - | 469 (a)Amemorandum,informandsubstanceacceptabletothedirectorasspecifiedby |
|---|
| 1071 | | - | 470regulation,shallbepreparedtosupporteachactuarialopinion;and |
|---|
| 1072 | | - | 471 (b)Iftheinsurancecompanyfailstoprovideasupportingmemorandumattherequest |
|---|
| 1073 | | - | 472ofthedirectorwithinaperiodspecifiedbyregulationorthedirectordeterminesthatthe |
|---|
| 1074 | | - | 473supportingmemorandumprovidedbytheinsurancecompanyfailstomeetthestandards |
|---|
| 1075 | | - | 474prescribedbytheregulationsorisotherwiseunacceptabletothedirector,thedirectormay |
|---|
| 1076 | | - | 475engageaqualifiedactuaryattheexpenseofthecompanytoreviewtheopinionandthebasis |
|---|
| 1077 | | - | 476fortheopinionandpreparesuchsupportingmemorandumasisrequiredbythedirector. |
|---|
| 1078 | | - | 477 (5)Everyopinionrequiredbythissubsectionshallbegovernedbythefollowing |
|---|
| 1079 | | - | 478provisions: |
|---|
| 1080 | | - | 479 (a)Theopinionshallbesubmittedwiththeannualstatementreflectingthevaluation |
|---|
| 1081 | | - | 480ofsuchreserveliabilitiesforeachyearendingonorafterDecember31,1993; |
|---|
| 1082 | | - | 481 (b)Theopinionshallapplytoallbusinessinforceincludingindividualandgroup |
|---|
| 1083 | | - | 482healthinsuranceplans,informandsubstanceacceptabletothedirectorasspecifiedby |
|---|
| 1084 | | - | 483regulation; |
|---|
| 1085 | | - | 484 (c)Theopinionshallbebasedonstandardsadoptedfromtimetotimebythe |
|---|
| 1086 | | - | 485ActuarialStandardsBoardandonsuchadditionalstandardsasthedirectormaybyregulation |
|---|
| 1087 | | - | 486prescribe; |
|---|
| 1088 | | - | 487 (d)Inthecaseofanopinionrequiredtobesubmittedbyaforeignoraliencompany, |
|---|
| 1089 | | - | 488thedirectormayaccepttheopinionfiledbythatcompanywiththeinsurancesupervisory |
|---|
| 1090 | | - | CCSSSSCSHCSHB2168 30 489officialofanotherstateifthedirectordeterminesthattheopinionreasonablymeetsthe |
|---|
| 1091 | | - | 490requirementsapplicabletoacompanydomiciledinthisstate; |
|---|
| 1092 | | - | 491 (e)Forthepurposesofthissection,"qualifiedactuary"meansamemberingood |
|---|
| 1093 | | - | 492standingoftheAmericanAcademyofActuarieswhomeetstherequirementssetforthinsuch |
|---|
| 1094 | | - | 493regulations; |
|---|
| 1095 | | - | 494 (f)Exceptincasesoffraudorwillfulmisconduct,thequalifiedactuaryshallnotbe |
|---|
| 1096 | | - | 495liablefordamagestoanyperson,otherthantheinsurancecompanyandthedirector,forany |
|---|
| 1097 | | - | 496act,error,omission,decisionorconductwithrespecttotheactuary'sopinion; |
|---|
| 1098 | | - | 497 (g)Disciplinaryactionbythedirectoragainstthecompanyorthequalifiedactuary |
|---|
| 1099 | | - | 498shallbedefinedinregulationsbythedirector;and |
|---|
| 1100 | | - | 499 (h)Anymemoranduminsupportoftheopinion,andanyothermaterialprovidedby |
|---|
| 1101 | | - | 500thecompanytothedirectorinconnectiontherewith,shallbekeptconfidentialbythedirector |
|---|
| 1102 | | - | 501andshallnotbemadepublicandshallnotbesubjecttosubpoena,otherthanforthepurpose |
|---|
| 1103 | | - | 502ofdefendinganactionseekingdamagesfromanypersonbyreasonofanyactionrequiredby |
|---|
| 1104 | | - | 503thissectionorbyregulationspromulgatedhereunder;exceptthatthememorandumorother |
|---|
| 1105 | | - | 504materialmayotherwisebereleasedbythedirector: |
|---|
| 1106 | | - | 505 a.Withthewrittenconsentofthecompany;or |
|---|
| 1107 | | - | 506 b.TotheAmericanAcademyofActuariesuponrequeststatingthatthememorandum |
|---|
| 1108 | | - | 507orothermaterialisrequiredforthepurposeofprofessionaldisciplinaryproceedingsand |
|---|
| 1109 | | - | 508settingforthproceduressatisfactorytothedirectorforpreservingtheconfidentialityofthe |
|---|
| 1110 | | - | 509memorandumorothermaterial. |
|---|
| 1111 | | - | 510 |
|---|
| 1112 | | - | 511Onceanyportionoftheconfidentialmemorandumiscitedbythecompanyinitsmarketingor |
|---|
| 1113 | | - | 512iscitedbeforeanygovernmentalagencyotherthanastateinsurancedepartmentorisreleased |
|---|
| 1114 | | - | 513bythecompanytothenewsmedia,allportionsoftheconfidentialmemorandumshallbeno |
|---|
| 1115 | | - | 514longerconfidential. |
|---|
| 1116 | | - | 515 5.(1)Thissubsectionshallapplytoactuarialopinionsofreservesaftertheoperative |
|---|
| 1117 | | - | 516dateofthevaluationmanual. |
|---|
| 1118 | | - | 517 (2)Everycompanywithoutstandinglifeinsurancecontracts,accidentandhealth |
|---|
| 1119 | | - | 518insurancecontracts,ordeposit-typecontractsinMissouriandsubjecttoregulationbythe |
|---|
| 1120 | | - | 519directorshallannuallysubmittheopinionoftheappointedactuaryastowhetherthereserves |
|---|
| 1121 | | - | 520andrelatedactuarialitemsheldinsupportofthepoliciesandcontractsarecomputed |
|---|
| 1122 | | - | 521appropriately,arebasedonassumptionsthatsatisfycontractualprovisions,areconsistentwith |
|---|
| 1123 | | - | 522priorreportedamounts,andcomplywithapplicableMissourilaw.Thevaluationmanual |
|---|
| 1124 | | - | 523shallprescribethespecificsofsuchopinion,includinganyitemsdeemedtobenecessaryto |
|---|
| 1125 | | - | 524itsscope. |
|---|
| 1126 | | - | CCSSSSCSHCSHB2168 31 525 (3)Everycompanywithoutstandinglifeinsurancecontracts,accidentandhealth |
|---|
| 1127 | | - | 526insurancecontracts,ordeposit-typecontractsinMissouriandsubjecttoregulationbythe |
|---|
| 1128 | | - | 527director,exceptasexemptedinthevaluationmanual,shallalsoannuallyincludeinthe |
|---|
| 1129 | | - | 528opinionrequiredundersubdivision(2)ofthissubsectionanopinionofthesameappointed |
|---|
| 1130 | | - | 529actuaryastowhetherthereservesandrelatedactuarialitemsheldinsupportofthepolicies |
|---|
| 1131 | | - | 530andcontractsspecifiedinthevaluationmanual,whenconsideredinlightoftheassetsheldby |
|---|
| 1132 | | - | 531thecompanywithrespecttothereservesandrelatedactuarialitemsincluding,butnotlimited |
|---|
| 1133 | | - | 532to,theinvestmentearningsontheassetsandtheconsiderationsanticipatedtobereceivedand |
|---|
| 1134 | | - | 533retainedunderthepoliciesandcontracts,makeadequateprovisionforthecompany's |
|---|
| 1135 | | - | 534obligationsunderthepoliciesandcontractsincluding,butnotlimitedto,benefitsunderand |
|---|
| 1136 | | - | 535expensesassociatedwiththepoliciesandcontracts. |
|---|
| 1137 | | - | 536 (4)Eachopinionrequiredbysubdivision(3)ofthissubsectionshallbegovernedby |
|---|
| 1138 | | - | 537thefollowingprovisions: |
|---|
| 1139 | | - | 538 (a)Amemorandum,informandsubstanceasspecifiedinthevaluationmanualand |
|---|
| 1140 | | - | 539acceptabletothedirector,shallbepreparedtosupporteachactuarialopinion;and |
|---|
| 1141 | | - | 540 (b)Iftheinsurancecompanyfailstoprovideasupportingmemorandumattherequest |
|---|
| 1142 | | - | 541ofthedirectorwithinaperiodspecifiedinthevaluationmanualorthedirectordetermines |
|---|
| 1143 | | - | 542thatthesupportingmemorandumprovidedbytheinsurancecompanyfailstomeetthe |
|---|
| 1144 | | - | 543standardsprescribedbythevaluationmanualorisotherwiseunacceptabletothedirector,the |
|---|
| 1145 | | - | 544directormayengageaqualifiedactuaryattheexpenseofthecompanytoreviewtheopinion |
|---|
| 1146 | | - | 545andthebasisfortheopinionandpreparethesupportingmemorandumrequiredbythe |
|---|
| 1147 | | - | 546director. |
|---|
| 1148 | | - | 547 (5)Everyopinionrequiredbythissubsectionshallbegovernedbythefollowing: |
|---|
| 1149 | | - | 548 (a)Theopinionshallbeinformandsubstanceasspecifiedinthevaluationmanual |
|---|
| 1150 | | - | 549andacceptabletothedirector; |
|---|
| 1151 | | - | 550 (b)Theopinionshallbesubmittedwiththeannualstatementreflectingthevaluation |
|---|
| 1152 | | - | 551ofsuchreserveliabilitiesforeachyearendingonoraftertheoperativedateofthevaluation |
|---|
| 1153 | | - | 552manual; |
|---|
| 1154 | | - | 553 (c)Theopinionshallapplytoallpoliciesandcontractssubjecttosubdivision(3)of |
|---|
| 1155 | | - | 554thissubsection,plusotheractuarialliabilitiesasmaybespecifiedinthevaluationmanual; |
|---|
| 1156 | | - | 555 (d)Theopinionshallbebasedonstandardsadoptedfromtimetotimebythe |
|---|
| 1157 | | - | 556ActuarialStandardsBoardoritssuccessor,andonsuchadditionalstandardsasmaybe |
|---|
| 1158 | | - | 557prescribedinthevaluationmanual; |
|---|
| 1159 | | - | 558 (e)Inthecaseofanopinionrequiredtobesubmittedbyaforeignoraliencompany, |
|---|
| 1160 | | - | 559thedirectormayaccepttheopinionfiledbysuchcompanywiththeinsurancesupervisory |
|---|
| 1161 | | - | 560officialofanotherstateifthedirectordeterminesthattheopinionreasonablymeetsthe |
|---|
| 1162 | | - | 561requirementsapplicabletoacompanydomiciledinMissouri; |
|---|
| 1163 | | - | CCSSSSCSHCSHB2168 32 562 (f)Exceptincasesoffraudorwillfulmisconduct,theappointedactuaryshallnotbe |
|---|
| 1164 | | - | 563liablefordamagestoanyperson,otherthantheinsurancecompanyandthedirector,forany |
|---|
| 1165 | | - | 564act,error,omission,decision,orconductwithrespecttotheappointedactuary'sopinion;and |
|---|
| 1166 | | - | 565 (g)Disciplinaryactionbythedirectoragainstthecompanyortheappointedactuary |
|---|
| 1167 | | - | 566shallbedefinedinregulationsbythedirector. |
|---|
| 1168 | | - | 567 6.(1)Forpoliciesissuedonoraftertheoperativedateofthevaluationmanual,the |
|---|
| 1169 | | - | 568standardprescribedinthevaluationmanualistheminimumstandardofvaluationrequired |
|---|
| 1170 | | - | 569undersubsection2ofsection376.370,exceptasprovidedundersubdivision(5)or(7)ofthis |
|---|
| 1171 | | - | 570subsection. |
|---|
| 1172 | | - | 571 (2)TheoperativedateofthevaluationmanualisJanuaryfirstofthefirstcalendar |
|---|
| 1173 | | - | 572yearfollowingthefirstJulyfirstasofwhichallofthefollowinghaveoccurred: |
|---|
| 1174 | | - | 573 (a)ThevaluationmanualhasbeenadoptedbytheNAICbyanaffirmativevoteofat |
|---|
| 1175 | | - | 574leastforty-twomembersorthree-fourthsofthemembersvoting,whicheverisgreater; |
|---|
| 1176 | | - | 575 (b)ThestandardvaluationlawasamendedbytheNAICin2009orlegislation |
|---|
| 1177 | | - | 576includingsubstantiallysimilartermsandprovisionshasbeenenactedbystatesrepresenting |
|---|
| 1178 | | - | 577greaterthanseventy-fivepercentofthedirectpremiumswrittenasreportedinthefollowing |
|---|
| 1179 | | - | 578annualstatementssubmittedfor2008:life,accident,andhealthannualstatements;health |
|---|
| 1180 | | - | 579annualstatements;orfraternalannualstatements; |
|---|
| 1181 | | - | 580 (c)ThestandardvaluationlawasamendedbytheNAICin2009orlegislation |
|---|
| 1182 | | - | 581includingsubstantiallysimilartermsandprovisionshasbeenenactedbyatleastforty-twoof |
|---|
| 1183 | | - | 582thefollowingfifty-fivejurisdictions:thefiftystatesoftheUnitedStates,AmericanSamoa, |
|---|
| 1184 | | - | 583theAmericanVirginIslands,theDistrictofColumbia,Guam,andPuertoRico;and |
|---|
| 1185 | | - | 584 (d)Thevaluationmanualbecomeseffectiveunderanorderofthedirector. |
|---|
| 1186 | | - | 585 (3)Unlessachangeinthevaluationmanualspecifiesalatereffectivedate,changesto |
|---|
| 1187 | | - | 586thevaluationmanualshallbeeffectiveonJanuaryfirstfollowingthedatewhenallofthe |
|---|
| 1188 | | - | 587followinghaveoccurred: |
|---|
| 1189 | | - | 588 (a)ThechangetothevaluationmanualhasbeenadoptedbytheNAICbyan |
|---|
| 1190 | | - | 589affirmativevoterepresenting: |
|---|
| 1191 | | - | 590 a.Atleastthree-fourthsofthemembersoftheNAICvoting,butnotlessthana |
|---|
| 1192 | | - | 591majorityofthetotalmembership;and |
|---|
| 1193 | | - | 592 b.MembersoftheNAICrepresentingjurisdictionstotalinggreaterthanseventy-five |
|---|
| 1194 | | - | 593percentofthedirectpremiumswrittenasreportedinthefollowingannualstatementsmost |
|---|
| 1195 | | - | 594recentlyavailablepriortothevoteinsubparagrapha.ofthisparagraph:life,accident,and |
|---|
| 1196 | | - | 595healthannualstatements;healthannualstatements;orfraternalannualstatements; |
|---|
| 1197 | | - | 596 (b)Thevaluationmanualbecomeseffectiveunderanorderofthedirector. |
|---|
| 1198 | | - | 597 (4)Thevaluationmanualshallspecifyallofthefollowing: |
|---|
| 1199 | | - | CCSSSSCSHCSHB2168 33 598 (a)Minimumvaluationstandardsforanddefinitionsofthepoliciesorcontracts |
|---|
| 1200 | | - | 599subjecttosubsection2ofsection376.370.Suchminimumstandardsshallbe: |
|---|
| 1201 | | - | 600 a.Thecommissionersreservevaluationmethodforlifeinsurancecontracts,other |
|---|
| 1202 | | - | 601thanannuitycontracts,subjecttosubsection2ofsection376.370; |
|---|
| 1203 | | - | 602 b.Thecommissionersannuityreservevaluationmethodforannuitycontractssubject |
|---|
| 1204 | | - | 603tosubsection2ofsection376.370;and |
|---|
| 1205 | | - | 604 c.Minimumreservesforallotherpoliciesandcontractssubjecttosubsection2of |
|---|
| 1206 | | - | 605section376.370; |
|---|
| 1207 | | - | 606 (b)Whichpoliciesorcontractsortypesofpoliciesorcontractsaresubjecttothe |
|---|
| 1208 | | - | 607requirementsofaprinciple-basedvaluationundersubdivision(1)ofsubsection7ofthis |
|---|
| 1209 | | - | 608sectionandtheminimumvaluationstandardsconsistentwithsuchrequirements; |
|---|
| 1210 | | - | 609 (c)Forpoliciesandcontractssubjecttoprinciple-basedvaluationundersubsection7 |
|---|
| 1211 | | - | 610ofthissection: |
|---|
| 1212 | | - | 611 a.Requirementsfortheformatofreportstothedirectorunderparagraph(c)of |
|---|
| 1213 | | - | 612subdivision(2)ofsubsection7ofthissectionandwhichshallincludeinformationnecessary |
|---|
| 1214 | | - | 613todetermineifthevaluationisappropriateandincompliancewithsections376.365to |
|---|
| 1215 | | - | 614376.380; |
|---|
| 1216 | | - | 615 b.Assumptionswhichshallbeprescribedforrisksoverwhichthecompanydoesnot |
|---|
| 1217 | | - | 616havesignificantcontrolorinfluence; |
|---|
| 1218 | | - | 617 c.Proceduresforcorporategovernanceandoversightoftheactuarialfunction,anda |
|---|
| 1219 | | - | 618processforappropriatewaiverormodificationofsuchprocedures; |
|---|
| 1220 | | - | 619 (d)Forpoliciesnotsubjecttoaprinciple-basedvaluationundersubsection7ofthis |
|---|
| 1221 | | - | 620section,theminimumvaluationstandardshalleither: |
|---|
| 1222 | | - | 621 a.Beconsistentwiththeminimumstandardofvaluationpriortotheoperativedateof |
|---|
| 1223 | | - | 622thevaluationmanual;or |
|---|
| 1224 | | - | 623 b.Developreservesthatquantifythebenefitsandguarantees,andthefunding, |
|---|
| 1225 | | - | 624associatedwiththecontractsandtheirrisksatalevelofconservatismthatreflectsconditions |
|---|
| 1226 | | - | 625thatincludeunfavorableeventsthathaveareasonableprobabilityofoccurring; |
|---|
| 1227 | | - | 626 (e)Otherrequirementsincluding,butnotlimitedto,thoserelatingtoreserve |
|---|
| 1228 | | - | 627methods,modelsformeasuringrisk,generationofeconomicscenarios,assumptions, |
|---|
| 1229 | | - | 628margins,useofcompanyexperience,riskmeasurement,disclosure,certifications,reports, |
|---|
| 1230 | | - | 629actuarialopinionsandmemorandums,transitionrules,andinternalcontrols;and |
|---|
| 1231 | | - | 630 (f)Thedataandformofthedatarequiredundersubsection8ofthissection,towhom |
|---|
| 1232 | | - | 631thedatashallbesubmitted,andmayspecifyotherrequirements,includingdataanalysesand |
|---|
| 1233 | | - | 632reportingofanalyses. |
|---|
| 1234 | | - | 633 (5)Intheabsenceofaspecificvaluationrequirementorifaspecificvaluation |
|---|
| 1235 | | - | 634requirementinthevaluationmanualisnot,intheopinionofthedirector,incompliancewith |
|---|
| 1236 | | - | CCSSSSCSHCSHB2168 34 635sections376.365to376.380,thecompanyshall,withrespecttosuchrequirements,comply |
|---|
| 1237 | | - | 636withminimumvaluationstandardsprescribedbythedirectorbyregulation. |
|---|
| 1238 | | - | 637 (6)Thedirectormayengageaqualifiedactuary,attheexpenseofthecompany,to |
|---|
| 1239 | | - | 638performanactuarialexaminationofthecompanyandopineontheappropriatenessofany |
|---|
| 1240 | | - | 639reserveassumptionormethodusedbythecompany,ortoreviewandopineonacompany's |
|---|
| 1241 | | - | 640compliancewithanyrequirementsetforthinsections376.365to376.380.Thedirectormay |
|---|
| 1242 | | - | 641relyupontheopinionregardingprovisionscontainedinsections376.365to376.380ofa |
|---|
| 1243 | | - | 642qualifiedactuaryengagedbythedirectorofanotherstate,district,orterritoryoftheUnited |
|---|
| 1244 | | - | 643States.Asusedinthissubdivision,engageincludesemploymentandcontracting. |
|---|
| 1245 | | - | 644 (7)Thedirectormayrequireacompanytochangeanyassumptionormethodthatin |
|---|
| 1246 | | - | 645theopinionofthedirectorisnecessaryinordertocomplywiththerequirementsofthe |
|---|
| 1247 | | - | 646valuationmanualorsections376.365to376.380,andthecompanyshalladjustthereservesas |
|---|
| 1248 | | - | 647requiredbythedirector.Thedirectormaytakeotherdisciplinaryactionaspermittedunder |
|---|
| 1249 | | - | 648chapter354andchapters374to385. |
|---|
| 1250 | | - | 649 7.(1)Acompanyshallestablishreservesusingaprinciple-basedvaluationthat |
|---|
| 1251 | | - | 650meetsthefollowingconditionsforpoliciesorcontractsasspecifiedinthevaluationmanual: |
|---|
| 1252 | | - | 651 (a)Quantifythebenefitsandguarantees,andthefunding,associatedwiththe |
|---|
| 1253 | | - | 652contractsandtheirrisksatalevelofconservatismthatreflectsconditionsthatinclude |
|---|
| 1254 | | - | 653unfavorableeventsthathaveareasonableprobabilityofoccurringduringthelifetimeofthe |
|---|
| 1255 | | - | 654contracts.Forpoliciesorcontractswithsignificanttailrisk,thecompany'svaluationshall |
|---|
| 1256 | | - | 655reflectconditionsappropriatelyadversetoquantifythetailrisk; |
|---|
| 1257 | | - | 656 (b)Incorporateassumptions,riskanalysismethods,andfinancialmodelsand |
|---|
| 1258 | | - | 657managementtechniquesthatareconsistentwith,butnotnecessarilyidenticalto,those |
|---|
| 1259 | | - | 658utilizedwithinthecompany'soverallriskassessmentprocess,whilerecognizingpotential |
|---|
| 1260 | | - | 659differencesinfinancialreportingstructuresandanyprescribedassumptionsormethods; |
|---|
| 1261 | | - | 660 (c)Incorporateassumptionsthatarederivedinoneofthefollowingmanners: |
|---|
| 1262 | | - | 661 a.Theassumptionisprescribedinthevaluationmanual;or |
|---|
| 1263 | | - | 662 b.Forassumptionsthatarenotprescribed,theassumptionshall: |
|---|
| 1264 | | - | 663 (i)Beestablishedutilizingthecompany'savailableexperiencetotheextentitis |
|---|
| 1265 | | - | 664relevantandstatisticallycredible;or |
|---|
| 1266 | | - | 665 (ii)Totheextentthatcompanydataisnotavailable,relevant,orstatisticallycredible, |
|---|
| 1267 | | - | 666beestablishedutilizingotherrelevantstatisticallycredibleexperience; |
|---|
| 1268 | | - | 667 (d)Providemarginsforuncertainty,includingadversedeviationandestimationerror, |
|---|
| 1269 | | - | 668suchthatthegreatertheuncertaintythelargerthemarginandresultingreserve. |
|---|
| 1270 | | - | 669 (2)Acompanyusingaprinciple-basedvaluationforoneormorepoliciesorcontracts |
|---|
| 1271 | | - | 670subjecttothissectionasspecifiedinthevaluationmanualshall: |
|---|
| 1272 | | - | CCSSSSCSHCSHB2168 35 671 (a)Establishproceduresforcorporategovernanceandoversightoftheactuarial |
|---|
| 1273 | | - | 672valuationfunctionconsistentwiththosedescribedinthevaluationmanual; |
|---|
| 1274 | | - | 673 (b)Providetothedirectoranannualcertificationoftheeffectivenessoftheinternal |
|---|
| 1275 | | - | 674controlswithrespecttotheprinciple-basedvaluation.Suchcontrolsshallbedesignedto |
|---|
| 1276 | | - | 675ensurethatallmaterialrisksinherentintheliabilitiesandassociatedassetssubjecttosuch |
|---|
| 1277 | | - | 676valuationareincludedinthevaluationandthatvaluationsaremadeinaccordancewiththe |
|---|
| 1278 | | - | 677valuationmanual.Thecertificationshallbebasedonthecontrolsinplaceasoftheendofthe |
|---|
| 1279 | | - | 678precedingcalendaryear; |
|---|
| 1280 | | - | 679 (c)Develop,andfilewiththedirectoruponrequest,aprinciple-basedvaluation |
|---|
| 1281 | | - | 680reportthatcomplieswithstandardsprescribedinthevaluationmanual. |
|---|
| 1282 | | - | 681 (3)Aprinciple-basedvaluationmayincludeaprescribedformulaicreserve |
|---|
| 1283 | | - | 682component. |
|---|
| 1284 | | - | 683 8.Forpoliciesinforceonoraftertheoperativedateofthevaluationmanual,a |
|---|
| 1285 | | - | 684companyshallsubmitmortality,morbidity,policyholderbehavior,orexpenseexperienceand |
|---|
| 1286 | | - | 685otherdataasprescribedinthevaluationmanual. |
|---|
| 1287 | | - | 686 9.(1)Forpurposesofthissubsection,"confidentialinformation"means: |
|---|
| 1288 | | - | 687 (a)Amemoranduminsupportofanopinionsubmittedundersubsection4or5of |
|---|
| 1289 | | - | 688thissectionandanyotherdocuments,materials,andotherinformationincluding,butnot |
|---|
| 1290 | | - | 689limitedto,allworkingpapersandcopiesthereofcreated,produced,orobtainedbyor |
|---|
| 1291 | | - | 690disclosedtothedirectororanyotherpersoninconnectionwithsuchmemorandum; |
|---|
| 1292 | | - | 691 (b)Alldocuments,materials,andotherinformationincluding,butnotlimitedto,all |
|---|
| 1293 | | - | 692workingpapersandcopiesthereofcreated,produced,orobtainedbyordisclosedtothe |
|---|
| 1294 | | - | 693directororanyotherpersoninthecourseofanexaminationmadeundersubdivision(6)of |
|---|
| 1295 | | - | 694subsection6ofthissection;provided,however,thatifanexaminationreportorothermaterial |
|---|
| 1296 | | - | 695preparedinconnectionwithanexaminationmadeundersection374.205isnotheldasprivate |
|---|
| 1297 | | - | 696andconfidentialinformationundersection374.205,anexaminationreportorothermaterial |
|---|
| 1298 | | - | 697preparedinconnectionwithanexaminationmadeundersubdivision(6)ofsubsection6of |
|---|
| 1299 | | - | 698thissectionshallnotbeconfidentialinformationtothesameextentasifsuchexamination |
|---|
| 1300 | | - | 699reportorothermaterialhadbeenpreparedundersection374.205; |
|---|
| 1301 | | - | 700 (c)Anyreports,documents,materials,andotherinformationdevelopedbya |
|---|
| 1302 | | - | 701companyinsupportoforinconnectionwithanannualcertificationbythecompanyunder |
|---|
| 1303 | | - | 702paragraph(b)ofsubdivision(2)ofsubsection7ofthissectionevaluatingtheeffectivenessof |
|---|
| 1304 | | - | 703thecompany'sinternalcontrolswithrespecttoaprinciple-basedvaluationandanyother |
|---|
| 1305 | | - | 704documents,materials,andotherinformationincluding,butnotlimitedto,allworkingpapers |
|---|
| 1306 | | - | 705andcopiesthereofcreated,produced,orobtainedbyordisclosedtothedirectororanyother |
|---|
| 1307 | | - | 706personinconnectionwithsuchreports,documents,material,andotherinformation; |
|---|
| 1308 | | - | CCSSSSCSHCSHB2168 36 707 (d)Anyprinciple-basedvaluationreportdevelopedunderparagraph(c)of |
|---|
| 1309 | | - | 708subdivision(2)ofsubsection7ofthissectionandanyotherdocuments,materials,and |
|---|
| 1310 | | - | 709otherinformationincluding,butnotlimitedto,allworkingpapersandcopiesthereofcreated, |
|---|
| 1311 | | - | 710produced,orobtainedbyordisclosedtothedirectororanyotherpersoninconnectionwith |
|---|
| 1312 | | - | 711suchreport;and |
|---|
| 1313 | | - | 712 (e)Anydocuments,materials,data,andotherinformationsubmittedbyacompany |
|---|
| 1314 | | - | 713undersubsection8ofthissection(collectively,"experiencedata")andanyotherdocuments, |
|---|
| 1315 | | - | 714materials,data,andotherinformationincluding,butnotlimitedto,allworkingpapersand |
|---|
| 1316 | | - | 715copiesthereofcreatedorproducedinconnectionwithsuchexperiencedata,ineachcasethat |
|---|
| 1317 | | - | 716includeanypotentiallycompany-identifyingorpersonallyidentifiableinformation,thatis |
|---|
| 1318 | | - | 717providedtoorobtainedbythedirector(togetherwithany"experiencedata",the"experience |
|---|
| 1319 | | - | 718materials")andanyotherdocuments,materials,data,andotherinformationincluding,but |
|---|
| 1320 | | - | 719notlimitedto,allworkingpapersandcopiesthereofcreated,produced,orobtainedbyor |
|---|
| 1321 | | - | 720disclosedtothedirectororanyotherpersoninconnectionwithsuchexperiencematerials. |
|---|
| 1322 | | - | 721 (2)(a)Exceptasprovidedinthissubsection,acompany'sconfidentialinformationis |
|---|
| 1323 | | - | 722confidentialbylawandprivileged,andshallnotbesubjecttochapter610,shallnotbesubject |
|---|
| 1324 | | - | 723tosubpoena,andshallnotbesubjecttodiscoveryoradmissibleinevidenceinanyprivate |
|---|
| 1325 | | - | 724civilaction;provided,however,thatthedirectorisauthorizedtousetheconfidential |
|---|
| 1326 | | - | 725informationinthefurtheranceofanyregulatoryorlegalactionbroughtagainstthecompany |
|---|
| 1327 | | - | 726asapartofthedirector'sofficialduties. |
|---|
| 1328 | | - | 727 (b)Neitherthedirectornoranypersonwhoreceivedconfidentialinformationwhile |
|---|
| 1329 | | - | 728actingundertheauthorityofthedirectorshallbepermittedorrequiredtotestifyinany |
|---|
| 1330 | | - | 729privatecivilactionconcerninganyconfidentialinformation. |
|---|
| 1331 | | - | 730 (c)Inordertoassistintheperformanceofthedirector'sduties,thedirectormayshare |
|---|
| 1332 | | - | 731confidentialinformationwith: |
|---|
| 1333 | | - | 732 a.Otherstate,federal,andinternationalregulatoryagenciesandwiththeNAICand |
|---|
| 1334 | | - | 733itsaffiliatesandsubsidiaries;and |
|---|
| 1335 | | - | 734 b.Inthecaseofconfidentialinformationspecifiedinparagraphs(a)and(d)of |
|---|
| 1336 | | - | 735subdivision(1)ofthissubsectiononly,theActuarialBoardforCounselingandDisciplineor |
|---|
| 1337 | | - | 736itssuccessoruponrequeststatingthattheconfidentialinformationisrequiredforthepurpose |
|---|
| 1338 | | - | 737ofprofessionaldisciplinaryproceedingsandwithstate,federal,andinternationallaw |
|---|
| 1339 | | - | 738enforcementofficials. |
|---|
| 1340 | | - | 739 (d)Thesharingofconfidentialinformationdetailedinparagraph(c)ofthis |
|---|
| 1341 | | - | 740subdivisionshallbecontingentonsuchrecipientagreeingandhavingthelegalauthorityto |
|---|
| 1342 | | - | 741agreetomaintaintheconfidentialityandprivilegedstatusofsuchdocuments,materials,data, |
|---|
| 1343 | | - | 742andotherinformationinthesamemannerandtothesameextentasrequiredforthedirector. |
|---|
| 1344 | | - | CCSSSSCSHCSHB2168 37 743 (e)Thedirectormayreceivedocuments,materials,data,andotherinformation, |
|---|
| 1345 | | - | 744includingotherwiseconfidentialandprivilegeddocuments,materials,data,orinformation, |
|---|
| 1346 | | - | 745fromtheNAICanditsaffiliatesandsubsidiaries,fromregulatoryorlawenforcement |
|---|
| 1347 | | - | 746officialsofotherforeignordomesticjurisdictions,andfromtheActuarialBoardfor |
|---|
| 1348 | | - | 747CounselingandDisciplineoritssuccessorandshallmaintainasconfidentialorprivileged |
|---|
| 1349 | | - | 748anydocument,material,data,orotherinformationreceivedwithnoticeortheunderstanding |
|---|
| 1350 | | - | 749thatitisconfidentialorprivilegedunderthelawsofthejurisdictionthatisthesourceofthe |
|---|
| 1351 | | - | 750document,material,orotherinformation. |
|---|
| 1352 | | - | 751 (f)Thedirectormayenterintoagreementsgoverningsharinganduseofinformation |
|---|
| 1353 | | - | 752consistentwiththissubdivision. |
|---|
| 1354 | | - | 753 (g)Nowaiverofanyapplicableprivilegeorclaimofconfidentialityinthe |
|---|
| 1355 | | - | 754confidentialinformationshalloccurasaresultofdisclosuretothedirectorunderthissection |
|---|
| 1356 | | - | 755orasaresultofsharingasauthorizedinparagraph(c)ofthissubdivision. |
|---|
| 1357 | | - | 756 (h)Aprivilegeestablishedunderthelawofanystateorjurisdictionthatis |
|---|
| 1358 | | - | 757substantiallysimilartotheprivilegeestablishedunderthissubdivisionshallbeavailableand |
|---|
| 1359 | | - | 758enforcedinanyproceedingin,andinanycourtof,Missouri. |
|---|
| 1360 | | - | 759 (i)Inthissubsection,regulatoryagency,lawenforcementagency,andtheNAIC |
|---|
| 1361 | | - | 760include,butarenotlimitedto,theiremployees,agents,consultantsandcontractors. |
|---|
| 1362 | | - | 761 (3)Notwithstandingsubdivision(2)ofthissubsection,anyconfidentialinformation |
|---|
| 1363 | | - | 762specifiedinparagraphs(a)and(d)ofsubdivision(1)ofthissubsection: |
|---|
| 1364 | | - | 763 (a)Maybesubjecttosubpoenaforthepurposeofdefendinganactionseeking |
|---|
| 1365 | | - | 764damagesfromtheappointedactuarysubmittingtherelatedmemoranduminsupportofan |
|---|
| 1366 | | - | 765opinionsubmittedundersubsection4or5ofthissectionorprinciple-basedvaluationreport |
|---|
| 1367 | | - | 766developedunderparagraph(c)ofsubdivision(2)ofsubsection7ofthissectionbyreasonof |
|---|
| 1368 | | - | 767anactionrequiredbysections376.365to376.380orbyregulationspromulgatedhereunder; |
|---|
| 1369 | | - | 768 (b)Mayotherwisebereleasedbythedirectorwiththewrittenconsentofthe |
|---|
| 1370 | | - | 769company;and |
|---|
| 1371 | | - | 770 (c)Onceanyportionofamemoranduminsupportofanopinionsubmittedunder |
|---|
| 1372 | | - | 771subsection4or5ofthissectionoraprinciple-basedvaluationreportdevelopedunder |
|---|
| 1373 | | - | 772paragraph(c)ofsubdivision(2)ofsubsection7ofthissectioniscitedbythecompanyinits |
|---|
| 1374 | | - | 773marketing,orispubliclyvolunteeredtoorbeforeagovernmentalagencyotherthanastate |
|---|
| 1375 | | - | 774insurancedepartment,orisreleasedbythecompanytothenewsmedia,allportionsofsuch |
|---|
| 1376 | | - | 775memorandumorreportshallnolongerbeconfidential. |
|---|
| 1377 | | - | 776 10.Thedirectormayexemptspecificproductformsorproductlinesofadomestic |
|---|
| 1378 | | - | 777companythatislicensedanddoingbusinessonlyinMissourifromtherequirementsof |
|---|
| 1379 | | - | 778subsection6ofthissectionprovided: |
|---|
| 1380 | | - | CCSSSSCSHCSHB2168 38 779 (1)Thedirectorhasissuedanexemptioninwritingtothecompanyandhasnot |
|---|
| 1381 | | - | 780subsequentlyrevokedtheexemptioninwriting;and |
|---|
| 1382 | | - | 781 (2)Thecompanycomputesreservesusingassumptionsandmethodsusedpriortothe |
|---|
| 1383 | | - | 782operativedateofthevaluationmanualinadditiontoanyrequirementsestablishedbythe |
|---|
| 1384 | | - | 783directorandpromulgatedbyregulation. |
|---|
| 1385 | | - | 784 |
|---|
| 1386 | | - | 785Foranycompanygrantedanexemptionunderthissection,subsection3ofsection376.370 |
|---|
| 1387 | | - | 786andsubsections1to5ofthissectionshallbeapplicable.Withrespecttoanycompany |
|---|
| 1388 | | - | 787applyingthisexemption,anyreferencetosubsection6ofthissectionfoundinsubsection3of |
|---|
| 1389 | | - | 788section376.370andsubsections1to5ofthissectionshallnotbeapplicable. |
|---|
| 1390 | | - | 789 [11.(1)Acompanythathaslessthanthreehundredmilliondollarsofordinarylife |
|---|
| 1391 | | - | 790premiumandthatislicensedanddoingbusinessinMissouriandthatissubjecttothe |
|---|
| 1392 | | - | 791requirementsofsubsections6and7ofthissectionmayholdreservesbasedonthemortality |
|---|
| 1393 | | - | 792tablesandinterestratesdefinedbythevaluationmanualfornetpremiumreservesandusing |
|---|
| 1394 | | - | 793themethodologydefinedintheprovisionsofparagraphs(b)through(i)ofsubdivision(2)of |
|---|
| 1395 | | - | 794subsection1ofthissectionandsubsection3ofsection376.370astheyapplytoordinarylife |
|---|
| 1396 | | - | 795insuranceinlieuofthereservesrequiredbysubsections6and7ofthissection,providedthat: |
|---|
| 1397 | | - | 796 (a)Ifthecompanyisamemberofagroupoflifeinsurers,thegrouphascombined |
|---|
| 1398 | | - | 797ordinarylifepremiumsoflessthansixhundredmilliondollars; |
|---|
| 1399 | | - | 798 (b)Thecompanyreportedtotaladjustedcapitalofatleastfourhundredfiftypercent |
|---|
| 1400 | | - | 799ofauthorizedcontrollevelrisk-basedcapitalintherisk-basedcapitalreportfortheprior |
|---|
| 1401 | | - | 800calendaryear; |
|---|
| 1402 | | - | 801 (c)Theappointedactuaryhasprovidedanunqualifiedopiniononthereservesin |
|---|
| 1403 | | - | 802accordancewithsubsections4and5ofthissectionforthepriorcalendaryear; |
|---|
| 1404 | | - | 803 (d)Thecompanyhasprovidedacertificationbyaqualifiedactuarythatanyuniversal |
|---|
| 1405 | | - | 804lifepolicywithasecondaryguaranteeissuedaftertheoperativedateofthevaluationmanual |
|---|
| 1406 | | - | 805meetsthedefinitionofanonmaterialsecondaryguaranteeuniversallifeproductasdefinedin |
|---|
| 1407 | | - | 806thevaluationmanual. |
|---|
| 1408 | | - | 807 (2)Forpurposesofsubdivision(1)ofthissubsection,ordinarylifepremiumsare |
|---|
| 1409 | | - | 808measuredasdirectpremiumplusreinsuranceassumedfromanunaffiliatedcompany,as |
|---|
| 1410 | | - | 809reportedinthepriorcalendaryearannualstatement. |
|---|
| 1411 | | - | 810 (3)Adomesticcompanymeetingalloftheaboveconditionsmayfileastatement |
|---|
| 1412 | | - | 811priortoJulyfirstwiththedirectorcertifyingthattheseconditionsaremetforthecurrent |
|---|
| 1413 | | - | 812calendaryearbasedonpremiumsandothervaluesfromthepriorcalendaryearfinancial |
|---|
| 1414 | | - | 813statements.ThedirectormayrejectsuchstatementpriortoSeptemberfirstandrequirea |
|---|
| 1415 | | - | 814companytocomplywiththevaluationmanualrequirementsforlifeinsurancereserves.] |
|---|
| 1416 | | - | 376.1800.1.Asusedinthissection,thefollowingtermsshallmean: |
|---|
| 1417 | | - | CCSSSSCSHCSHB2168 39 2 (1)"Medicalretaineragreement",acontractbetweena[physician] providerandan |
|---|
| 1418 | | - | 3individualpatientorsuchindividualpatient'slegalrepresentativeinwhichthe[physician] |
|---|
| 1419 | | - | 4provideragreestoprovidecertainhealthcareservicesdescribedintheagreementtothe |
|---|
| 1420 | | - | 5individualpatientforanagreed-uponfeeandperiodoftime; |
|---|
| 1421 | | - | 6 (2)["Physician"] "Provider", achiropractorlicensedunderchapter331,a |
|---|
| 1422 | | - | 7dentistlicensedunderchapter332,oraphysicianlicensedunderchapter334.[Physician] |
|---|
| 1423 | | - | 8Providerincludesanindividual[physician] provideroragroupof[physicians] providers. |
|---|
| 1424 | | - | 9 2.Amedicalretaineragreementisnotinsuranceandisnotsubjecttothischapter. |
|---|
| 1425 | | - | 10Enteringintoamedicalretaineragreementisnotthebusinessofinsuranceandisnotsubject |
|---|
| 1426 | | - | 11tothischapter. |
|---|
| 1427 | | - | 12 3.A[physician] provideroragentofa[physician] providerisnotrequiredtoobtain |
|---|
| 1428 | | - | 13acertificateofauthorityorlicenseunderthissectiontomarket,sell,oroffertosellamedical |
|---|
| 1429 | | - | 14retaineragreement. |
|---|
| 1430 | | - | 15 4.Tobeconsideredamedicalretaineragreementforthepurposesofthissection,the |
|---|
| 1431 | | - | 16agreementshallmeetallofthefollowingrequirements: |
|---|
| 1432 | | - | 17 (1)Beinwriting; |
|---|
| 1433 | | - | 18 (2)Besignedbythe[physician] provideroragentofthe[physician] providerand |
|---|
| 1434 | | - | 19theindividualpatientorsuchindividualpatient'slegalrepresentative; |
|---|
| 1435 | | - | 20 (3)Alloweitherpartytoterminatetheagreementonwrittennoticetotheotherparty; |
|---|
| 1436 | | - | 21 (4)Describethespecifichealthcareservicesthatareincludedintheagreement; |
|---|
| 1437 | | - | 22 (5)Specifythefeefortheagreement; |
|---|
| 1438 | | - | 23 (6)Specifytheperiodoftimeundertheagreement;and |
|---|
| 1439 | | - | 24 (7)Prominentlystateinwritingthattheagreementisnothealthinsurance. |
|---|
| 1440 | | - | 25 5.(1)Foranypatientwhoentersintoamedicalretaineragreementunderthissection |
|---|
| 1441 | | - | 26andwhohasestablishedahealthsavingsaccount(HSA)incompliancewith26U.S.C. |
|---|
| 1442 | | - | 27Section223,orwhohasaflexiblespendingarrangement(FSA)orhealthreimbursement |
|---|
| 1443 | | - | 28arrangement(HRA),feesunderthepatient'smedicalretaineragreementmaybepaidfrom |
|---|
| 1444 | | - | 29suchhealthsavingsaccountorreimbursedthroughsuchflexiblespendingarrangementor |
|---|
| 1445 | | - | 30healthreimbursementarrangement,subjecttoanyfederalorstatelawsregardingqualified |
|---|
| 1446 | | - | 31expendituresfromahealthsavingsaccount,orreimbursementthroughaflexiblespending |
|---|
| 1447 | | - | 32arrangementorahealthreimbursementarrangement. |
|---|
| 1448 | | - | 33 (2)Theemployerofanypatientdescribedinsubdivision(1)ofthissubsectionmay: |
|---|
| 1449 | | - | 34 (a)Makecontributionstosuchpatient'shealthsavingsaccount,flexiblespending |
|---|
| 1450 | | - | 35arrangement,orhealthreimbursementarrangementtocoveralloranyportionoftheagreed- |
|---|
| 1451 | | - | 36uponfeesunderthepatient'smedicalretaineragreement,subjecttoanyfederalorstate |
|---|
| 1452 | | - | 37restrictionsoncontributionsmadebyanemployertoahealthsavingsaccount,or |
|---|
| 1453 | | - | CCSSSSCSHCSHB2168 40 38reimbursementthroughaflexiblespendingarrangement,orhealthreimbursement |
|---|
| 1454 | | - | 39arrangement;or |
|---|
| 1455 | | - | 40 (b)Paytheagreed-uponfeesdirectlytothe[physician] providerunderthemedical |
|---|
| 1456 | | - | 41retaineragreement. |
|---|
| 1457 | | - | 42 6.Nothinginthissectionshallbeconstruedasprohibiting,limiting,orotherwise |
|---|
| 1458 | | - | 43restrictinga[physician] providerinacollaborativepracticearrangementfromenteringintoa |
|---|
| 1459 | | - | 44medicalretaineragreementunderthissection. |
|---|
| 1460 | | - | 379.011.1.Asusedinthissection,thefollowingtermsmean: |
|---|
| 1461 | | - | 2 (1)"Deliveredbyelectronicmeans",includesdeliverytoanelectronicmailaddressat |
|---|
| 1462 | | - | 3whichapartyhasconsentedtoreceivenoticesordocuments,orpostingonanelectronic |
|---|
| 1463 | | - | 4networkorsiteaccessibleviatheinternet,mobileapplication,computer,mobiledevice, |
|---|
| 1464 | | - | 5tablet,oranyotherelectronicdevice,togetherwithaseparatenoticetoapartydirectedtothe |
|---|
| 1465 | | - | 6electronicmailaddressatwhichthepartyhasconsentedtoreceivenoticeoftheposting; |
|---|
| 1466 | | - | 7 (2)"Party",anyrecipientofanynoticeordocumentrequiredaspartofaninsurance |
|---|
| 1467 | | - | 8transaction,includingbutnotlimitedtoanapplicant,aninsuredorapolicyholder. |
|---|
| 1468 | | - | 9 2.Subjecttosubsection3ofthissection,anynoticetoapartyoranyotherdocument |
|---|
| 1469 | | - | 10requiredunderapplicablelawinaninsurancetransactionorthatistoserveasevidenceof |
|---|
| 1470 | | - | 11insurancecoveragemaybedelivered,stored,andpresentedbyelectronicmeanssolongasit |
|---|
| 1471 | | - | 12meetstherequirementsofsections432.200to432.295.Deliveryofanoticeordocumentin |
|---|
| 1472 | | - | 13accordancewiththissubsectionshallbeconsideredequivalenttoanydeliverymethod |
|---|
| 1473 | | - | 14requiredunderapplicablelaw,includingdeliverybyfirstclassmail,firstclassmailpostage |
|---|
| 1474 | | - | 15prepaid,certifiedmail,orcertificateofmailing. |
|---|
| 1475 | | - | 16 3.Anoticeordocumentmaybedeliveredbyelectronicmeansbyaninsurertoa |
|---|
| 1476 | | - | 17partyunderthis[subsection] sectionif: |
|---|
| 1477 | | - | 18 (1)Thepartyhasaffirmativelyconsentedtothatmethodofdeliveryandhasnot |
|---|
| 1478 | | - | 19withdrawntheconsent; |
|---|
| 1479 | | - | 20 (2)Theparty,beforegivingconsent,isprovidedwithaclearandconspicuous |
|---|
| 1480 | | - | 21statementinformingthepartyof: |
|---|
| 1481 | | - | 22 (a)Anyrightoroptiontohavethenoticeordocumentprovidedinpaperoranother |
|---|
| 1482 | | - | 23nonelectronicformatnoadditionalcost; |
|---|
| 1483 | | - | 24 (b)Therightofthepartytowithdrawconsenttohaveanoticeordocumentdelivered |
|---|
| 1484 | | - | 25byelectronicmeans; |
|---|
| 1485 | | - | 26 (c)Whethertheparty'sconsentappliesonlytotheparticulartransactionastowhich |
|---|
| 1486 | | - | 27thenoticeordocumentmustbegivenortoidentifiedcategoriesofnoticesordocumentsthat |
|---|
| 1487 | | - | 28maybedeliveredbyelectronicmeansduringthecourseoftheparties'relationship; |
|---|
| 1488 | | - | 29 (d)Themeans,afterconsentisgiven,bywhichapartymayobtainapapercopyofa |
|---|
| 1489 | | - | 30noticeordocumentdeliveredbyelectronicmeansatnoadditionalcost;and |
|---|
| 1490 | | - | CCSSSSCSHCSHB2168 41 31 (e)Theprocedureapartymustfollowtowithdrawconsenttohaveanoticeor |
|---|
| 1491 | | - | 32documentdeliveredbyelectronicmeansandtoupdateinformationneededtocontactthe |
|---|
| 1492 | | - | 33partyelectronically; |
|---|
| 1493 | | - | 34 (3)Theparty,beforegivingconsent,isprovidedwithastatementofthehardwareand |
|---|
| 1494 | | - | 35softwarerequirementsforaccesstoandretentionofanoticeordocumentdeliveredby |
|---|
| 1495 | | - | 36electronicmeansandconsentselectronically,andconfirmsconsentelectronically,inamanner |
|---|
| 1496 | | - | 37thatreasonablydemonstratesthatthepartycanaccessinformationintheelectronicformthat |
|---|
| 1497 | | - | 38willbeusedfornoticesordocumentsdeliveredbyelectronicmeansastowhichthepartyhas |
|---|
| 1498 | | - | 39givenconsent;and |
|---|
| 1499 | | - | 40 (4)Afterconsentofthepartyisgiven,theinsurer,intheeventachangeinthe |
|---|
| 1500 | | - | 41hardwareorsoftwarerequirementsneededtoaccessorretainanoticeordocumentdelivered |
|---|
| 1501 | | - | 42inelectronicmeanscreatesamaterialriskthatthepartywillnotbeabletoaccessorretaina |
|---|
| 1502 | | - | 43subsequentnoticeordocumenttowhichtheconsentapplies: |
|---|
| 1503 | | - | 44 (a)Providesthepartywithastatementoftherevisedhardwareandsoftware |
|---|
| 1504 | | - | 45requirementsforaccesstoandretentionofanoticeordocumentdeliveredbyelectronic |
|---|
| 1505 | | - | 46meansandoftherightofthepartytowithdrawconsentpursuanttoparagraph(b)of |
|---|
| 1506 | | - | 47subdivision(2)ofthissubsection;and |
|---|
| 1507 | | - | 48 (b)Complieswithsubdivision(2)ofthissubsection. |
|---|
| 1508 | | - | 49 4.Notwithstandinganyotherprovisionsofthissection,ifapolicyofinsuranceis |
|---|
| 1509 | | - | 50purchaseddirectlythroughaninsurer'swebsite,portal,orapplication,andisinitially |
|---|
| 1510 | | - | 51deliveredbyelectronicmeans,aparty'sconsenttohaveallfuturenoticesand |
|---|
| 1511 | | - | 52documentsrelatedtothepolicy,orclaimsthereunder,deliveredbyelectronicmeans |
|---|
| 1512 | | - | 53shallbepresumed.Nothinginthissubsectionshallaffecttherightofapartyunderthis |
|---|
| 1513 | | - | 54sectiontowithdrawitsconsenttohaveanoticeordocumentdeliveredbyelectronic |
|---|
| 1514 | | - | 55means. |
|---|
| 1515 | | - | 56 5.Thissectiondoesnotaffectrequirementsrelatingtocontentortimingofanynotice |
|---|
| 1516 | | - | 57ordocumentrequiredunderapplicablelaw.Ifanyprovisionofapplicablelawrequiringa |
|---|
| 1517 | | - | 58noticeordocumenttobeprovidedtoapartyexpresslyrequiresverificationor |
|---|
| 1518 | | - | 59acknowledgmentofreceiptofthenoticeordocument,thenoticeordocumentmaybe |
|---|
| 1519 | | - | 60deliveredbyelectronicmeansonlyifthemethodusedprovidesforverificationor |
|---|
| 1520 | | - | 61acknowledgmentofreceipt.Absentverificationoracknowledgmentofreceiptoftheinitial |
|---|
| 1521 | | - | 62noticeordocumentonthepartoftheparty,theinsurershallsendtwosubsequentnoticesor |
|---|
| 1522 | | - | 63documentsatintervalsoffivebusinessdays.Thelegaleffectiveness,validity,or |
|---|
| 1523 | | - | 64enforceabilityofanycontractorpolicyofinsuranceexecutedbyapartymaynotbemade |
|---|
| 1524 | | - | 65contingentuponobtainingelectronicconsentorconfirmationofconsentofthepartyin |
|---|
| 1525 | | - | 66accordancewithsubdivision(3)ofsubsection3ofthissection. |
|---|
| 1526 | | - | CCSSSSCSHCSHB2168 42 67 [5.]6.Awithdrawalofconsentbyapartydoesnotaffectthelegaleffectiveness, |
|---|
| 1527 | | - | 68validity,orenforceabilityofanoticeordocumentdeliveredbyelectronicmeanstotheparty |
|---|
| 1528 | | - | 69beforethewithdrawalofconsentiseffective.Awithdrawalofconsentbyapartyiseffective |
|---|
| 1529 | | - | 70withinthirtydaysafterreceiptofthewithdrawalbytheinsurer.Failurebyaninsurerto |
|---|
| 1530 | | - | 71complywithsubdivision(4)ofsubsection3ofthissectionmaybetreated,attheelectionof |
|---|
| 1531 | | - | 72theparty,asawithdrawalofconsentforpurposesofthissection. |
|---|
| 1532 | | - | 73 [6.]7.Thissectiondoesnotapplytoanoticeordocumentdeliveredbyaninsurerin |
|---|
| 1533 | | - | 74anelectronicformbeforeAugust28,2013,toapartywho,beforethatdate,hasconsentedto |
|---|
| 1534 | | - | 75receivenoticesordocumentsinanelectronicformotherwiseallowedbylaw.Iftheconsent |
|---|
| 1535 | | - | 76ofapartytoreceivecertainnoticesordocumentsinanelectronicformisonfilewithan |
|---|
| 1536 | | - | 77insurerbeforeAugust28,2013,andpursuanttothissection,aninsurerintendstodeliver |
|---|
| 1537 | | - | 78additionalnoticesordocumentstosuchpartyinanelectronicform,thenpriortodelivering |
|---|
| 1538 | | - | 79suchadditionalnoticesordocumentselectronically,theinsurershallnotifythepartyof: |
|---|
| 1539 | | - | 80 (1)Thenoticesordocumentsthatmaybedeliveredbyelectronicmeansunderthis |
|---|
| 1540 | | - | 81sectionthatwerenotpreviouslydeliveredelectronically;and |
|---|
| 1541 | | - | 82 (2)Theparty'srighttowithdrawconsenttohavenoticesordocumentsdeliveredby |
|---|
| 1542 | | - | 83electronicmeans. |
|---|
| 1543 | | - | 84 [7.]8.Apartywhodoesnotconsenttodeliveryofnoticesordocumentsunder |
|---|
| 1544 | | - | 85subsection3ofthissection,orwhowithdrawstheirconsent,shallnotbesubjecttoany |
|---|
| 1545 | | - | 86additionalfeesorcostsforhavingnoticesordocumentsprovidedormadeavailabletothem |
|---|
| 1546 | | - | 87inpaperoranothernonelectronicform. |
|---|
| 1547 | | - | 88 [8.]9.Ifanyprovisionofapplicablelawrequiresasignatureornoticeordocumentto |
|---|
| 1548 | | - | 89benotarized,acknowledged,verified,ormadeunderoath,therequirementissatisfiedifthe |
|---|
| 1549 | | - | 90electronicsignatureofthepersonauthorizedtoperformthoseacts,togetherwithallother |
|---|
| 1550 | | - | 91informationrequiredtobeincludedbytheprovision,isattachedtoorlogicallyassociated |
|---|
| 1551 | | - | 92withthesignature,notice,ordocument. |
|---|
| 1552 | | - | 93 [9.]10.Thissectionmaynotbeconstruedtomodify,limit,orsupercedethe |
|---|
| 1553 | | - | 94provisionsofsections354.442,376.1450,or432.200to432.295.Theprovisionsofthis |
|---|
| 1554 | | - | 95sectionshallapplytonoticesanddocumentsissuedbyinsurersorganizedunderthischapter |
|---|
| 1555 | | - | 96orchapter380andtonoticesanddocumentsrelatingtolifeinsuranceproductsissuedby |
|---|
| 1556 | | - | 97insurersorganizedunderchapter376. |
|---|
| 1557 | | - | 98 [10.]11.Nothinginthissectionshallpreventaninsurerfromofferingadiscounttoan |
|---|
| 1558 | | - | 99insuredwhoelectstoreceivenoticesanddocumentselectronicallyinaccordancewiththis |
|---|
| 1559 | | - | 100section. |
|---|
| 1560 | | - | SectionB.Therepealandreenactmentofsection288.132andtheenactmentof |
|---|
| 1561 | | - | 2section288.133shallbecomeeffectiveJanuary1,2023. |
|---|
| 1562 | | - | CCSSSSCSHCSHB2168 43 SectionC.Therepealandreenactmentofsections303.025and303.041shalltake |
|---|
| 1563 | | - | 2effectonJanuary1,2024. |
|---|
| 1564 | | - | âś” |
|---|
| 1565 | | - | CCSSSSCSHCSHB2168 44 |
|---|
| 12 | + | Torepealsections288.132,303.025,303.041,319.129, |
|---|
| 13 | + | 375.159,376.380,376.1800,and379.011,RSMo,andto |
|---|
| 14 | + | enactinlieuthereofninenewsectionsrelatingto |
|---|
| 15 | + | insurance,withpenaltyprovisionsandadelayed |
|---|
| 16 | + | effectivedateforcertainsections. |
|---|
| 17 | + | BEITENACTEDBYTHEGENERALASSEMBLYOFTHESTATEOFMISSOURI,AS |
|---|
| 18 | + | FOLLOWS: |
|---|
| 19 | + | SectionA.Sections288.132,303.025,303.041,319.129, |
|---|
| 20 | + | 2 375.159,376.380,376.1800,and379.011,RSMo,arerepealedand |
|---|
| 21 | + | 3 ninenewsectionsenactedinlieuthereof,tobeknownassections |
|---|
| 22 | + | 4 288.132,288.133,303.025,303.041,319.129,375.159,376.380, |
|---|
| 23 | + | 5 376.1800,and379.011,toreadasfollows: |
|---|
| 24 | + | 288.132.1.Thereisherebycreatedinthestatetreasury |
|---|
| 25 | + | 2 the"UnemploymentAutomationFund",whichshallconsistofmoney |
|---|
| 26 | + | 3 collected[undersubsection1ofsection288.131] pursuantto |
|---|
| 27 | + | 4 section288.133,andsuchotherstatefundsappropriatedbythe |
|---|
| 28 | + | 5 generalassembly. Thestatetreasurershallbecustodianofthe |
|---|
| 29 | + | 1 6 fundandmayapprovedisbursementsfromthefundinaccordancewith |
|---|
| 30 | + | 7 sections30.170and30.180.Uponappropriation,moneyinthefund |
|---|
| 31 | + | 8 shallbeusedsolelyforthepurposeofprovidingautomated |
|---|
| 32 | + | 9 systems,andthepaymentofassociatedcosts,toimprovethe |
|---|
| 33 | + | 10 administrationofthestate'sunemploymentinsuranceprogram. |
|---|
| 34 | + | 11 Notwithstanding theprovisionsofsection33.080tothecontrary, |
|---|
| 35 | + | 12 allmoneysremaininginthefundattheendofthebienniumshall |
|---|
| 36 | + | 13 notreverttothecreditofthegeneralrevenuefund.Thestate |
|---|
| 37 | + | 14 treasurershallinvestmoneysinthefundinthesamemanneras |
|---|
| 38 | + | 15 otherfundsareinvested. Anyinterestandmoneyearnedonsuch |
|---|
| 39 | + | 16 investmentsshallbecreditedtothefund. |
|---|
| 40 | + | 17 2.Theunemploymentautomationfundshallnotbeusedin |
|---|
| 41 | + | 18 wholeorinpartforanypurposeorinanymannerthatwouldpermit |
|---|
| 42 | + | 19 itssubstitutionfor,oracorrespondingreductionin,federal |
|---|
| 43 | + | 20 fundsthatwouldbeavailableinitsabsencetofinance |
|---|
| 44 | + | 21 expendituresfortheadministrationofthischapter,orcausethe |
|---|
| 45 | + | 22 appropriateagencyoftheUnitedStatesgovernmenttowithholdany |
|---|
| 46 | + | 23 partofanadministrativegrantwhichwouldotherwisebemade. |
|---|
| 47 | + | 288.133.1.Eachemployerliableforcontributionspursuant |
|---|
| 48 | + | 2 tothischapter,exceptemployerswithacontributionrateequalto |
|---|
| 49 | + | 3 zero,shallpayanannualunemploymentautomationadjustmentinan |
|---|
| 50 | + | 4 amountequaltotwoone-hundredthsofonepercentofsuch |
|---|
| 51 | + | 5 employer'stotaltaxablewagesforthetwelve-monthperiodending |
|---|
| 52 | + | 6 theprecedingJunethirtieth. |
|---|
| 53 | + | 7 2.Notwithstanding subsection1ofthissectiontothe |
|---|
| 54 | + | 8 contrary,thedivisionmayreducetheautomationadjustment |
|---|
| 55 | + | 9 percentagetoensurethatthetotalamountofadjustmentduefrom |
|---|
| 56 | + | 2 10 allemployersunderthissectionshallnotexceedfivemillion |
|---|
| 57 | + | 11 dollarsannually. |
|---|
| 58 | + | 12 3.Eachemployerliabletopayanautomationadjustmentshall |
|---|
| 59 | + | 13 benotifiedoftheamountdueunderthissectionbyMarchthirty- |
|---|
| 60 | + | 14 firstofeachyearandsuchamountshallbeconsidereddelinquent |
|---|
| 61 | + | 15 thirtydaysthereafter. Delinquentunemploymentautomation |
|---|
| 62 | + | 16 adjustmentamountsmaybecollectedinthemannerprovidedunder |
|---|
| 63 | + | 17 sections288.160and288.170.Allmoneyscollectedunderthis |
|---|
| 64 | + | 18 sectionshallbedepositedintheunemploymentautomationfund |
|---|
| 65 | + | 19 establishedinsection288.132. |
|---|
| 66 | + | 20 4.Forthefirstquarterofeachcalendaryear,thetotal |
|---|
| 67 | + | 21 amountofcontributionotherwiseduefromeachemployerliableto |
|---|
| 68 | + | 22 paycontributionsunderthischaptershallbereducedbythedollar |
|---|
| 69 | + | 23 amountofunemploymentautomationadjustmentduefromsuch |
|---|
| 70 | + | 24 employerpursuanttosubsection1ofthissection.However,the |
|---|
| 71 | + | 25 amountofcontributionsduefromsuchemployerforthefirst |
|---|
| 72 | + | 26 quarterofthecalendaryearinquestionshallnotbereducedbelow |
|---|
| 73 | + | 27 zero. |
|---|
| 74 | + | 303.025.1.Noownerofamotorvehicleregisteredinthis |
|---|
| 75 | + | 2 state,orrequiredtoberegisteredinthisstate,shalloperate, |
|---|
| 76 | + | 3 registerormaintainregistrationofamotorvehicle,orpermit |
|---|
| 77 | + | 4 anotherpersontooperatesuchvehicle,unlesstheownermaintains |
|---|
| 78 | + | 5 thefinancialresponsibilitywhichconformstotherequirementsof |
|---|
| 79 | + | 6 thelawsofthisstate.Nononresidentshalloperateorpermit |
|---|
| 80 | + | 7 anotherpersontooperateinthisstateamotorvehicleregistered |
|---|
| 81 | + | 8 tosuchnonresidentunlessthenonresidentmaintainsthefinancial |
|---|
| 82 | + | 9 responsibilitywhichconformstotherequirementsofthelawsof |
|---|
| 83 | + | 3 10 thenonresident'sstateofresidence. Furthermore,noperson |
|---|
| 84 | + | 11 shalloperateamotorvehicleownedbyanotherwiththeknowledge |
|---|
| 85 | + | 12 thattheownerhasnotmaintainedfinancialresponsibilityunless |
|---|
| 86 | + | 13 suchpersonhasfinancialresponsibilitywhichcoverstheperson's |
|---|
| 87 | + | 14 operationoftheother'svehicle;however,noownerornonresident |
|---|
| 88 | + | 15 shallbeinviolationofthissubsectionifheorshefailsto |
|---|
| 89 | + | 16 maintainfinancialresponsibilityonamotorvehiclewhichis |
|---|
| 90 | + | 17 inoperableorbeingstoredandnotinoperation. Thedirectorof |
|---|
| 91 | + | 18 thedepartmentofrevenueshallestablishbyruleaprocessfor |
|---|
| 92 | + | 19 voluntarysuspensionofmotorvehicleregistrationforvehicles |
|---|
| 93 | + | 20 whichareinoperableorbeingstoredandnotinoperation. The |
|---|
| 94 | + | 21 ownerornonresidentshallnotfurtheroperatethevehicleuntil |
|---|
| 95 | + | 22 theownerornonresidentnotifiesthedepartmentofrevenuethat |
|---|
| 96 | + | 23 thevehiclewillbeinuse,andthedepartmentshallreinstatethe |
|---|
| 97 | + | 24 motorvehicleregistrationuponreceiptofproofoffinancial |
|---|
| 98 | + | 25 responsibility. Ownersornonresidentswhooperateamotor |
|---|
| 99 | + | 26 vehicleduringaperiodofinoperabilityorstorageclaimedunder |
|---|
| 100 | + | 27 thissubsectionshallbeguiltyofaclassBmisdemeanorandmay |
|---|
| 101 | + | 28 additionallybeguiltyofaviolationofthissubsection. |
|---|
| 102 | + | 29 Notwithstanding anyprovisionoflawtothecontrary,the |
|---|
| 103 | + | 30 departmentofrevenuemayverifymotorvehiclefinancial |
|---|
| 104 | + | 31 responsibilityasprovidedbylaw,butshallnototherwisetake |
|---|
| 105 | + | 32 legaloradministrativeactiontoenforcetherequirementsofthis |
|---|
| 106 | + | 33 sectionunless,inthediscretionofthedirector,themotor |
|---|
| 107 | + | 34 vehicleisdeterminedtohavebeenoperatedinviolationofthis |
|---|
| 108 | + | 35 section,amotorvehicleregistrationisappliedforinviolation |
|---|
| 109 | + | 36 ofthissection,orthemotorvehicleontwoseparateoccasions |
|---|
| 110 | + | 4 37 thirtydaysapartisdeterminedtohaveitsregistration |
|---|
| 111 | + | 38 maintainedinviolationofthissection.Thedirectormay |
|---|
| 112 | + | 39 prescriberulesandregulationsfortheimplementationofthis |
|---|
| 113 | + | 40 section. |
|---|
| 114 | + | 41 2.Amotorvehicleownershallmaintaintheowner'sfinancial |
|---|
| 115 | + | 42 responsibilityinamannerprovidedforinsection303.160,orwith |
|---|
| 116 | + | 43 amotorvehicleliabilitypolicywhichconformstothe |
|---|
| 117 | + | 44 requirementsofthelawsofthisstate.Anonresidentmotor |
|---|
| 118 | + | 45 vehicleownershallmaintaintheowner'sfinancialresponsibility |
|---|
| 119 | + | 46 whichconformstotherequirementsofthelawsofthenonresident's |
|---|
| 120 | + | 47 stateofresidence. |
|---|
| 121 | + | 48 3.Anypersonwhoviolatesthissectionisguiltyofa |
|---|
| 122 | + | 49 misdemeanor. Exceptasotherwiseprovidedinthissection,afirst |
|---|
| 123 | + | 50 violationofthissectionshallbepunishableasaclassD |
|---|
| 124 | + | 51 misdemeanor. Asecondorsubsequentviolationofthissection |
|---|
| 125 | + | 52 [shall] maybe[punishable] punishedbyimprisonmentinthecounty |
|---|
| 126 | + | 53 jailforatermnottoexceedfifteendays[and/or] andshallbe |
|---|
| 127 | + | 54 punishedbyafinenotlessthantwohundreddollarsbutnotto |
|---|
| 128 | + | 55 exceedfivehundreddollars.Priorpleasofguiltyandprior |
|---|
| 129 | + | 56 findingsofguiltyshallbepleadedandproveninthesamemanner |
|---|
| 130 | + | 57 asrequiredbysection558.021.However,nopersonshallbefound |
|---|
| 131 | + | 58 guiltyofviolatingthissectioniftheoperatordemonstratesto |
|---|
| 132 | + | 59 thecourtthatheorshemetthefinancialresponsibility |
|---|
| 133 | + | 60 requirementsofthissectionatthetimethepeaceofficer, |
|---|
| 134 | + | 61 commercialvehicleenforcementofficerorcommercialvehicle |
|---|
| 135 | + | 62 inspectorwrotethecitation.Inadditiontoanyotherauthorized |
|---|
| 136 | + | 63 punishment,thecourtshallnotifythedirectorofrevenueofany |
|---|
| 137 | + | 5 64 personconvictedpursuanttothissectionandshalldooneofthe |
|---|
| 138 | + | 65 following: |
|---|
| 139 | + | 66 (1)Enteranordersuspendingthedrivingprivilegeasofthe |
|---|
| 140 | + | 67 dateofthecourtorder.Ifthecourtordersthesuspensionofthe |
|---|
| 141 | + | 68 drivingprivilege,thecourtshallrequirethedefendantto |
|---|
| 142 | + | 69 surrendertoitanydriver'slicensethenheldbysuchperson.The |
|---|
| 143 | + | 70 lengthofthesuspensionshallbeasprescribedinsubsection2of |
|---|
| 144 | + | 71 section303.042.Thecourtshallforwardtothedirectorof |
|---|
| 145 | + | 72 revenuetheorderofsuspensionofdrivingprivilegeandany |
|---|
| 146 | + | 73 licensesurrenderedwithintendays; |
|---|
| 147 | + | 74 (2)Forwardtherecordoftheconvictionforanassessmentof |
|---|
| 148 | + | 75 fourpoints; |
|---|
| 149 | + | 76 (3)Inlieuofanassessmentofpoints,renderanorderof |
|---|
| 150 | + | 77 supervisionasprovidedinsection302.303.Anorderof |
|---|
| 151 | + | 78 supervisionshallnotbeusedinlieuofpointsmorethanonetime |
|---|
| 152 | + | 79 inanythirty-six-month period.Everycourthavingjurisdiction |
|---|
| 153 | + | 80 pursuanttotheprovisionsofthissectionshallforwardarecord |
|---|
| 154 | + | 81 ofconvictiontotheMissouristatehighwaypatrol,oratthe |
|---|
| 155 | + | 82 writtendirectionoftheMissouristatehighwaypatrol,tothe |
|---|
| 156 | + | 83 departmentofrevenue,inamannerapprovedbythedirectorofthe |
|---|
| 157 | + | 84 departmentofpublicsafety.Thedirectorshallestablish |
|---|
| 158 | + | 85 proceduresfortherecordkeepingandadministrationofthis |
|---|
| 159 | + | 86 section;or |
|---|
| 160 | + | 87 (4)Foranonresident,suspendthenonresident'sdriving |
|---|
| 161 | + | 88 privilegesinthisstateinaccordancewithsection303.030and |
|---|
| 162 | + | 89 notifytheofficialinchargeoftheissuanceoflicensesand |
|---|
| 163 | + | 90 registrationcertificatesinthestateinwhichsuchnonresident |
|---|
| 164 | + | 6 91 residesinaccordancewithsection303.080. |
|---|
| 165 | + | 92 4.Nothinginsections303.010to303.050,303.060,303.140, |
|---|
| 166 | + | 93 303.220,303.290,303.330and303.370shallbeconstruedas |
|---|
| 167 | + | 94 prohibitingthedepartmentofcommerceandinsurancefrom |
|---|
| 168 | + | 95 approvingorauthorizingthoseexclusionsandlimitationswhich |
|---|
| 169 | + | 96 arecontainedinautomobileliabilityinsurancepoliciesandthe |
|---|
| 170 | + | 97 uninsuredmotoristprovisionsofautomobileliabilityinsurance |
|---|
| 171 | + | 98 policies. |
|---|
| 172 | + | 99 5.Ifacourtentersanorderofsuspension,theoffendermay |
|---|
| 173 | + | 100 appealsuchorderdirectlypursuanttochapter512andthe |
|---|
| 174 | + | 101 provisionsofsection302.311shallnotapply. |
|---|
| 175 | + | 102 6.Anyfinesowedtothestatepursuanttothissectionmay |
|---|
| 176 | + | 103 beeligibleforpaymentininstallments. Thedirectorshall |
|---|
| 177 | + | 104 promulgaterulesfortheapplicationofpaymentplans,whichshall |
|---|
| 178 | + | 105 takeintoaccountindividuals'abilitytopay. |
|---|
| 179 | + | 303.041.1.Ifthedirectordetermines[thatasaresultof |
|---|
| 180 | + | 2 averificationsampleoraccidentreportthattheownerofamotor |
|---|
| 181 | + | 3 vehiclehasnotmaintainedfinancialresponsibility, orifthe |
|---|
| 182 | + | 4 directordeterminesasaresultofanorderofsupervision] that |
|---|
| 183 | + | 5 theowneroroperatorofamotorvehiclehasnotmaintainedthe |
|---|
| 184 | + | 6 financialresponsibilityasrequiredinthischapter,thedirector |
|---|
| 185 | + | 7 shallthirty-threedaysaftermailingnotice,suspendthedriving |
|---|
| 186 | + | 8 privilegeoftheowneroroperatorand/ortheregistrationofthe |
|---|
| 187 | + | 9 vehiclefailingtomeetsuchrequirement. Thenoticeofsuspension |
|---|
| 188 | + | 10 shallbemailedtothepersonatthelastknownaddressshownon |
|---|
| 189 | + | 11 thedepartment'srecords.Thenoticeofsuspensionisdeemed |
|---|
| 190 | + | 12 receivedthreedaysaftermailing.Thenoticeofsuspensionshall |
|---|
| 191 | + | 7 13 clearlyspecifythereasonandstatutorygroundsforthe |
|---|
| 192 | + | 14 suspensionandtheeffectivedateofthesuspension,therightof |
|---|
| 193 | + | 15 thepersontorequestahearing,theprocedureforrequestinga |
|---|
| 194 | + | 16 hearing,andthedatebywhichthatrequestforahearingmustbe |
|---|
| 195 | + | 17 made.Iftherequestforahearingisreceivedbythedepartment |
|---|
| 196 | + | 18 priortotheeffectivedateofthesuspension,theeffectivedate |
|---|
| 197 | + | 19 ofthesuspensionwillbestayeduntilafinalorderisissued |
|---|
| 198 | + | 20 followingthehearing. |
|---|
| 199 | + | 21 2.Exceptasotherwiseprovidedbylaw,neitherthefactthat |
|---|
| 200 | + | 22 subsequenttothedateofverificationorconviction,theowner |
|---|
| 201 | + | 23 acquiredtherequiredliabilityinsurancepolicynorthefactthat |
|---|
| 202 | + | 24 theownerterminatedownershipofthemotorvehicle,shallhaveany |
|---|
| 203 | + | 25 bearinguponthedirector'sdecisiontosuspend.Untilitis |
|---|
| 204 | + | 26 terminated,thesuspensionshallremaininforceafterthe |
|---|
| 205 | + | 27 registrationisrenewedoranewregistrationisacquiredforthe |
|---|
| 206 | + | 28 motorvehicle.Thesuspensionalsoshallapplytoanymotor |
|---|
| 207 | + | 29 vehicletowhichtheownertransferstheregistration. Effective |
|---|
| 208 | + | 30 January1,2000,thedepartmentshallnotextendanysuspensionfor |
|---|
| 209 | + | 31 failuretopayadelinquentlatesurrenderfeepursuanttothis |
|---|
| 210 | + | 32 subsection. |
|---|
| 211 | + | 319.129.1.Thereisherebycreatedaspecialtrustfundto |
|---|
| 212 | + | 2 beknownasthe"PetroleumStorageTankInsuranceFund"withinthe |
|---|
| 213 | + | 3 statetreasurywhichshallbethesuccessortotheunderground |
|---|
| 214 | + | 4 storagetankinsurancefund.Moneysinsuchspecialtrustfund |
|---|
| 215 | + | 5 shallnotbedeemedtobestatefunds.Notwithstanding the |
|---|
| 216 | + | 6 provisionsofsection33.080tothecontrary,moneysinthefund |
|---|
| 217 | + | 7 shallnotbetransferredtogeneralrevenueattheendofeach |
|---|
| 218 | + | 8 8 biennium. |
|---|
| 219 | + | 9 2.Theowneroroperatorofanyundergroundstoragetank, |
|---|
| 220 | + | 10 includingthestateofMissourianditspoliticalsubdivisionsand |
|---|
| 221 | + | 11 publictransportationsystems,inserviceonAugust28,1989, |
|---|
| 222 | + | 12 shallsubmittothedepartmentafeeofonehundreddollarsper |
|---|
| 223 | + | 13 tankonorbeforeDecember31,1989.Theowneroroperatorofany |
|---|
| 224 | + | 14 undergroundstoragetankwhoseekstoparticipateinthepetroleum |
|---|
| 225 | + | 15 storagetankinsurancefund,includingthestateofMissouriand |
|---|
| 226 | + | 16 itspoliticalsubdivisionsandpublictransportationsystems,and |
|---|
| 227 | + | 17 whoseundergroundstoragetankisbroughtintoserviceafter |
|---|
| 228 | + | 18 August28,1998,shalltransmitonehundreddollarspertanktothe |
|---|
| 229 | + | 19 boardwithhisorherinitialapplication. Suchamountshallbea |
|---|
| 230 | + | 20 one-timepayment,andshallbeinadditiontothepaymentrequired |
|---|
| 231 | + | 21 bysection319.133.Theowneroroperatorofanyaboveground |
|---|
| 232 | + | 22 storagetankregulatedbythischapter,includingthestateof |
|---|
| 233 | + | 23 Missourianditspoliticalsubdivisionsandpublictransportation |
|---|
| 234 | + | 24 systems,whoseekstoparticipateinthepetroleumstoragetank |
|---|
| 235 | + | 25 insurancefund,shalltransmitonehundreddollarspertanktothe |
|---|
| 236 | + | 26 boardwithhisorherinitialapplication. Suchamountshallbea |
|---|
| 237 | + | 27 one-timepaymentandshallbeinadditiontothepaymentrequired |
|---|
| 238 | + | 28 bysection319.133.Moneysreceivedpursuanttothissectionshall |
|---|
| 239 | + | 29 betransmittedtothedirectorofrevenuefordepositinthe |
|---|
| 240 | + | 30 petroleumstoragetankinsurancefund. |
|---|
| 241 | + | 31 3.Thestatetreasurermaydepositmoneysinthefundinany |
|---|
| 242 | + | 32 ofthequalifieddepositoriesofthestate.Allsuchdeposits |
|---|
| 243 | + | 33 shallbesecuredinamanneranduponthetermsasareprovidedby |
|---|
| 244 | + | 34 lawrelativetostatedeposits.Interestearnedshallbecredited |
|---|
| 245 | + | 9 35 tothepetroleumstoragetankinsurancefund. |
|---|
| 246 | + | 36 4.Thegeneraladministrationofthefundandthe |
|---|
| 247 | + | 37 responsibilityfortheproperoperationofthefund,includingall |
|---|
| 248 | + | 38 decisionsrelatingtopaymentsfromthefund,areherebyvestedin |
|---|
| 249 | + | 39 aboardoftrustees. Theboardoftrusteesshallconsistofthe |
|---|
| 250 | + | 40 commissionerofadministrationorthecommissioner'sdesignee,the |
|---|
| 251 | + | 41 directorofthedepartmentofnaturalresourcesorthedirector's |
|---|
| 252 | + | 42 designee,thedirectorofthedepartmentofagricultureorthe |
|---|
| 253 | + | 43 director'sdesignee,andeightcitizensappointedbythegovernor |
|---|
| 254 | + | 44 withtheadviceandconsentofthesenate.Threeoftheappointed |
|---|
| 255 | + | 45 membersshallbeownersoroperatorsofretailpetroleumstorage |
|---|
| 256 | + | 46 tanks,includingonetankowneroroperatorofgreaterthanone |
|---|
| 257 | + | 47 hundredtanks;onetankowneroroperatoroflessthanonehundred |
|---|
| 258 | + | 48 tanks;andoneabovegroundstoragetankowneroroperator. One |
|---|
| 259 | + | 49 appointedtrusteeshallrepresentafinanciallendinginstitution, |
|---|
| 260 | + | 50 andoneappointedtrusteeshallrepresenttheinsurance |
|---|
| 261 | + | 51 underwritingindustry. Oneappointedtrusteeshallrepresent |
|---|
| 262 | + | 52 industrialorcommercialusersofpetroleum. Thetworemaining |
|---|
| 263 | + | 53 appointedcitizensshallhavenopetroleum-related business |
|---|
| 264 | + | 54 interest,andshallrepresentthenonregulatedpublicatlarge. |
|---|
| 265 | + | 55 Themembersappointedbythegovernorshallservefour-yearterms |
|---|
| 266 | + | 56 exceptthatthegovernorshalldesignatetwooftheoriginal |
|---|
| 267 | + | 57 appointeestobeappointedforoneyear,twotobeappointedfor |
|---|
| 268 | + | 58 twoyears,twotobeappointedforthreeyearsandtwotobe |
|---|
| 269 | + | 59 appointedforfouryears.Anyvacanciesoccurringontheboard |
|---|
| 270 | + | 60 shallbefilledinthesamemannerasprovidedinthissection. |
|---|
| 271 | + | 61 5.[TheboardshallmeetinJeffersonCity,Missouri,within |
|---|
| 272 | + | 10 62 thirtydaysfollowingAugust28,1996.Thereafter,] Theboard |
|---|
| 273 | + | 63 shallmeetuponthewrittencallofthechairmanoftheboardorby |
|---|
| 274 | + | 64 theagreementofanysixmembersoftheboard.Noticeofeach |
|---|
| 275 | + | 65 meetingshallbedeliveredtoallothertrusteesinpersonorby |
|---|
| 276 | + | 66 registeredmailnotlessthansixdayspriortothedatefixedfor |
|---|
| 277 | + | 67 themeeting.Theboardmaymeetatanytimebyunanimousmutual |
|---|
| 278 | + | 68 consent.Thereshallbeatleastonemeetingineachquarter. |
|---|
| 279 | + | 69 6.Sixtrusteesshallconstituteaquorumforthetransaction |
|---|
| 280 | + | 70 ofbusiness,andanyofficialactionoftheboardshallbebasedon |
|---|
| 281 | + | 71 amajorityvoteofthetrusteespresent. |
|---|
| 282 | + | 72 7.Thetrusteesshallservewithoutcompensationbutshall |
|---|
| 283 | + | 73 receivefromthefundtheiractualandnecessaryexpensesincurred |
|---|
| 284 | + | 74 intheperformanceoftheirdutiesfortheboard. |
|---|
| 285 | + | 75 8.TheboardoftrusteesshallbeatypeIIIagencyandshall |
|---|
| 286 | + | 76 appointanexecutivedirectorandotheremployeesasneeded,who |
|---|
| 287 | + | 77 shallbestateemployeesandbeeligibleforallcorresponding |
|---|
| 288 | + | 78 benefits.Theexecutivedirectorshallhavechargeoftheoffices, |
|---|
| 289 | + | 79 operations,records,andotheremployeesoftheboard,subjectto |
|---|
| 290 | + | 80 thedirectionoftheboard.Employeesoftheboardshallreceive |
|---|
| 291 | + | 81 suchsalariesandnecessaryexpensesasshallbefixedbythe |
|---|
| 292 | + | 82 board. |
|---|
| 293 | + | 83 9.StaffresourcesfortheMissouripetroleumstoragetank |
|---|
| 294 | + | 84 insurancefundmaybeprovidedbythedepartmentofnatural |
|---|
| 295 | + | 85 resourcesoranotherstateagencyasotherwisespecifically |
|---|
| 296 | + | 86 determinedbytheboard.Thefundshallcompensatethedepartment |
|---|
| 297 | + | 87 ofnaturalresourcesorotherstateagencyforallcostsof |
|---|
| 298 | + | 88 providingstaffrequiredbythissubsection. Suchcompensation |
|---|
| 299 | + | 11 89 shallbemadepursuanttocontractsnegotiatedbetweentheboard |
|---|
| 300 | + | 90 andthedepartmentofnaturalresourcesorotherstateagency. |
|---|
| 301 | + | 91 10.Inordertocarryoutthefiduciarymanagementofthe |
|---|
| 302 | + | 92 fund,theboardmayselectandemploy,ormaycontractwith, |
|---|
| 303 | + | 93 personsexperiencedininsuranceunderwriting,accounting,the |
|---|
| 304 | + | 94 servicingofclaimsandratemaking,andlegalcounseltodefend |
|---|
| 305 | + | 95 third-partyclaims,whoshallserveattheboard'spleasure. |
|---|
| 306 | + | 96 Invoicesforsuchservicesshallbepresentedtotheboardin |
|---|
| 307 | + | 97 sufficientdetailtoallowathoroughreviewofthecostsofsuch |
|---|
| 308 | + | 98 services. |
|---|
| 309 | + | 99 11.[Atthefirstmeetingoftheboard,] Theboardshall |
|---|
| 310 | + | 100 electoneofitsmembersaschairman. Thechairmanshallpreside |
|---|
| 311 | + | 101 overmeetingsoftheboardandperformsuchotherdutiesasshall |
|---|
| 312 | + | 102 berequiredbyactionoftheboard. |
|---|
| 313 | + | 103 12.Theboardshallelectoneofitsmembersasvice |
|---|
| 314 | + | 104 chairman,andthevicechairmanshallperformthedutiesofthe |
|---|
| 315 | + | 105 chairmanintheabsenceofthelatteroruponthechairman's |
|---|
| 316 | + | 106 inabilityorrefusaltoact. |
|---|
| 317 | + | 107 13.Theboardshalldetermineandprescribeallrulesand |
|---|
| 318 | + | 108 regulationsastheyrelatetofiduciarymanagementofthefund, |
|---|
| 319 | + | 109 pursuanttothepurposesofsections319.100to319.137.Inno |
|---|
| 320 | + | 110 caseshalltheboardhaveoversightregardingenvironmental |
|---|
| 321 | + | 111 cleanupstandardsforpetroleumstoragetanks. |
|---|
| 322 | + | 112 14.Notrusteeorstaffmemberofthefundshallreceiveany |
|---|
| 323 | + | 113 gainorprofitfromanymoneysortransactionsofthefund.This |
|---|
| 324 | + | 114 shallnotprecludeanyeligibletrusteefrommakingaclaimor |
|---|
| 325 | + | 115 receivingbenefitsfromthepetroleumstoragetankinsurancefund |
|---|
| 326 | + | 12 116 asprovidedbysections319.100to319.137. |
|---|
| 327 | + | 117 15.Theboardmayreinsurealloraportionofthefund's |
|---|
| 328 | + | 118 liability. Anyinsurerwhosellsenvironmentalliability |
|---|
| 329 | + | 119 insuranceinthisstatemay,attheoptionoftheboard,reinsure |
|---|
| 330 | + | 120 someportionofthefund'sliability. |
|---|
| 331 | + | 121 16.Thepetroleumstoragetankinsurancefundshallexpireon |
|---|
| 332 | + | 122 December31,[2025] 2030,unlessextendedbyactionofthegeneral |
|---|
| 333 | + | 123 assembly. AfterDecember31,[2025] 2030,theboardoftrustees |
|---|
| 334 | + | 124 maycontinuetofunctionforthesolepurposeofcompletingpayment |
|---|
| 335 | + | 125 ofclaimsmadepriortoDecember31,[2025] 2030. |
|---|
| 336 | + | 126 17.Theboardshallannuallycommissionanindependent |
|---|
| 337 | + | 127 financialauditofthepetroleumstoragetankinsurancefund.The |
|---|
| 338 | + | 128 boardshallbienniallycommissionanactuarialanalysisofthe |
|---|
| 339 | + | 129 petroleumstoragetankinsurancefund.Theresultsofthe |
|---|
| 340 | + | 130 financialauditandtheactuarialanalysisshallbemadeavailable |
|---|
| 341 | + | 131 tothepublic.Theboardmaycontractwiththirdpartiestocarry |
|---|
| 342 | + | 132 outtherequirementsofthissubsection. |
|---|
| 343 | + | 133 18.Theboardoftrusteesshallpromulgateallnecessary |
|---|
| 344 | + | 134 rulesandregulationsfortheadministrationofthissection.Any |
|---|
| 345 | + | 135 ruleorportionofarule,asthattermisdefinedinsection |
|---|
| 346 | + | 136 536.010,thatiscreatedundertheauthoritydelegatedinthis |
|---|
| 347 | + | 137 sectionshallbecomeeffectiveonlyifitcomplieswithandis |
|---|
| 348 | + | 138 subjecttoalloftheprovisionsofchapter536and,ifapplicable, |
|---|
| 349 | + | 139 section536.028.Thissectionandchapter536arenonseverableand |
|---|
| 350 | + | 140 ifanyofthepowersvestedwiththegeneralassemblypursuantto |
|---|
| 351 | + | 141 chapter536toreview,todelaytheeffectivedate,orto |
|---|
| 352 | + | 142 disapproveandannularulearesubsequentlyheld |
|---|
| 353 | + | 13 143 unconstitutional, thenthegrantofrulemakingauthorityandany |
|---|
| 354 | + | 144 ruleproposedoradoptedafterAugust28,2022,shallbeinvalid |
|---|
| 355 | + | 145 andvoid. |
|---|
| 356 | + | 375.159.1.Asusedinthissection,thefollowingterms |
|---|
| 357 | + | 2 shallmean: |
|---|
| 358 | + | 3 (1)"Aggregatorsite",awebsitethatprovidesinformation |
|---|
| 359 | + | 4 regardinginsuranceproductsfrommorethanoneinsurer,including |
|---|
| 360 | + | 5 productandinsurerinformation,foruseincomparisonshopping; |
|---|
| 361 | + | 6 (2)"Blankettravelinsurance",apolicyoftravelinsurance |
|---|
| 362 | + | 7 issuedtoanyeligiblegroupprovidingcoverageforspecific |
|---|
| 363 | + | 8 classesofpersonsdefinedinthepolicy,withcoverageprovidedto |
|---|
| 364 | + | 9 allmembersoftheeligiblegroupwithoutaseparatechargeto |
|---|
| 365 | + | 10 individualmembersoftheeligiblegroup; |
|---|
| 366 | + | 11 (3)"Cancellationfeewaiver",acontractualagreement |
|---|
| 367 | + | 12 betweenasupplieroftravelservicesanditscustomertowaive |
|---|
| 368 | + | 13 someorallofthenonrefundablecancellationfeeprovisionsofthe |
|---|
| 369 | + | 14 supplier'sunderlyingtravelcontractwithorwithoutregardto |
|---|
| 370 | + | 15 thereasonforthecancellationorformofreimbursement. A |
|---|
| 371 | + | 16 cancellationfeewaiverisnotinsurance; |
|---|
| 372 | + | 17 (4)"Director",thedirectorofthedepartmentofcommerce |
|---|
| 373 | + | 18 andinsurance; |
|---|
| 374 | + | 19 (5)"Eligiblegroup",solelyforthepurposeoftravel |
|---|
| 375 | + | 20 insurance,twoormorepersonswhoareengagedinacommon |
|---|
| 376 | + | 21 enterpriseorhaveaneconomic,educational,orsocialaffinityor |
|---|
| 377 | + | 22 relationship,includingbutnotlimitedtoanyofthefollowing: |
|---|
| 378 | + | 23 (a)Anyentityengagedinthebusinessofprovidingtravelor |
|---|
| 379 | + | 24 travelservices,includingbutnotlimitedto:touroperators, |
|---|
| 380 | + | 14 25 lodgingproviders,vacationpropertyowners,hotelsandresorts, |
|---|
| 381 | + | 26 travelclubs,travelagencies,propertymanagers,cultural |
|---|
| 382 | + | 27 exchangeprograms,andcommoncarriersortheoperator,owner,or |
|---|
| 383 | + | 28 lessorofameansoftransportationofpassengersincluding,but |
|---|
| 384 | + | 29 notlimitedto,airlines,cruiselines,railroads,steamship |
|---|
| 385 | + | 30 companies,andpublicbuscarriers,inwhichthereisacommon |
|---|
| 386 | + | 31 exposuretoriskattendanttotheparticulartypeoftravelor |
|---|
| 387 | + | 32 travelerforallmembersorcustomersofthegroup; |
|---|
| 388 | + | 33 (b)Anycollege,school,orotherinstitutionoflearning, |
|---|
| 389 | + | 34 coveringstudents,teachers,employees,orvolunteers; |
|---|
| 390 | + | 35 (c)Anyemployercoveringanygroupofemployees, |
|---|
| 391 | + | 36 volunteers,contractors,membersofboardsofdirectors, |
|---|
| 392 | + | 37 dependents,orguests; |
|---|
| 393 | + | 38 (d)Anysportsteam,camp,orsponsorthereof,covering |
|---|
| 394 | + | 39 participants,members,campers,employees,officials,supervisors, |
|---|
| 395 | + | 40 orvolunteers; |
|---|
| 396 | + | 41 (e)Anyreligious,charitable,recreational,educational,or |
|---|
| 397 | + | 42 civicorganization,orbranchthereof,coveringanygroupof |
|---|
| 398 | + | 43 members,participants,orvolunteers; |
|---|
| 399 | + | 44 (f)Anyfinancialinstitution,financialinstitutionvendor, |
|---|
| 400 | + | 45 orparentholdingcompany,trustee,oragentofordesignatedby |
|---|
| 401 | + | 46 oneormorefinancialinstitutionsorfinancialinstitution |
|---|
| 402 | + | 47 vendors,includingaccountholders, creditcardholders,debtors, |
|---|
| 403 | + | 48 guarantors,orpurchasers; |
|---|
| 404 | + | 49 (g)Anyincorporatedorunincorporatedassociation, |
|---|
| 405 | + | 50 includinganylaborunion,havingacommoninterest,constitution, |
|---|
| 406 | + | 51 andbylaws,andorganizedandmaintainedingoodfaithforpurposes |
|---|
| 407 | + | 15 52 otherthanobtaininginsuranceformembersorparticipantsofsuch |
|---|
| 408 | + | 53 associationcoveringitsmembers; |
|---|
| 409 | + | 54 (h)Anytrustorthetrusteesofafundestablished,created, |
|---|
| 410 | + | 55 ormaintainedforthebenefitofandcoveringmembers,employees, |
|---|
| 411 | + | 56 orcustomersofoneormoreassociationsmeetingtherequirements |
|---|
| 412 | + | 57 ofparagraph(g)ofthissubdivision,subjecttothedirector's |
|---|
| 413 | + | 58 permissionoftheuseofatrustandthestate'spremiumtax |
|---|
| 414 | + | 59 provisionsdescribedinsubsection4ofthissection; |
|---|
| 415 | + | 60 (i)Anyentertainmentproductioncompanycoveringanygroup |
|---|
| 416 | + | 61 ofparticipants,volunteers,audiencemembers,contestants,or |
|---|
| 417 | + | 62 workers; |
|---|
| 418 | + | 63 (j)Anyvolunteerfiredepartment,ambulance,rescue, |
|---|
| 419 | + | 64 police,court,firstaid,civildefense,orothersuchvolunteer |
|---|
| 420 | + | 65 group; |
|---|
| 421 | + | 66 (k)Preschools,daycareinstitutionsforchildrenor |
|---|
| 422 | + | 67 adults,andseniorcitizenclubs; |
|---|
| 423 | + | 68 (l)Anyautomobileortruckrentalorleasingcompany |
|---|
| 424 | + | 69 coveringagroupofpersonswhomaybecomerenters,lessees,or |
|---|
| 425 | + | 70 passengersdefinedbytheirtravelstatusontherentedorleased |
|---|
| 426 | + | 71 vehicles.Thecommoncarrier;theoperator,owner,orlessorofa |
|---|
| 427 | + | 72 meansoftransportation; ortheautomobileortruckrentalor |
|---|
| 428 | + | 73 leasingcompanyisthepolicyholderunderapolicytowhichthis |
|---|
| 429 | + | 74 sectionapplies;or |
|---|
| 430 | + | 75 (m)Anyothergroupforwhichthedirectorhasdetermined |
|---|
| 431 | + | 76 thatthemembersareengagedinacommonenterpriseorhavean |
|---|
| 432 | + | 77 economic,educational,orsocialaffinityorrelationshipandthat |
|---|
| 433 | + | 78 issuanceofthepolicywouldnotbecontrarytothepublic |
|---|
| 434 | + | 16 79 interest; |
|---|
| 435 | + | 80 (6)"Fulfillmentmaterials",documentationsenttothe |
|---|
| 436 | + | 81 purchaserofatravelprotectionplanconfirmingthepurchaseand |
|---|
| 437 | + | 82 providingthetravelprotectionplan'scoverageandassistance |
|---|
| 438 | + | 83 details; |
|---|
| 439 | + | 84 (7)"Grouptravelinsurance",travelinsuranceissuedtoany |
|---|
| 440 | + | 85 eligiblegroup; |
|---|
| 441 | + | 86 (8)"Limitedlinestravelinsuranceproducer",a: |
|---|
| 442 | + | 87 (a)Licensedmanaginggeneralagentasprovidedbysections |
|---|
| 443 | + | 88 375.147to375.153orthird-partyadministrator;[or] |
|---|
| 444 | + | 89 (b)Licensedinsuranceproducerasprovidedbychapter375 |
|---|
| 445 | + | 90 [;], includingalimitedlinesproducer,designatedbytheinsurer |
|---|
| 446 | + | 91 asthetravelinsurancesupervisingentityassetforthin |
|---|
| 447 | + | 92 subdivision(7)ofsubsection[5]3ofthissectionbelow;or |
|---|
| 448 | + | 93 (c)Traveladministrator; |
|---|
| 449 | + | 94 [(2)] (9)"Offeranddisseminate",providegeneral |
|---|
| 450 | + | 95 information,includingadescriptionofthecoverageandprice,as |
|---|
| 451 | + | 96 wellasprocesstheapplication,collectpremiums,andperform |
|---|
| 452 | + | 97 othernonlicensableactivitiespermittedbythestate; |
|---|
| 453 | + | 98 [(3)] (10)"Primarycertificateholder",apersonwhoelects |
|---|
| 454 | + | 99 andpurchasestravelinsuranceunderagrouppolicy; |
|---|
| 455 | + | 100 (11)"Primarypolicyholder",apersonwhoelectsand |
|---|
| 456 | + | 101 purchasesindividualtravelinsurance; |
|---|
| 457 | + | 102 (12)"Traveladministrator", apersonwhodirectlyor |
|---|
| 458 | + | 103 indirectlyunderwrites;collectscharges,collateral,orpremiums |
|---|
| 459 | + | 104 from;oradjustsandsettlesclaimsonresidentsofthisstatein |
|---|
| 460 | + | 105 connectionwithtravelinsurance;exceptthatapersonshallnotbe |
|---|
| 461 | + | 17 106 consideredatraveladministratorifthatperson'sonlyactions |
|---|
| 462 | + | 107 thatwouldotherwisecausethepersontobeconsideredatravel |
|---|
| 463 | + | 108 administratorareamongthefollowing: |
|---|
| 464 | + | 109 (a)Apersonworkingforatraveladministratortotheextent |
|---|
| 465 | + | 110 thattheperson'sactivitiesaresubjecttothesupervisionand |
|---|
| 466 | + | 111 controlofthetraveladministrator; |
|---|
| 467 | + | 112 (b)Aninsuranceproducersellinginsuranceorengagedin |
|---|
| 468 | + | 113 administrativeandclaims-relatedactivitieswithinthescopeof |
|---|
| 469 | + | 114 theproducer'slicense; |
|---|
| 470 | + | 115 (c)Atravelretailerofferinganddisseminatingtravel |
|---|
| 471 | + | 116 insuranceandregisteredunderthelicenseofalimitedlines |
|---|
| 472 | + | 117 travelinsuranceproducerinaccordancewiththissection; |
|---|
| 473 | + | 118 (d)Apersonadjustingorsettlingclaimsinthenormal |
|---|
| 474 | + | 119 courseofthatperson'spracticeoremploymentasanattorney-at- |
|---|
| 475 | + | 120 lawandwhodoesnotcollectchargesorpremiumsinconnectionwith |
|---|
| 476 | + | 121 insurancecoverage;or |
|---|
| 477 | + | 122 (e)Abusinessentitythatisaffiliatedwithalicensed |
|---|
| 478 | + | 123 insurerwhileactingasatraveladministratorforthedirectand |
|---|
| 479 | + | 124 assumedinsurancebusinessofanaffiliatedinsurer; |
|---|
| 480 | + | 125 (13)"Travelassistanceservices",noninsuranceservicesfor |
|---|
| 481 | + | 126 whichtheconsumerisnotindemnifiedbasedonafortuitousevent |
|---|
| 482 | + | 127 andinwhichprovidingtheservicedoesnotresultintransferor |
|---|
| 483 | + | 128 shiftingofriskthatwouldconstitutethebusinessofinsurance. |
|---|
| 484 | + | 129 Theterm"travelassistanceservices"includes,butisnotlimited |
|---|
| 485 | + | 130 to:securityadvisories,destinationinformation,vaccinationand |
|---|
| 486 | + | 131 immunizationinformationservices,travelreservationservices, |
|---|
| 487 | + | 132 entertainment,activityandeventplanning,translation |
|---|
| 488 | + | 18 133 assistance,emergencymessaging,internationallegalandmedical |
|---|
| 489 | + | 134 referrals,medicalcasemonitoring,coordinationoftransportation |
|---|
| 490 | + | 135 arrangements,emergencycashtransferassistance,medical |
|---|
| 491 | + | 136 prescriptionreplacementassistance,passportandtraveldocument |
|---|
| 492 | + | 137 replacementassistance,lostluggageassistance,concierge |
|---|
| 493 | + | 138 services,andanyotherservicethatisfurnishedinconnection |
|---|
| 494 | + | 139 withplannedtravel.Travelassistanceservicesarenotinsurance |
|---|
| 495 | + | 140 andnotrelatedtoinsurance; |
|---|
| 496 | + | 141 (14)"Travelinsurance",insurancecoverageforpersonal |
|---|
| 497 | + | 142 risksincidenttoplannedtravel,including,butnotlimitedto: |
|---|
| 498 | + | 143 (a)Interruptionorcancellationoftriporevent; |
|---|
| 499 | + | 144 (b)Lossofbaggageorpersonaleffects; |
|---|
| 500 | + | 145 (c)Damagestoaccommodationsorrentalvehicles;[or] |
|---|
| 501 | + | 146 (d)Sickness,accident,disability,ordeathoccurring |
|---|
| 502 | + | 147 duringtravel; |
|---|
| 503 | + | 148 (e)Emergencyevacuation; |
|---|
| 504 | + | 149 (f)Repatriationofremains;or |
|---|
| 505 | + | 150 (g)Anyothercontractualobligationstoindemnifyorpaya |
|---|
| 506 | + | 151 specifiedamounttothetravelerupondeterminablecontingencies |
|---|
| 507 | + | 152 relatedtotravelasapprovedbythedirector. |
|---|
| 508 | + | 153 |
|---|
| 509 | + | 154 Travelinsurancedoesnotincludemajormedicalplans,which |
|---|
| 510 | + | 155 providecomprehensivemedicalprotectionfortravelerswithtrips |
|---|
| 511 | + | 156 lastingsixmonthsorlonger,including,forexample,those |
|---|
| 512 | + | 157 personsworkingoverseasasexpatriatesormilitarypersonnel |
|---|
| 513 | + | 158 beingdeployed,oranyotherproductthatrequiresaspecific |
|---|
| 514 | + | 159 insuranceproducerlicense; |
|---|
| 515 | + | 19 160 [(4)] (15)"Travelprotectionplans",plansthatprovideone |
|---|
| 516 | + | 161 ormoreofthefollowing: |
|---|
| 517 | + | 162 (a)Travelinsurance; |
|---|
| 518 | + | 163 (b)Travelassistanceservices;or |
|---|
| 519 | + | 164 (c)Cancellationfeewaivers; |
|---|
| 520 | + | 165 (16)"Travelretailer",abusinessentitythatmakes, |
|---|
| 521 | + | 166 arranges,orofferstravelservicesandmayofferanddisseminate |
|---|
| 522 | + | 167 travelinsuranceasaservicetoitscustomersonbehalfofand |
|---|
| 523 | + | 168 underthedirectionofalimitedlinestravelinsuranceproducer. |
|---|
| 524 | + | 169 2.(1)Therequirementsofthissectionshallapplyto |
|---|
| 525 | + | 170 travelinsurancethatcoversanyresidentofthisstateandis |
|---|
| 526 | + | 171 sold,solicited,negotiated,orofferedinthisstateandpolicies |
|---|
| 527 | + | 172 andcertificatesthataredeliveredorissuedfordeliveryinthis |
|---|
| 528 | + | 173 state.Exceptasexpresslyprovidedinthissection,the |
|---|
| 529 | + | 174 requirementsofthissectionshallnotapplytocancellationfee |
|---|
| 530 | + | 175 waiversortravelassistanceservices. |
|---|
| 531 | + | 176 (2)Allotherapplicableprovisionsofthisstate's |
|---|
| 532 | + | 177 insurancelawsshallcontinuetoapplytotravelinsurance,except |
|---|
| 533 | + | 178 thatthespecificprovisionsofthissectionshallsupersedeany |
|---|
| 534 | + | 179 generalprovisionsoflawthatwouldotherwisebeapplicableto |
|---|
| 535 | + | 180 travelinsurance. |
|---|
| 536 | + | 181 3.Notwithstanding anyotherprovisionoflaw: |
|---|
| 537 | + | 182 (1)Thedirectormayissuealimitedlinestravelinsurance |
|---|
| 538 | + | 183 producerlicensetoapersonorbusinessentitythathasfiledwith |
|---|
| 539 | + | 184 thedirectoranapplicationforalimitedlinestravelinsurance |
|---|
| 540 | + | 185 producerlicenseinaformandmannerprescribedbythedirector. |
|---|
| 541 | + | 186 Alimitedlinestravelinsuranceproducershallbelicensedto |
|---|
| 542 | + | 20 187 sell,solicit,ornegotiatetravelinsurancethroughalicensed |
|---|
| 543 | + | 188 insurer.Nopersonshallactasalimitedlinestravelinsurance |
|---|
| 544 | + | 189 producerortravelretailerunlessproperlylicensedor |
|---|
| 545 | + | 190 registered,respectively; |
|---|
| 546 | + | 191 (2)Atravelretailermayofferanddisseminatetravel |
|---|
| 547 | + | 192 insuranceonbehalfofandunderthecontrolofalimitedlines |
|---|
| 548 | + | 193 travelinsuranceproduceronlyifthefollowingconditionsare |
|---|
| 549 | + | 194 met: |
|---|
| 550 | + | 195 (a)Thelimitedlinestravelinsuranceproducerortravel |
|---|
| 551 | + | 196 retailerprovidestopurchasersoftravelinsurance: |
|---|
| 552 | + | 197 a.Adescriptionofthematerialtermsortheactualmaterial |
|---|
| 553 | + | 198 termsoftheinsurancecoverage; |
|---|
| 554 | + | 199 b.Adescriptionoftheprocessforfilingaclaim; |
|---|
| 555 | + | 200 c.Adescriptionoftherevieworcancellationprocessfor |
|---|
| 556 | + | 201 thetravelinsurancepolicy;and |
|---|
| 557 | + | 202 d.Theidentityandcontactinformationoftheinsurerand |
|---|
| 558 | + | 203 limitedlinestravelinsuranceproducer; |
|---|
| 559 | + | 204 (b)Atthetimeoflicensure,thelimitedlinestravel |
|---|
| 560 | + | 205 insuranceproducershallestablishandmaintainaregisterona |
|---|
| 561 | + | 206 formprescribedbythedirectorofeachtravelretailerthatoffers |
|---|
| 562 | + | 207 travelinsuranceonthelimitedlinestravelinsuranceproducer's |
|---|
| 563 | + | 208 behalf.Theregistershallbemaintainedandupdatedannuallyby |
|---|
| 564 | + | 209 thelimitedlinestravelinsuranceproducerandshallincludethe |
|---|
| 565 | + | 210 name,address,andcontactinformationofthetravelretailerand |
|---|
| 566 | + | 211 anofficerorpersonwhodirectsorcontrolsthetravelretailer's |
|---|
| 567 | + | 212 operations,andthetravelretailer'sfederaltaxidentification |
|---|
| 568 | + | 213 number.Thelimitedlinestravelinsuranceproducershallsubmit |
|---|
| 569 | + | 21 214 suchregisterwithinthirtydaysuponrequestbythedepartment. |
|---|
| 570 | + | 215 Thelimitedlinestravelinsuranceproducershallalsocertify |
|---|
| 571 | + | 216 thatthetravelretailer[register] registeredcomplieswith18 |
|---|
| 572 | + | 217 U.S.C.1033.Thegroundsforsuspensionandrevocationandthe |
|---|
| 573 | + | 218 penaltiesapplicabletoresidentinsuranceproducersunder |
|---|
| 574 | + | 219 sections375.141to375.153shallbeapplicabletothelimited |
|---|
| 575 | + | 220 linestravelinsuranceproducersandtravelretailers; |
|---|
| 576 | + | 221 (c)Thelimitedlinestravelinsuranceproducerhas |
|---|
| 577 | + | 222 designatedoneofitsemployeeswhoisalicensedindividual |
|---|
| 578 | + | 223 producerasapersonresponsibleforthebusinessentity's |
|---|
| 579 | + | 224 compliancewiththetravelinsurancelaws,rules,andregulations |
|---|
| 580 | + | 225 ofthisstate; |
|---|
| 581 | + | 226 (d)Thedesignatedpersonunderparagraph(c)ofthis |
|---|
| 582 | + | 227 subdivision,president,secretary,treasurer,andanyother |
|---|
| 583 | + | 228 officerorpersonwhodirectsorcontrolsthelimitedlinestravel |
|---|
| 584 | + | 229 insuranceproducer'sinsuranceoperationscomplieswiththe |
|---|
| 585 | + | 230 fingerprintingrequirementsapplicabletoinsuranceproducersin |
|---|
| 586 | + | 231 theresidentstateofthe[businessentity] limitedlinestravel |
|---|
| 587 | + | 232 insuranceproducer; |
|---|
| 588 | + | 233 (e)Thelimitedlinestravelinsuranceproducerhaspaidall |
|---|
| 589 | + | 234 applicableinsuranceproducerlicensingfeesassetforthin |
|---|
| 590 | + | 235 applicablestatelaw; |
|---|
| 591 | + | 236 (f)Thelimitedlinestravelinsuranceproducerrequires |
|---|
| 592 | + | 237 eachemployeeandauthorizedrepresentativeofthetravelretailer |
|---|
| 593 | + | 238 whosedutiesincludeofferinganddisseminatingtravelinsurance |
|---|
| 594 | + | 239 toreceiveaprogramofinstructionortraining,whichmaybe |
|---|
| 595 | + | 240 subjecttoreviewbythedirector.Thetrainingmaterialshall,at |
|---|
| 596 | + | 22 241 aminimum,containinstructionsonthetypesofinsuranceoffered, |
|---|
| 597 | + | 242 ethicalsalespractices,andrequireddisclosurestoprospective |
|---|
| 598 | + | 243 customers; |
|---|
| 599 | + | 244 [(2)] (3)Anytravelretailerofferingordisseminating |
|---|
| 600 | + | 245 travelinsuranceshallmakeavailabletoprospectivepurchasers |
|---|
| 601 | + | 246 brochuresorotherwrittenmaterialsthathavebeenapprovedbythe |
|---|
| 602 | + | 247 travelinsurer.Suchmaterialsshallincludeinformationthat,at |
|---|
| 603 | + | 248 aminimum,shall: |
|---|
| 604 | + | 249 (a)Providetheidentityandcontactinformationofthe |
|---|
| 605 | + | 250 insurerandthelimitedlinestravelinsuranceproducer; |
|---|
| 606 | + | 251 (b)Explainthatthepurchaseoftravelinsuranceisnot |
|---|
| 607 | + | 252 requiredtopurchaseanyotherproductorservicefromthetravel |
|---|
| 608 | + | 253 retailer;and |
|---|
| 609 | + | 254 (c)Explainthatanunlicensedtravelretailerispermitted |
|---|
| 610 | + | 255 toprovidegeneralinformationabouttheinsuranceofferedbythe |
|---|
| 611 | + | 256 travelretailer,includingadescriptionofthecoverageand |
|---|
| 612 | + | 257 price,butisnotqualifiedorauthorizedtoanswertechnical |
|---|
| 613 | + | 258 questionsaboutthetermsandconditionsoftheinsuranceoffered |
|---|
| 614 | + | 259 bythetravelretailerortoevaluatetheadequacyofthe |
|---|
| 615 | + | 260 customer'sexistinginsurancecoverage; |
|---|
| 616 | + | 261 [(3)] (4)Atravelretailer'semployeeorauthorized |
|---|
| 617 | + | 262 representative, whoisnotlicensedasaninsuranceproducer,may |
|---|
| 618 | + | 263 not: |
|---|
| 619 | + | 264 (a)Evaluateorinterpretthetechnicalterms,benefits,and |
|---|
| 620 | + | 265 conditionsoftheofferedtravelinsurancecoverage; |
|---|
| 621 | + | 266 (b)Evaluateorprovideadviceconcerningaprospective |
|---|
| 622 | + | 267 purchaser'sexistinginsurancecoverage;or |
|---|
| 623 | + | 23 268 (c)Holdthemselvesoritselfoutasalicensedinsurer, |
|---|
| 624 | + | 269 licensedproducer,orinsuranceexpert[.]; |
|---|
| 625 | + | 270 [3.Notwithstanding anyotherprovisionoflaw,] (5)A |
|---|
| 626 | + | 271 travelretailerwhoseinsurance-related activities,andthoseof |
|---|
| 627 | + | 272 itsemployeesandauthorizedrepresentatives, arelimitedto |
|---|
| 628 | + | 273 offeringanddisseminatingtravelinsuranceonbehalfofandunder |
|---|
| 629 | + | 274 thedirectionofalimitedlinestravelinsuranceproducermeeting |
|---|
| 630 | + | 275 theconditionsstatedinthissectionisauthorizedtodosoand |
|---|
| 631 | + | 276 receiverelatedcompensation,uponregistrationbythelimited |
|---|
| 632 | + | 277 linestravelinsuranceproducerasdescribedinparagraph(b)of |
|---|
| 633 | + | 278 subdivision[(1)] (2)ofthissubsection[2ofthissection.]; |
|---|
| 634 | + | 279 [4.] (6)Travelinsurancemaybeprovidedunderan |
|---|
| 635 | + | 280 individualpolicyorunderagroupor[master] blanketpolicy[.]; |
|---|
| 636 | + | 281 [5.] (7)Astheinsurerdesignee,thelimitedlinestravel |
|---|
| 637 | + | 282 insuranceproducerisresponsiblefortheactsofthetravel |
|---|
| 638 | + | 283 retailerandshallusereasonablemeanstoensurecompliancebythe |
|---|
| 639 | + | 284 travelretailerwiththissection;and |
|---|
| 640 | + | 285 (8)Anypersonlicensedinamajorlineofauthorityasan |
|---|
| 641 | + | 286 insuranceproducerisauthorizedtosell,solicit,andnegotiate |
|---|
| 642 | + | 287 travelinsurance. Apropertyandcasualtyinsuranceproduceris |
|---|
| 643 | + | 288 notrequiredtobecomeappointedbyaninsurerinordertosell, |
|---|
| 644 | + | 289 solicit,ornegotiatetravelinsurance. |
|---|
| 645 | + | 290 4.(1)Atravelinsurershallpaypremiumtax,asprovided |
|---|
| 646 | + | 291 insection148.370,ontravelinsurancepremiumspaidbyanyofthe |
|---|
| 647 | + | 292 following: |
|---|
| 648 | + | 293 (a)Anindividualprimarypolicyholderwhoisaresidentof |
|---|
| 649 | + | 294 thisstate; |
|---|
| 650 | + | 24 295 (b)Aprimarycertificateholderwhoisaresidentofthis |
|---|
| 651 | + | 296 statewhoelectscoverageunderagrouptravelinsurancepolicy;or |
|---|
| 652 | + | 297 (c)Ablankettravelinsurancepolicyholderthatisa |
|---|
| 653 | + | 298 residentinthisstateorhasitsprincipalplaceofbusinessor |
|---|
| 654 | + | 299 theprincipalplaceofbusinessofanaffiliateorsubsidiarythat |
|---|
| 655 | + | 300 haspurchasedblankettravelinsuranceinthisstateforeligible |
|---|
| 656 | + | 301 blanketgroupmembers,subjecttoanyapportionmentrulesthat |
|---|
| 657 | + | 302 applytotheinsureracrossmultipletaxingjurisdictionsorthat |
|---|
| 658 | + | 303 permittheinsurertoallocatepremiumonanapportionedbasisina |
|---|
| 659 | + | 304 reasonableandequitablemannerinthosejurisdictions. |
|---|
| 660 | + | 305 (2)Atravelinsurershall: |
|---|
| 661 | + | 306 (a)Documentthestateofresidenceorprincipalplaceof |
|---|
| 662 | + | 307 businessofthepolicyholderorcertificateholder,asrequiredin |
|---|
| 663 | + | 308 subdivision(1)ofthissubsection;and |
|---|
| 664 | + | 309 (b)Reportaspremiumonlytheamountallocabletotravel |
|---|
| 665 | + | 310 insuranceandnotanyamountsreceivedfortravelassistance |
|---|
| 666 | + | 311 servicesorcancellationfeewaivers. |
|---|
| 667 | + | 312 5.Travelprotectionplansmaybeofferedforonepricefor |
|---|
| 668 | + | 313 thecombinedfeaturesthatthetravelprotectionplanoffersin |
|---|
| 669 | + | 314 thisstateif: |
|---|
| 670 | + | 315 (1)Thetravelprotectionplanclearlydisclosestothe |
|---|
| 671 | + | 316 consumer,atorpriortothetimeofpurchase,thatitincludes |
|---|
| 672 | + | 317 travelinsurance,travelassistanceservices,andcancellationfee |
|---|
| 673 | + | 318 waiversasapplicable,andprovidesinformationandan |
|---|
| 674 | + | 319 opportunity,atorpriortothetimeofpurchase,fortheconsumer |
|---|
| 675 | + | 320 toobtainadditionalinformationregardingthefeaturesand |
|---|
| 676 | + | 321 pricingofeach; |
|---|
| 677 | + | 25 322 (2)Thefulfillmentmaterialsdescribeanddelineatethe |
|---|
| 678 | + | 323 travelinsurance,travelassistanceservices,andcancellationfee |
|---|
| 679 | + | 324 waiversinthetravelprotectionplan;and |
|---|
| 680 | + | 325 (3)Thefulfillmentmaterialsincludethetravelinsurance |
|---|
| 681 | + | 326 disclosuresandthecontactinformationforpersonsproviding |
|---|
| 682 | + | 327 travelassistanceservicesandcancellationfeewaivers,as |
|---|
| 683 | + | 328 applicable. |
|---|
| 684 | + | 329 6.(1)Exceptasotherwiseprovidedinthissection,all |
|---|
| 685 | + | 330 personsofferingtravelinsurancetoresidentsofthisstateare |
|---|
| 686 | + | 331 subjecttosections375.930to375.948.Ifthereisaconflict |
|---|
| 687 | + | 332 betweenthissectionandotherprovisionsofchapters361to385 |
|---|
| 688 | + | 333 regardingthesaleandmarketingoftravelinsuranceandtravel |
|---|
| 689 | + | 334 protectionplans,theprovisionsofthissectionshallcontrol. |
|---|
| 690 | + | 335 (2)Offeringorsellingatravelinsurancepolicythatcould |
|---|
| 691 | + | 336 neverresultinpaymentofanyclaimsforanyinsuredunderthe |
|---|
| 692 | + | 337 policyisanunfairtradepracticeundersections375.930to |
|---|
| 693 | + | 338 375.948. |
|---|
| 694 | + | 339 (3)(a)Alldocumentsprovidedtoconsumerspriortothe |
|---|
| 695 | + | 340 purchaseoftravelinsurance,includingbutnotlimitedtosales |
|---|
| 696 | + | 341 materials,advertisingmaterials,andmarketingmaterials,shall |
|---|
| 697 | + | 342 beconsistentwiththetravelinsurancepolicyitself,including |
|---|
| 698 | + | 343 butnotlimitedtoforms,endorsements,policies,ratefilings, |
|---|
| 699 | + | 344 andcertificatesofinsurance. |
|---|
| 700 | + | 345 (b)Fortravelinsurancepoliciesorcertificatesthat |
|---|
| 701 | + | 346 containpreexistingconditionexclusions,informationandan |
|---|
| 702 | + | 347 opportunitytolearnmoreaboutthepreexistingcondition |
|---|
| 703 | + | 348 exclusionsshallbeprovidedanytimepriortothetimeof |
|---|
| 704 | + | 26 349 purchase,andinthecoverage'sfulfillmentmaterials. |
|---|
| 705 | + | 350 (c)Thefulfillmentmaterialsandtheinformationdescribed |
|---|
| 706 | + | 351 inparagraph(a)ofsubdivision(2)ofsubsection3ofthissection |
|---|
| 707 | + | 352 shallbeprovidedtoapolicyholderorcertificateholderassoon |
|---|
| 708 | + | 353 aspracticablefollowingthepurchaseofatravelprotectionplan. |
|---|
| 709 | + | 354 Unlesstheinsuredhaseitherstartedacoveredtriporfileda |
|---|
| 710 | + | 355 claimunderthetravelinsurancecoverage,apolicyholderor |
|---|
| 711 | + | 356 certificateholdermaycancelapolicyorcertificateforafull |
|---|
| 712 | + | 357 refundofthetravelprotectionplanpricefromthedateof |
|---|
| 713 | + | 358 purchaseofatravelprotectionplanuntilatleast: |
|---|
| 714 | + | 359 a.Fifteendaysfollowingthedateofdeliveryofthetravel |
|---|
| 715 | + | 360 protectionplan'sfulfillmentmaterialsbypostalmail;or |
|---|
| 716 | + | 361 b.Tendaysfollowingthedateofdeliveryofthetravel |
|---|
| 717 | + | 362 protectionplan'sfulfillmentmaterialsbymeansotherthanpostal |
|---|
| 718 | + | 363 mail. |
|---|
| 719 | + | 364 |
|---|
| 720 | + | 365 Forpurposesofthisparagraph,deliverymeanshandingfulfillment |
|---|
| 721 | + | 366 materialstothepolicyholderorcertificateholderorsending |
|---|
| 722 | + | 367 fulfillmentmaterialsbypostalmailorelectronicmeanstothe |
|---|
| 723 | + | 368 policyholderorcertificateholder. |
|---|
| 724 | + | 369 (d)Thecompanyshalldiscloseinthepolicydocumentation |
|---|
| 725 | + | 370 andfulfillmentmaterialswhetherthetravelinsuranceisprimary |
|---|
| 726 | + | 371 orsecondarytootherapplicablecoverage. |
|---|
| 727 | + | 372 (e)Marketingtravelinsurancedirectlytoaconsumer |
|---|
| 728 | + | 373 throughaninsurer'swebsiteorbyothersthroughanaggregator |
|---|
| 729 | + | 374 siteshallnotbeanunfairtradepracticeorotherviolationof |
|---|
| 730 | + | 375 lawifanaccuratesummaryorshortdescriptionofcoverageis |
|---|
| 731 | + | 27 376 providedonthewebpageandtheconsumerhasaccesstothefull |
|---|
| 732 | + | 377 provisionsofthepolicythroughelectronicmeans. |
|---|
| 733 | + | 378 (4)Nopersonoffering,soliciting,ornegotiatingtravel |
|---|
| 734 | + | 379 insuranceortravelprotectionplansonanindividualorgroup |
|---|
| 735 | + | 380 basisshalldosobyusingnegativeoptionoropt-outthatwould |
|---|
| 736 | + | 381 requireaconsumertotakeanaffirmativeactiontodeselect |
|---|
| 737 | + | 382 coverage,suchasuncheckingaboxonanelectronicform,whenthe |
|---|
| 738 | + | 383 consumerpurchasesatrip. |
|---|
| 739 | + | 384 (5)Itshallbeanunfairtradepracticetomarketblanket |
|---|
| 740 | + | 385 travelinsurancecoverageasfree. |
|---|
| 741 | + | 386 (6)Whereaconsumer'sdestinationjurisdictionrequires |
|---|
| 742 | + | 387 insurancecoverage,itshallnotbeanunfairtradepracticeto |
|---|
| 743 | + | 388 requirethataconsumerchoosebetweenthefollowingoptionsasa |
|---|
| 744 | + | 389 conditionofpurchasingatriportravelpackage: |
|---|
| 745 | + | 390 (a)Purchasingthecoveragerequiredbythedestination |
|---|
| 746 | + | 391 jurisdictionthroughthetravelretailerorlimitedlinestravel |
|---|
| 747 | + | 392 insuranceproducersupplyingthetriportravelpackage;or |
|---|
| 748 | + | 393 (b)Agreeingtoobtainandprovideproofofcoveragethat |
|---|
| 749 | + | 394 meetsthedestinationjurisdiction'srequirementspriorto |
|---|
| 750 | + | 395 departure. |
|---|
| 751 | + | 396 7.(1)Notwithstanding anyotherprovisionsofchapters361 |
|---|
| 752 | + | 397 to385,nopersonshallactorrepresenthimselforherselfasa |
|---|
| 753 | + | 398 traveladministratorfortravelinsuranceinthisstateunlessthe |
|---|
| 754 | + | 399 person: |
|---|
| 755 | + | 400 (a)Isalicensedpropertyandcasualtyinsuranceproducerin |
|---|
| 756 | + | 401 thisstateforactivitiespermittedunderthatproducerlicense; |
|---|
| 757 | + | 402 (b)Holdsavalidmanaginggeneralagentlicenseinthis |
|---|
| 758 | + | 28 403 state;or |
|---|
| 759 | + | 404 (c)Holdsavalidthird-partyadministratorlicenseinthis |
|---|
| 760 | + | 405 state. |
|---|
| 761 | + | 406 (2)Aninsurerisresponsiblefortheactsofatravel |
|---|
| 762 | + | 407 administratoradministeringtravelinsuranceunderwrittenbythe |
|---|
| 763 | + | 408 insurer,andisresponsibleforensuringthatthetravel |
|---|
| 764 | + | 409 administratormaintainsallbooksandrecordsrelevanttothe |
|---|
| 765 | + | 410 insurertobemadeavailablebythetraveladministratortothe |
|---|
| 766 | + | 411 directoruponrequest. |
|---|
| 767 | + | 412 8.(1)Notwithstanding anyotherprovisionofchapters361 |
|---|
| 768 | + | 413 to385,travelinsuranceshallbeclassifiedandfiledforpurposes |
|---|
| 769 | + | 414 ofratesandformsunderaninlandmarinelineofinsurance,except |
|---|
| 770 | + | 415 thattravelinsurancethatprovidescoverageforsickness, |
|---|
| 771 | + | 416 accident,disability,ordeathoccurringduringtravel,either |
|---|
| 772 | + | 417 exclusivelyorinconjunctionwithrelatedcoveragesofemergency |
|---|
| 773 | + | 418 evacuationorrepatriationofremainsorincidentallimited |
|---|
| 774 | + | 419 propertyandcasualtybenefitssuchasbaggageortrip |
|---|
| 775 | + | 420 cancellation,maybefiledundereitheranaccidentandhealthline |
|---|
| 776 | + | 421 ofinsuranceoraninlandmarinelineofinsurance. |
|---|
| 777 | + | 422 (2)Eligibilityandunderwritingstandardsfortravel |
|---|
| 778 | + | 423 insurancemaybedevelopedandprovidedbasedontravelprotection |
|---|
| 779 | + | 424 plansdesignedforindividualoridentifiedmarketingor |
|---|
| 780 | + | 425 distributionchannels,providedthosestandardsalsomeetthe |
|---|
| 781 | + | 426 state'sunderwritingstandardsforaninlandmarinelineof |
|---|
| 782 | + | 427 insurance. |
|---|
| 783 | + | 428 [6.] 9.Thelimitedlinestravelinsuranceproducerandany |
|---|
| 784 | + | 429 travelretailerofferinganddisseminatingtravelinsuranceunder |
|---|
| 785 | + | 29 430 thelimitedlinestravelinsuranceproducerlicenseshallbe |
|---|
| 786 | + | 431 subjecttotheprovisionsofchapters374and375,exceptas |
|---|
| 787 | + | 432 providedforinthissection. |
|---|
| 788 | + | 433 [7.] 10.Thedirectormaypromulgaterulestoeffectuatethis |
|---|
| 789 | + | 434 section.Anyruleorportionofarule,asthattermisdefinedin |
|---|
| 790 | + | 435 section536.010,thatiscreatedundertheauthoritydelegatedin |
|---|
| 791 | + | 436 thissectionshallbecomeeffectiveonlyifitcomplieswithandis |
|---|
| 792 | + | 437 subjecttoalloftheprovisionsofchapter536and,ifapplicable, |
|---|
| 793 | + | 438 section536.028.Thissectionandchapter536arenonseverableand |
|---|
| 794 | + | 439 ifanyofthepowersvestedwiththegeneralassemblypursuantto |
|---|
| 795 | + | 440 chapter536toreview,todelaytheeffectivedate,orto |
|---|
| 796 | + | 441 disapproveandannularulearesubsequentlyheld |
|---|
| 797 | + | 442 unconstitutional, thenthegrantofrulemakingauthorityandany |
|---|
| 798 | + | 443 ruleproposedoradoptedafterAugust28,2013,shallbeinvalid |
|---|
| 799 | + | 444 andvoid. |
|---|
| 800 | + | 376.380.1.Thelegalminimumstandardforvaluationof |
|---|
| 801 | + | 2 policiesandcontractsandthereservestobemaintainedthereon |
|---|
| 802 | + | 3 shallbeasfollows: |
|---|
| 803 | + | 4 (1)Forthosepoliciesandcontractsissuedpriortothe |
|---|
| 804 | + | 5 operativedateprovidedinsubsection20ofsection376.670: |
|---|
| 805 | + | 6 (a)Exceptasotherwiseprovidedinsubdivision(3)ofthis |
|---|
| 806 | + | 7 subsection,thelegalminimumstandardforvaluationofpolicies |
|---|
| 807 | + | 8 oflifeinsuranceorannuitycontractsissuedpriortoApril13, |
|---|
| 808 | + | 9 1934,shallbetheActuaries'orCombinedExperienceTableof |
|---|
| 809 | + | 10 Mortality,withinterestattherateoffivepercentperannumfor |
|---|
| 810 | + | 11 groupannuitycontractsandfourpercentperannumforallother |
|---|
| 811 | + | 12 policiesandcontracts;andforpoliciesoflifeinsuranceand |
|---|
| 812 | + | 30 13 annuitycontractsissuedonandafterApril13,1934,suchminimum |
|---|
| 813 | + | 14 standardshallbetheAmericanExperienceTableofMortalitywith |
|---|
| 814 | + | 15 interestattherateoffivepercentperannumforgroupannuity |
|---|
| 815 | + | 16 contractsandthreeandone-halfpercentperannumforallother |
|---|
| 816 | + | 17 policiesandcontracts; |
|---|
| 817 | + | 18 (b)Thedirectormayvarythelegalminimumstandardsof |
|---|
| 818 | + | 19 interestandmortalityforannuitycontractsandinparticular |
|---|
| 819 | + | 20 casesofinvalidorsubstandardlivesandotherextrahazards,and |
|---|
| 820 | + | 21 shallhavetherightandauthoritytodesignatethelegalminimum |
|---|
| 821 | + | 22 standardforvaluationoftotalandpermanentdisabilitybenefits |
|---|
| 822 | + | 23 andadditionalaccidentaldeathbenefits; |
|---|
| 823 | + | 24 (c)Policiesissuedbycompaniesdoingbusinessinthisstate |
|---|
| 824 | + | 25 mayprovidefornotmorethanoneyearpreliminaryterminsurance |
|---|
| 825 | + | 26 byincorporatingintheprovisionsthereof,specifyingthepremium |
|---|
| 826 | + | 27 considerationtobereceived,aclauseplainlyshowingthatthe |
|---|
| 827 | + | 28 firstyear'sinsuranceundersuchpoliciesisterminsurance, |
|---|
| 828 | + | 29 purchasedbythewholeorapartofthepremiumtobereceived |
|---|
| 829 | + | 30 duringthefirstpolicyyearandshallbevaluedaccordingly; |
|---|
| 830 | + | 31 provided,thatifthepremiumchargedforterminsuranceundera |
|---|
| 831 | + | 32 limitedpaymentlifepreliminarytermpolicyprovidingforthe |
|---|
| 832 | + | 33 paymentofallpremiumsthereoninlessthantwentyyearsfromthe |
|---|
| 833 | + | 34 dateofthepolicy,orunderanendowmentpreliminarytermpolicy, |
|---|
| 834 | + | 35 exceedsthatchargedforlifeinsurancetwentypaymentlife |
|---|
| 835 | + | 36 preliminarytermpoliciesofthesamecompany,thereservethereon |
|---|
| 836 | + | 37 attheendofanyyear,includingthefirst,shallnotbelessthan |
|---|
| 837 | + | 38 thereserveonatwentypaymentlifepreliminarytermpolicyissued |
|---|
| 838 | + | 39 inthesameyearandatthesameage,togetherwithanamountwhich |
|---|
| 839 | + | 31 40 shallbeequivalenttotheaccumulationofanetlevelpremium |
|---|
| 840 | + | 41 sufficienttoprovideforapureendowmentattheendofthe |
|---|
| 841 | + | 42 premiumpaymentperiodequaltothedifferencebetweenthevalueat |
|---|
| 842 | + | 43 theendofsuchperiodofsuchtwentypaymentlifepreliminaryterm |
|---|
| 843 | + | 44 policyandthefullreserveatsuchtimeofsuchalimitedpayment |
|---|
| 844 | + | 45 lifeorendowmentpolicy.Thepremiumpaymentperiodistheperiod |
|---|
| 845 | + | 46 duringwhichpremiumsareconcurrentlypayableundersuchtwenty |
|---|
| 846 | + | 47 paymentlifepreliminarytermpolicyandsuchlimitedpaymentlife |
|---|
| 847 | + | 48 orendowmentpolicy; |
|---|
| 848 | + | 49 (d)Reservesforallsuchpoliciesandcontractsmaybe |
|---|
| 849 | + | 50 calculated,attheoptionofthecompany,accordingtoany |
|---|
| 850 | + | 51 standardswhichproducegreateraggregatereservesforallsuch |
|---|
| 851 | + | 52 policiesandcontractsthantheminimumreservesrequiredbythis |
|---|
| 852 | + | 53 subdivision. Inthecaseofpolicyobligationsofaninsolvent |
|---|
| 853 | + | 54 lifeinsurancecompanyassumedorreinsuredinbulkbyaninsurance |
|---|
| 854 | + | 55 companyuponabasisrequiringaseparateaccountingofthe |
|---|
| 855 | + | 56 businessandassetsofsuchinsolventcompanyandanapplicationof |
|---|
| 856 | + | 57 anypartoftheearningstherefromuponobligationswhicharenot |
|---|
| 857 | + | 58 implicitintheoriginaltermsofthepoliciesorcontractsassumed |
|---|
| 858 | + | 59 orreinsured,thedirector,inordertoprotectallpolicyholders |
|---|
| 859 | + | 60 ofthereinsuringcompany,includingtheholdersofallpoliciesso |
|---|
| 860 | + | 61 assumedorreinsured,andtosafeguardthefuturesolvencyofsuch |
|---|
| 861 | + | 62 reinsuringcompany,shallhavetherightandauthorityto |
|---|
| 862 | + | 63 designatestandardsofvaluationforsuchreinsuredpoliciesand |
|---|
| 863 | + | 64 contractswhichwillproducegreateraggregatereservesforall |
|---|
| 864 | + | 65 suchpoliciesandcontractsthantheminimumreservesrequiredby |
|---|
| 865 | + | 66 thissubdivisionorthetermsandprovisionsofthepoliciesand |
|---|
| 866 | + | 32 67 contractssoassumedorreinsured,and,insuchevent,such |
|---|
| 867 | + | 68 reinsuringcompanyshallnot,thereafter,adoptanylower |
|---|
| 868 | + | 69 standardsofvaluationwithouttheapprovalofthedirector. |
|---|
| 869 | + | 70 (2)Forthosepoliciesandcontractsissuedonorafterthe |
|---|
| 870 | + | 71 operativedateprovidedinsubsection20ofsection376.670: |
|---|
| 871 | + | 72 (a)Exceptasotherwiseprovidedinsubdivision(3)ofthis |
|---|
| 872 | + | 73 subsectionandsubsection2ofthissection,theminimumstandard |
|---|
| 873 | + | 74 forthevaluationofallsuchpoliciesandcontractsshallbethe |
|---|
| 874 | + | 75 commissionersreservevaluationmethodsdefinedinparagraphs(b), |
|---|
| 875 | + | 76 (c),(d),(e),and(h)ofthissubdivision,threeandone-half |
|---|
| 876 | + | 77 percentinterestonallsuchpoliciesandcontractsexceptthose |
|---|
| 877 | + | 78 contractsspecifiedinsubparagraphc.ofthisparagraphwhich |
|---|
| 878 | + | 79 consistofsinglepremiumannuitycontractsandinsubparagraphd. |
|---|
| 879 | + | 80 ofthisparagraphwhichconsistsofgroupannuitycontractswhere |
|---|
| 880 | + | 81 theinterestrateshallbefivepercent,andexceptpoliciesand |
|---|
| 881 | + | 82 contracts,otherthanannuityandpureendowmentcontracts,issued |
|---|
| 882 | + | 83 onorafterSeptember28,1975,wheretheinterestrateshallbe |
|---|
| 883 | + | 84 fourpercentinterestforsuchpoliciesissuedpriortoSeptember |
|---|
| 884 | + | 85 28,1979,andfourandone-halfpercentinterestforsuchpolicies |
|---|
| 885 | + | 86 issuedonorafterSeptember28,1979,andthefollowingtables: |
|---|
| 886 | + | 87 a.Forallordinarypoliciesoflifeinsuranceissuedprior |
|---|
| 887 | + | 88 totheoperativedateprovidedinsubsection12ofsection376.670 |
|---|
| 888 | + | 89 onthestandardbasis,excludinganydisabilityandaccidental |
|---|
| 889 | + | 90 deathbenefitsinsuchpolicies,theCommissioners1941Standard |
|---|
| 890 | + | 91 OrdinaryMortalityTable,andforsuchpoliciesissuedonorafter |
|---|
| 891 | + | 92 theoperativedateprovidedinsubsection12ofsection376.670, |
|---|
| 892 | + | 93 andpriortotheoperativedateofsubsection14ofsection |
|---|
| 893 | + | 33 94 376.670,theCommissioners1958StandardOrdinaryMortalityTable; |
|---|
| 894 | + | 95 providedthatforanycategoryofsuchpoliciesissuedonorafter |
|---|
| 895 | + | 96 September28,1979,onfemalerisksallmodifiednetpremiumsand |
|---|
| 896 | + | 97 presentvaluesreferredtointhissectionmaybecalculated |
|---|
| 897 | + | 98 accordingtoanagenotmorethansixyearsyoungerthantheactual |
|---|
| 898 | + | 99 ageoftheinsured;andforsuchpoliciesissuedonorafterthe |
|---|
| 899 | + | 100 operativedateofsubsection14ofsection376.670: |
|---|
| 900 | + | 101 (i)TheCommissioners1980StandardOrdinaryMortality |
|---|
| 901 | + | 102 Table;or |
|---|
| 902 | + | 103 (ii)Attheelectionofthecompanyforanyoneormore |
|---|
| 903 | + | 104 specifiedplansoflifeinsurance,theCommissioners1980Standard |
|---|
| 904 | + | 105 OrdinaryMortalityTablewithTen-YearSelectMortalityFactors; |
|---|
| 905 | + | 106 or |
|---|
| 906 | + | 107 (iii)Anyordinarymortalitytable,adoptedafter1980bythe |
|---|
| 907 | + | 108 NAIC,thatisapprovedbyregulationpromulgatedbythedirector |
|---|
| 908 | + | 109 foruseindeterminingtheminimumstandardofvaluationforsuch |
|---|
| 909 | + | 110 policies; |
|---|
| 910 | + | 111 b.Forallindustriallifeinsurancepoliciesissuedonthe |
|---|
| 911 | + | 112 standardbasis,excludinganydisabilityandaccidentaldeath |
|---|
| 912 | + | 113 benefitsinsuchpolicies,the1941StandardIndustrialMortality |
|---|
| 913 | + | 114 Tableforsuchpoliciesissuedpriortotheoperativedateof |
|---|
| 914 | + | 115 subsection13ofsection376.670andforsuchpoliciesissuedonor |
|---|
| 915 | + | 116 aftersuchoperativedate,theCommissioners1961Standard |
|---|
| 916 | + | 117 IndustrialMortalityTableoranyindustrialmortalitytable, |
|---|
| 917 | + | 118 adoptedafter1980bytheNAIC,thatisapprovedbyregulation |
|---|
| 918 | + | 119 promulgatedbythedirectorforuseindeterminingtheminimum |
|---|
| 919 | + | 120 standardofvaluationforsuchpolicies; |
|---|
| 920 | + | 34 121 c.Forindividualannuityandpureendowmentcontracts, |
|---|
| 921 | + | 122 excludinganydisabilityandaccidentaldeathbenefitsinsuch |
|---|
| 922 | + | 123 policies,the1937StandardAnnuityMortalityTableor,atthe |
|---|
| 923 | + | 124 optionofthecompany,theAnnuityMortalityTablefor1949, |
|---|
| 924 | + | 125 Ultimate,oranymodificationofeitherofthesetablesapprovedby |
|---|
| 925 | + | 126 thedirector; |
|---|
| 926 | + | 127 d.Forgroupannuityandpureendowmentcontracts,excluding |
|---|
| 927 | + | 128 anydisabilityandaccidentaldeathbenefitsinsuchpolicies,the |
|---|
| 928 | + | 129 GroupAnnuityMortalityTablefor1951,anymodificationofsuch |
|---|
| 929 | + | 130 tableapprovedbythedirector,or,attheoptionofthecompany, |
|---|
| 930 | + | 131 anyofthetablesormodificationsoftablesspecifiedfor |
|---|
| 931 | + | 132 individualannuityandpureendowmentcontracts; |
|---|
| 932 | + | 133 e.Fortotalandpermanentdisabilitybenefitsinor |
|---|
| 933 | + | 134 supplementarytoordinarypoliciesorcontracts,forpoliciesor |
|---|
| 934 | + | 135 contractsissuedonorafterJanuary1,1966,thetablesofperiod |
|---|
| 935 | + | 136 twodisablementratesandthe1930to1950terminationratesofthe |
|---|
| 936 | + | 137 1952disabilitystudyoftheSocietyofActuaries,withdueregard |
|---|
| 937 | + | 138 tothetypeofbenefitoranytablesofdisablementratesand |
|---|
| 938 | + | 139 terminationrates,adoptedafter1980bytheNAIC,thatare |
|---|
| 939 | + | 140 approvedbyregulationpromulgatedbythedirectorforusein |
|---|
| 940 | + | 141 determiningtheminimumstandardofvaluationforsuchpolicies; |
|---|
| 941 | + | 142 forpoliciesorcontractsissuedonorafterJanuary1,1961,and |
|---|
| 942 | + | 143 priortoJanuary1,1966,eithersuchtablesorattheoptionof |
|---|
| 943 | + | 144 thecompany,theClass(3)DisabilityTable(1926);andfor |
|---|
| 944 | + | 145 policiesissuedpriortoJanuary1,1961,theClass(3)Disability |
|---|
| 945 | + | 146 Table(1926).Anysuchtableshall,foractivelives,becombined |
|---|
| 946 | + | 147 withamortalitytablepermittedforcalculatingthereservesfor |
|---|
| 947 | + | 35 148 lifeinsurancepolicies; |
|---|
| 948 | + | 149 f.Foraccidentaldeathbenefitsinorsupplementaryto |
|---|
| 949 | + | 150 policiesissuedonorafterJanuary1,1966,the1959Accidental |
|---|
| 950 | + | 151 DeathBenefitsTableoranyaccidentaldeathbenefitstable, |
|---|
| 951 | + | 152 adoptedafter1980bytheNAIC,thatisapprovedbyregulation |
|---|
| 952 | + | 153 promulgatedbythedirectorforuseindeterminingtheminimum |
|---|
| 953 | + | 154 standardofvaluationforsuchpolicies;forpoliciesissuedonor |
|---|
| 954 | + | 155 afterJanuary1,1961,andpriortoJanuary1,1966,eithersuch |
|---|
| 955 | + | 156 tableor,attheoptionofthecompany,theInter-CompanyDouble |
|---|
| 956 | + | 157 IndemnityMortalityTable;andforpoliciesissuedpriorto |
|---|
| 957 | + | 158 January1,1961,theInter-CompanyDoubleIndemnityMortality |
|---|
| 958 | + | 159 Table.Eithertableshallbecombinedwithamortalitytable |
|---|
| 959 | + | 160 permittedforcalculatingthereservesforlifeinsurance |
|---|
| 960 | + | 161 policies; |
|---|
| 961 | + | 162 g.Forgrouplifeinsurance,lifeinsuranceissuedonthe |
|---|
| 962 | + | 163 substandardbasisandotherspecialbenefits,suchtablesasmaybe |
|---|
| 963 | + | 164 approvedbythedirector; |
|---|
| 964 | + | 165 (b)Exceptasotherwiseprovidedinparagraphs(d),(e),and |
|---|
| 965 | + | 166 (h)ofthissubdivision,reservesaccordingtothecommissioners |
|---|
| 966 | + | 167 reservevaluationmethod,forthelifeinsuranceandendowment |
|---|
| 967 | + | 168 benefitsofpoliciesprovidingforauniformamountofinsurance |
|---|
| 968 | + | 169 andrequiringthepaymentofuniformpremiumsshallbetheexcess, |
|---|
| 969 | + | 170 ifany,ofthepresentvalue,atthedateofvaluation,ofsuch |
|---|
| 970 | + | 171 futureguaranteedbenefitsprovidedforbysuchpolicies,overthe |
|---|
| 971 | + | 172 thenpresentvalueofanyfuturemodifiednetpremiumstherefor. |
|---|
| 972 | + | 173 Themodifiednetpremiumsforanysuchpolicyshallbesuchuniform |
|---|
| 973 | + | 174 percentageoftherespectivecontractpremiumsforsuchbenefits |
|---|
| 974 | + | 36 175 thatthepresentvalue,atthedateofissueofthepolicy,ofall |
|---|
| 975 | + | 176 suchmodifiednetpremiumsshallbeequaltothesumofthethen |
|---|
| 976 | + | 177 presentvalueofsuchbenefitsprovidedforbythepolicyandthe |
|---|
| 977 | + | 178 excessofa.overb.,asfollows: |
|---|
| 978 | + | 179 a.Anetlevelannualpremiumequaltothepresentvalue,at |
|---|
| 979 | + | 180 thedateofissue,ofsuchbenefitsprovidedforafterthefirst |
|---|
| 980 | + | 181 policyyear,dividedbythepresentvalue,atthedateofissue,of |
|---|
| 981 | + | 182 anannuityofoneperannumpayableonthefirstandeach |
|---|
| 982 | + | 183 subsequentanniversaryofsuchpolicyonwhichapremiumfallsdue; |
|---|
| 983 | + | 184 provided,however,thatsuchnetlevelannualpremiumshallnot |
|---|
| 984 | + | 185 exceedthenetlevelannualpremiumonthenineteenyearpremium |
|---|
| 985 | + | 186 wholelifeplanforinsuranceofthesameamountatanageoneyear |
|---|
| 986 | + | 187 higherthantheageatissueofsuchpolicy; |
|---|
| 987 | + | 188 b.Anetoneyeartermpremiumforsuchbenefitprovidedfor |
|---|
| 988 | + | 189 inthefirstpolicyyear;provided,thatforanylifeinsurance |
|---|
| 989 | + | 190 policyissuedonorafterJanuary1,1986,forwhichthecontract |
|---|
| 990 | + | 191 premiuminthefirstpolicyyearexceedsthatofthesecondyear |
|---|
| 991 | + | 192 andforwhichnocomparableadditionalbenefitisprovidedinthe |
|---|
| 992 | + | 193 firstyearforsuchexcessandwhichprovidesanendowmentbenefit |
|---|
| 993 | + | 194 oracashsurrendervalueoracombinationthereofinanamount |
|---|
| 994 | + | 195 greaterthansuchexcesspremium,thereserveaccordingtothe |
|---|
| 995 | + | 196 commissionersreservevaluationmethodasofanypolicy |
|---|
| 996 | + | 197 anniversaryoccurringonorbeforetheassumedendingdatedefined |
|---|
| 997 | + | 198 hereinasthefirstpolicyanniversaryonwhichthesumofany |
|---|
| 998 | + | 199 endowmentbenefitandanycashsurrendervaluethenavailableis |
|---|
| 999 | + | 200 greaterthansuchexcesspremiumshall,exceptasotherwise |
|---|
| 1000 | + | 201 providedinparagraph(h)ofthissubdivision,bethegreaterof |
|---|
| 1001 | + | 37 202 thereserveasofsuchpolicyanniversarycalculatedasdescribed |
|---|
| 1002 | + | 203 inparagraph(b)ofthissubdivisionandthereserveasofsuch |
|---|
| 1003 | + | 204 policyanniversarycalculatedasdescribedinparagraph(b)of |
|---|
| 1004 | + | 205 thissubdivision,butwith: |
|---|
| 1005 | + | 206 (i)Thevaluedefinedinsubparagrapha.ofparagraph(b)of |
|---|
| 1006 | + | 207 thissubdivisionbeingreducedbyfifteenpercentoftheamountof |
|---|
| 1007 | + | 208 suchexcessfirstyearpremium; |
|---|
| 1008 | + | 209 (ii)Allpresentvaluesofbenefitsandpremiumsbeing |
|---|
| 1009 | + | 210 determinedwithoutreferencetopremiumsorbenefitsprovidedfor |
|---|
| 1010 | + | 211 bythepolicyaftertheassumedendingdate; |
|---|
| 1011 | + | 212 (iii)Thepolicybeingassumedtomatureonsuchdateasan |
|---|
| 1012 | + | 213 endowment;and |
|---|
| 1013 | + | 214 (iv)Thecashsurrendervalueprovidedonsuchdatebeing |
|---|
| 1014 | + | 215 consideredasanendowmentbenefit. |
|---|
| 1015 | + | 216 |
|---|
| 1016 | + | 217 Inmakingtheabovecomparisonthemortalityandinterestbases |
|---|
| 1017 | + | 218 statedinparagraph(a)ofthissubdivisionandsubsection2of |
|---|
| 1018 | + | 219 thissectionshallbeused; |
|---|
| 1019 | + | 220 (c)Reservesaccordingtothecommissionersreserve |
|---|
| 1020 | + | 221 valuationmethodfor: |
|---|
| 1021 | + | 222 a.Lifeinsurancepoliciesprovidingforavaryingamountof |
|---|
| 1022 | + | 223 insuranceorrequiringthepaymentofvaryingpremiums; |
|---|
| 1023 | + | 224 b.Groupannuityandpureendowmentcontractspurchased |
|---|
| 1024 | + | 225 underaretirementplanorplanofdeferredcompensation, |
|---|
| 1025 | + | 226 establishedormaintainedbyanemployer(includingapartnership |
|---|
| 1026 | + | 227 orsoleproprietorship)orbyanemployeeorganization,orbyboth, |
|---|
| 1027 | + | 228 otherthanaplanprovidingindividualretirementaccountsor |
|---|
| 1028 | + | 38 229 individualretirementannuitiesunderSection408oftheInternal |
|---|
| 1029 | + | 230 RevenueCode,asnoworhereafteramended; |
|---|
| 1030 | + | 231 c.Disabilityandaccidentaldeathbenefitsinallpolicies |
|---|
| 1031 | + | 232 andcontracts;and |
|---|
| 1032 | + | 233 d.Allotherbenefits,exceptlifeinsuranceandendowment |
|---|
| 1033 | + | 234 benefitsinlifeinsurancepoliciesandbenefitsprovidedbyall |
|---|
| 1034 | + | 235 otherannuityandpureendowmentcontracts,shallbecalculatedby |
|---|
| 1035 | + | 236 amethodconsistentwiththeprinciplesofparagraph(b)ofthis |
|---|
| 1036 | + | 237 subdivision; |
|---|
| 1037 | + | 238 (d)Paragraph(e)ofthissubdivisionshallapplytoall |
|---|
| 1038 | + | 239 annuityandpureendowmentcontractsotherthangroupannuityand |
|---|
| 1039 | + | 240 pureendowmentcontractspurchasedunderaretirementplanorplan |
|---|
| 1040 | + | 241 ofdeferredcompensation,establishedormaintainedbyanemployer |
|---|
| 1041 | + | 242 (includingapartnershiporsoleproprietorship), orbyan |
|---|
| 1042 | + | 243 employeeorganization,orbyboth,otherthanaplanproviding |
|---|
| 1043 | + | 244 individualretirementaccountsorindividualretirementannuities |
|---|
| 1044 | + | 245 underSection408oftheInternalRevenueCode,asnoworhereafter |
|---|
| 1045 | + | 246 amended; |
|---|
| 1046 | + | 247 (e)Reservesaccordingtothecommissionersannuityreserve |
|---|
| 1047 | + | 248 methodforbenefitsunderannuityorpureendowmentcontracts, |
|---|
| 1048 | + | 249 excludinganydisabilityandaccidentaldeathbenefitsinsuch |
|---|
| 1049 | + | 250 contracts,shallbethegreatestoftherespectiveexcessesofthe |
|---|
| 1050 | + | 251 presentvalues,atthedateofvaluation,ofthefutureguaranteed |
|---|
| 1051 | + | 252 benefits,includingguaranteednonforfeiturebenefits,provided |
|---|
| 1052 | + | 253 forbysuchcontractsattheendofeachrespectivecontractyear, |
|---|
| 1053 | + | 254 overthepresentvalue,atthedateofvaluation,ofanyfuture |
|---|
| 1054 | + | 255 valuationconsiderationsderivedfromfuturegrossconsiderations, |
|---|
| 1055 | + | 39 256 requiredbythetermsofsuchcontract,thatbecomepayableprior |
|---|
| 1056 | + | 257 totheendofsuchrespectivecontractyear.Thefutureguaranteed |
|---|
| 1057 | + | 258 benefitsshallbedeterminedbyusingthemortalitytable,ifany, |
|---|
| 1058 | + | 259 andtheinterestrate,orrates,specifiedinsuchcontractsfor |
|---|
| 1059 | + | 260 determiningguaranteedbenefits.Thevaluationconsiderationsare |
|---|
| 1060 | + | 261 theportionsoftherespectivegrossconsiderationsappliedunder |
|---|
| 1061 | + | 262 thetermsofsuchcontractstodeterminenonforfeiturevalues; |
|---|
| 1062 | + | 263 (f)Innoeventshallacompany'saggregatereservesforall |
|---|
| 1063 | + | 264 lifeinsurancepolicies,excludingdisabilityandaccidentaldeath |
|---|
| 1064 | + | 265 benefits,belessthantheaggregatereservescalculatedin |
|---|
| 1065 | + | 266 accordancewiththemethodsetforthinparagraphs(b),(c),(d), |
|---|
| 1066 | + | 267 (e),(h)and(i)ofthissubdivisionandthemortalitytableor |
|---|
| 1067 | + | 268 tablesandrateorratesofinterestusedincalculating |
|---|
| 1068 | + | 269 nonforfeiturebenefitsforsuchpolicies; |
|---|
| 1069 | + | 270 (g)Innoeventshalltheaggregatereservesforall |
|---|
| 1070 | + | 271 policies,contractsandbenefitsbelessthantheaggregate |
|---|
| 1071 | + | 272 reservesdeterminedbythequalifiedactuarytobenecessaryto |
|---|
| 1072 | + | 273 rendertheopinionrequiredbysubsections4and5ofthissection; |
|---|
| 1073 | + | 274 (h)Ifinanycontractyearthegrosspremiumchargedbyany |
|---|
| 1074 | + | 275 lifeinsurancecompanyonanypolicyorcontractislessthanthe |
|---|
| 1075 | + | 276 valuationnetpremiumforthepolicyorcontractcalculatedbythe |
|---|
| 1076 | + | 277 methodusedincalculatingthereservethereonbutusingthe |
|---|
| 1077 | + | 278 minimumvaluationstandardsofmortalityandrateofinterest,the |
|---|
| 1078 | + | 279 minimumreserverequiredforsuchpolicyorcontractshallbethe |
|---|
| 1079 | + | 280 greaterofeitherthereservecalculatedaccordingtothe |
|---|
| 1080 | + | 281 mortalitytable,rateofinterest,andmethodactuallyusedfor |
|---|
| 1081 | + | 282 suchpolicyorcontract,orthereservecalculatedbythemethod |
|---|
| 1082 | + | 40 283 actuallyusedforsuchpolicyorcontractbutusingtheminimum |
|---|
| 1083 | + | 284 valuationstandardsofmortalityandrateofinterestand |
|---|
| 1084 | + | 285 replacingthevaluationnetpremiumbytheactualgrosspremiumin |
|---|
| 1085 | + | 286 eachcontractyearforwhichthevaluationnetpremiumexceedsthe |
|---|
| 1086 | + | 287 actualgrosspremium.Theminimumvaluationstandardsof |
|---|
| 1087 | + | 288 mortalityandrateofinterestreferredtointhissectionare |
|---|
| 1088 | + | 289 thosestandardsstatedinparagraph(a)ofthissubdivisionand |
|---|
| 1089 | + | 290 subsection2ofthissection;provided,thatforanylifeinsurance |
|---|
| 1090 | + | 291 policyissuedonorafterJanuary1,1986,forwhichthegross |
|---|
| 1091 | + | 292 premiuminthefirstpolicyyearexceedsthatofthesecondyear |
|---|
| 1092 | + | 293 andforwhichnocomparableadditionalbenefitisprovidedinthe |
|---|
| 1093 | + | 294 firstyearforsuchexcessandwhichprovidesanendowmentbenefit |
|---|
| 1094 | + | 295 oracashsurrendervalueoracombinationthereofinanamount |
|---|
| 1095 | + | 296 greaterthansuchexcesspremium,theforegoingprovisionsofthis |
|---|
| 1096 | + | 297 paragraphshallbeappliedasifthemethodactuallyusedin |
|---|
| 1097 | + | 298 calculatingthereserveforsuchpolicywerethemethoddescribed |
|---|
| 1098 | + | 299 inparagraph(b)ofthissubdivision. Theminimumreserveateach |
|---|
| 1099 | + | 300 policyanniversaryofsuchapolicyshallbethegreaterofthe |
|---|
| 1100 | + | 301 minimumreservecalculatedinaccordancewithparagraphs(b)and |
|---|
| 1101 | + | 302 (c)ofthissubdivisionandtheminimumreservecalculatedin |
|---|
| 1102 | + | 303 accordancewiththisparagraph; |
|---|
| 1103 | + | 304 (i)Inthecaseofanyplanoflifeinsurancewhichprovides |
|---|
| 1104 | + | 305 forfuturepremiumdetermination,theamountsofwhicharetobe |
|---|
| 1105 | + | 306 determinedbytheinsurancecompanybasedonthenestimatesof |
|---|
| 1106 | + | 307 futureexperience,orinthecaseofanyplanoflifeinsuranceor |
|---|
| 1107 | + | 308 annuitywhichisofsuchanaturethattheminimumreservescannot |
|---|
| 1108 | + | 309 bedeterminedbythemethodsdescribedinparagraphs(b)to(e)of |
|---|
| 1109 | + | 41 310 thissubdivision,andparagraph(h)ofthissubdivision,the |
|---|
| 1110 | + | 311 reserveswhichareheldunderanysuchplanmust: |
|---|
| 1111 | + | 312 a.Beappropriateinrelationtothebenefitsandthepattern |
|---|
| 1112 | + | 313 ofpremiumsforthatplan;and |
|---|
| 1113 | + | 314 b.Becomputedbyamethodwhichisconsistentwiththe |
|---|
| 1114 | + | 315 principlesofthissectionasdeterminedbyregulations |
|---|
| 1115 | + | 316 promulgatedbythedirector. |
|---|
| 1116 | + | 317 (3)Exceptasprovidedinsubsection2ofthissection,the |
|---|
| 1117 | + | 318 minimumstandardforthevaluationofallindividualannuityand |
|---|
| 1118 | + | 319 pureendowmentcontractsissuedonoraftertheoperativedateof |
|---|
| 1119 | + | 320 thissubdivision,asdefinedherein,andforallannuitiesandpure |
|---|
| 1120 | + | 321 endowmentspurchasedonoraftersuchoperativedateundergroup |
|---|
| 1121 | + | 322 annuityandpureendowmentcontracts,shallbethecommissioners |
|---|
| 1122 | + | 323 reservevaluationmethodsdefinedinparagraphs(b),(c),(d),and |
|---|
| 1123 | + | 324 (e)ofsubdivision(2)ofthissubsection,andthefollowingtables |
|---|
| 1124 | + | 325 andinterestrates: |
|---|
| 1125 | + | 326 (a)Forindividualannuityandpureendowmentcontracts |
|---|
| 1126 | + | 327 issuedpriortoSeptember28,1979,excludinganydisabilityand |
|---|
| 1127 | + | 328 accidentaldeathbenefitsinsuchcontracts,the1971Individual |
|---|
| 1128 | + | 329 AnnuityMortalityTable,oranymodificationofthistable |
|---|
| 1129 | + | 330 approvedbythedirector,andsixpercentinterestforsingle |
|---|
| 1130 | + | 331 premiumimmediateannuitycontracts,andfourpercentinterestfor |
|---|
| 1131 | + | 332 allotherindividualannuityandpureendowmentcontracts; |
|---|
| 1132 | + | 333 (b)Forindividualsinglepremiumimmediateannuity |
|---|
| 1133 | + | 334 contractsissuedonorafterSeptember28,1979,excludingany |
|---|
| 1134 | + | 335 disabilityandaccidentaldeathbenefitsinsuchcontracts,the |
|---|
| 1135 | + | 336 1971IndividualAnnuityMortalityTable,oranyindividualannuity |
|---|
| 1136 | + | 42 337 mortalitytableadoptedafter1980bytheNAIC,thatisapprovedby |
|---|
| 1137 | + | 338 regulationpromulgatedbythedirectorforuseindeterminingthe |
|---|
| 1138 | + | 339 minimumstandardofvaluationforsuchcontracts,orany |
|---|
| 1139 | + | 340 modificationofthesetablesapprovedbythedirector,andseven |
|---|
| 1140 | + | 341 andone-halfpercentinterest; |
|---|
| 1141 | + | 342 (c)Forindividualannuityandpureendowmentcontracts |
|---|
| 1142 | + | 343 issuedonorafterSeptember28,1979,otherthansinglepremium |
|---|
| 1143 | + | 344 immediateannuitycontracts,excludinganydisabilityand |
|---|
| 1144 | + | 345 accidentaldeathbenefitsinsuchcontracts,the1971Individual |
|---|
| 1145 | + | 346 AnnuityMortalityTable,oranyindividualannuitymortalitytable |
|---|
| 1146 | + | 347 adoptedafter1980bytheNAIC,thatisapprovedbyregulation |
|---|
| 1147 | + | 348 promulgatedbythedirectorforuseindeterminingtheminimum |
|---|
| 1148 | + | 349 standardofvaluationforsuchcontracts,oranymodificationof |
|---|
| 1149 | + | 350 thesetablesapprovedbythedirector,andfiveandone-half |
|---|
| 1150 | + | 351 percentinterestforsinglepremiumdeferredannuityandpure |
|---|
| 1151 | + | 352 endowmentcontractsandfourandone-halfpercentinterestforall |
|---|
| 1152 | + | 353 othersuchindividualannuityandpureendowmentcontracts; |
|---|
| 1153 | + | 354 (d)Forallannuitiesandpureendowmentspurchasedpriorto |
|---|
| 1154 | + | 355 September28,1979,undergroupannuityandpureendowment |
|---|
| 1155 | + | 356 contracts,excludinganydisabilityandaccidentaldeathbenefits |
|---|
| 1156 | + | 357 purchasedundersuchcontracts,the1971GroupAnnuityMortality |
|---|
| 1157 | + | 358 Table,oranymodificationofthistableapprovedbythedirector, |
|---|
| 1158 | + | 359 andsixpercentinterest; |
|---|
| 1159 | + | 360 (e)Forallannuitiesandpureendowmentspurchasedonor |
|---|
| 1160 | + | 361 afterSeptember28,1979,undergroupannuityandpureendowment |
|---|
| 1161 | + | 362 contracts,excludinganydisabilityandaccidentaldeathbenefits |
|---|
| 1162 | + | 363 purchasedundersuchcontracts,the1971GroupAnnuityMortality |
|---|
| 1163 | + | 43 364 Table,oranygroupannuitymortalitytableadoptedafter1980by |
|---|
| 1164 | + | 365 theNAIC,thatisapprovedbyregulationpromulgatedbythe |
|---|
| 1165 | + | 366 directorforuseindeterminingtheminimumstandardofvaluation |
|---|
| 1166 | + | 367 forsuchannuitiesandpureendowments,oranymodificationof |
|---|
| 1167 | + | 368 thesetablesapprovedbythedirector,andsevenandone-half |
|---|
| 1168 | + | 369 percentinterest; |
|---|
| 1169 | + | 370 (f)OnandafterSeptember28,1975,anycompanymayfile |
|---|
| 1170 | + | 371 withthedirectorawrittennoticeofitselectiontocomplywith |
|---|
| 1171 | + | 372 theprovisionsofthissubdivisionafteraspecifieddatebefore |
|---|
| 1172 | + | 373 January1,1980,whichshallbetheoperativedateofthis |
|---|
| 1173 | + | 374 subdivisionforsuchcompany,providedacompanymayelecta |
|---|
| 1174 | + | 375 differentoperativedateforindividualannuityandpureendowment |
|---|
| 1175 | + | 376 contractsfromthatelectedforgroupannuityandpureendowment |
|---|
| 1176 | + | 377 contracts.Ifacompanymakesnosuchelection,theoperativedate |
|---|
| 1177 | + | 378 ofthissubdivisionforsuchcompanyshallbeJanuary1,1980. |
|---|
| 1178 | + | 379 2.(1)Thecalendaryearstatutoryvaluationinterestrates |
|---|
| 1179 | + | 380 asdefinedinthissubsectionshallbetheinterestratesusedin |
|---|
| 1180 | + | 381 determiningtheminimumstandardforthevaluationof: |
|---|
| 1181 | + | 382 (a)Alllifeinsurancepoliciesissuedinaparticular |
|---|
| 1182 | + | 383 calendaryear,onoraftertheoperativedateofsubsection14of |
|---|
| 1183 | + | 384 section376.670; |
|---|
| 1184 | + | 385 (b)Allindividualannuityandpureendowmentcontracts |
|---|
| 1185 | + | 386 issuedinaparticularcalendaryearonorafterJanuary1,1983; |
|---|
| 1186 | + | 387 (c)Allannuitiesandpureendowmentcontractspurchasedina |
|---|
| 1187 | + | 388 particularcalendaryearonorafterJanuary1,1983,undergroup |
|---|
| 1188 | + | 389 annuityandpureendowmentcontracts;and |
|---|
| 1189 | + | 390 (d)Thenetincrease,ifany,inaparticularcalendaryear |
|---|
| 1190 | + | 44 391 afterJanuary1,1983,inamountsheldunderguaranteedinterest |
|---|
| 1191 | + | 392 contracts. |
|---|
| 1192 | + | 393 (2)Thecalendaryearstatutoryvaluationinterestrates,I, |
|---|
| 1193 | + | 394 shallbedeterminedasfollowsandtheresultsroundedtothe |
|---|
| 1194 | + | 395 nearerone-quarterofonepercent: |
|---|
| 1195 | + | 396 (a)Forlifeinsurance: |
|---|
| 1196 | + | 397 I=.03+W(R1-.03)+W/2(R2-.09); |
|---|
| 1197 | + | 398 (b)Forsinglepremiumimmediateannuitiesandforannuity |
|---|
| 1198 | + | 399 benefitsinvolvinglifecontingenciesarisingfromotherannuities |
|---|
| 1199 | + | 400 withcashsettlementoptionsandfromguaranteedinterest |
|---|
| 1200 | + | 401 contractswithcashsettlementoptions: |
|---|
| 1201 | + | 402 I=.03+W(R-.03),whereR1isthelesserofRand.09;R2is |
|---|
| 1202 | + | 403 thegreaterofRand.09;Risthereferenceinterestrate |
|---|
| 1203 | + | 404 definedinthissubsection;andWistheweightingfactor |
|---|
| 1204 | + | 405 definedinthissubsection; |
|---|
| 1205 | + | 406 (c)Forotherannuitieswithcashsettlementoptionsand |
|---|
| 1206 | + | 407 guaranteedinterestcontractswithcashsettlementoptions,valued |
|---|
| 1207 | + | 408 onanissueyearbasis,exceptasstatedinparagraph(b)ofthis |
|---|
| 1208 | + | 409 subdivision,theformulaforlifeinsurancestatedinparagraph |
|---|
| 1209 | + | 410 (a)ofthissubdivisionshallapplytoannuitiesandguaranteed |
|---|
| 1210 | + | 411 interestcontractswithguaranteedurationsinexcessoftenyears |
|---|
| 1211 | + | 412 andtheformulaforsinglepremiumimmediateannuitiesstatedin |
|---|
| 1212 | + | 413 paragraph(b)ofthissubdivisionshallapplytoannuitiesand |
|---|
| 1213 | + | 414 guaranteedinterestcontractswithguaranteedurationsoften |
|---|
| 1214 | + | 415 yearsorless; |
|---|
| 1215 | + | 416 (d)Forotherannuitieswithnocashsettlementoptionsand |
|---|
| 1216 | + | 417 forguaranteedinterestcontractswithnocashsettlementoptions, |
|---|
| 1217 | + | 45 418 theformulaforsinglepremiumimmediateannuitiesstatedin |
|---|
| 1218 | + | 419 paragraph(b)ofthissubdivisionshallapply; |
|---|
| 1219 | + | 420 (e)Forotherannuitieswithcashsettlementoptionsand |
|---|
| 1220 | + | 421 guaranteedinterestcontractswithcashsettlementoptions,valued |
|---|
| 1221 | + | 422 onachangeinfundbasis,theformulaforsinglepremiumimmediate |
|---|
| 1222 | + | 423 annuitiesstatedinparagraph(b)ofthissubdivisionshallapply. |
|---|
| 1223 | + | 424 Ifthecalendaryearstatutoryvaluationinterestrateforanylife |
|---|
| 1224 | + | 425 insurancepoliciesissuedinanycalendaryeardeterminedwithout |
|---|
| 1225 | + | 426 referencetothissentencediffersfromthecorrespondingactual |
|---|
| 1226 | + | 427 rateforsimilarpoliciesissuedintheimmediatelypreceding |
|---|
| 1227 | + | 428 calendaryearbylessthanone-halfofonepercent,thecalendar |
|---|
| 1228 | + | 429 yearstatutoryvaluationinterestrateforsuchlifeinsurance |
|---|
| 1229 | + | 430 policiesshallbeequaltothecorrespondingactualrateforthe |
|---|
| 1230 | + | 431 immediatelyprecedingcalendaryear.Forpurposesofapplyingthe |
|---|
| 1231 | + | 432 immediatelyprecedingsentence,thecalendaryearstatutory |
|---|
| 1232 | + | 433 valuationinterestrateforlifeinsurancepoliciesissuedina |
|---|
| 1233 | + | 434 calendaryearshallbedeterminedfor1980(usingthereference |
|---|
| 1234 | + | 435 interestratedefinedfor1979)andshallbedeterminedforeach |
|---|
| 1235 | + | 436 subsequentcalendaryearregardlessofwhensubsection14of |
|---|
| 1236 | + | 437 section376.670becomesoperative. |
|---|
| 1237 | + | 438 (3)Theweightingfactorsreferredtointheformulasstated |
|---|
| 1238 | + | 439 insubdivision(2)ofthissubsectionaregiveninthefollowing |
|---|
| 1239 | + | 440 tables: |
|---|
| 1240 | + | 441 (a)Weightingfactorsforlifeinsurance: |
|---|
| 1241 | + | 442 Guarantee Weighting |
|---|
| 1242 | + | 443 Duration Factors |
|---|
| 1243 | + | 444 (Years) |
|---|
| 1244 | + | 46 445 10orless .50 |
|---|
| 1245 | + | 446 Morethan10,butnotmorethan20.45 |
|---|
| 1246 | + | 447 Morethan20 .35 |
|---|
| 1247 | + | 448 |
|---|
| 1248 | + | 449 Forlifeinsurance,theguaranteedurationisthemaximumnumberof |
|---|
| 1249 | + | 450 yearsthelifeinsurancecanremaininforceonabasisguaranteed |
|---|
| 1250 | + | 451 inthepolicyorunderoptionstoconverttoplansoflife |
|---|
| 1251 | + | 452 insurancewithpremiumratesornonforfeiturevaluesorbothwhich |
|---|
| 1252 | + | 453 areguaranteedintheoriginalpolicy; |
|---|
| 1253 | + | 454 (b)Weightingfactorforsinglepremiumimmediateannuities |
|---|
| 1254 | + | 455 andforannuitybenefitsinvolvinglifecontingenciesarisingfrom |
|---|
| 1255 | + | 456 otherannuitieswithcashsettlementoptionsandguaranteed |
|---|
| 1256 | + | 457 interestcontractswithcashsettlementoptions:.80; |
|---|
| 1257 | + | 458 (c)Weightingfactorsforotherannuitiesandforguaranteed |
|---|
| 1258 | + | 459 interestcontracts,exceptasstatedinparagraph(b)ofthis |
|---|
| 1259 | + | 460 subdivision,shallbeasspecifiedinsubparagraphsa.,b.,andc. |
|---|
| 1260 | + | 461 ofthisparagraph,accordingtotherulesanddefinitionsin |
|---|
| 1261 | + | 462 subparagraphsd.,e.,andf.ofthisparagraph: |
|---|
| 1262 | + | 463 a.Forannuitiesandguaranteedinterestcontractsvaluedon |
|---|
| 1263 | + | 464 anissueyearbasis: |
|---|
| 1264 | + | 465 Guarantee WeightingFactor |
|---|
| 1265 | + | 466 Duration forPlanType |
|---|
| 1266 | + | 467 (Years) A B C |
|---|
| 1267 | + | 468 5orless: .80.60.50 |
|---|
| 1268 | + | 469 Morethan5,butnotmorethan10: .75.60.50 |
|---|
| 1269 | + | 470 Morethan10,butnotmorethan20: .65.50.45 |
|---|
| 1270 | + | 47 471 Morethan20: .45.35.35 |
|---|
| 1271 | + | 472 b.Forannuitiesandguaranteedinterestcontractsvaluedon |
|---|
| 1272 | + | 473 achangeinfundbasis,thefactorsshowninsubparagrapha.of |
|---|
| 1273 | + | 474 thisparagraphincreasedby: |
|---|
| 1274 | + | 475 PlanType |
|---|
| 1275 | + | 476 A B C |
|---|
| 1276 | + | 477 .15.25.05 |
|---|
| 1277 | + | 478 c.Forannuitiesandguaranteedinterestcontractsvaluedon |
|---|
| 1278 | + | 479 anissueyearbasis(otherthanthosewithnocashsettlement |
|---|
| 1279 | + | 480 options)whichdonotguaranteeinterestonconsiderations |
|---|
| 1280 | + | 481 receivedmorethanoneyearafterissueorpurchaseandfor |
|---|
| 1281 | + | 482 annuitiesandguaranteedinterestcontractsvaluedonachangein |
|---|
| 1282 | + | 483 fundbasiswhichdonotguaranteeinterestratesonconsiderations |
|---|
| 1283 | + | 484 receivedmorethantwelvemonthsbeyondthevaluationdate,the |
|---|
| 1284 | + | 485 factorsshowninsubparagrapha.ofthisparagraphorderivedin |
|---|
| 1285 | + | 486 subparagraphb.ofthisparagraphincreasedby: |
|---|
| 1286 | + | 487 PlanType |
|---|
| 1287 | + | 488 A B C |
|---|
| 1288 | + | 489 .05.05.05 |
|---|
| 1289 | + | 490 d.Forotherannuitieswithcashsettlementoptionsand |
|---|
| 1290 | + | 491 guaranteedinterestcontractswithcashsettlementoptions,the |
|---|
| 1291 | + | 492 guaranteedurationisthenumberofyearsforwhichthecontract |
|---|
| 1292 | + | 493 guaranteesinterestratesinexcessofthecalendaryearstatutory |
|---|
| 1293 | + | 494 valuationinterestrateforlifeinsurancepolicieswithguarantee |
|---|
| 1294 | + | 495 durationinexcessoftwentyyears.Forotherannuitieswithno |
|---|
| 1295 | + | 48 496 cashsettlementoptionsandforguaranteedinterestcontractswith |
|---|
| 1296 | + | 497 nocashsettlementoptions,theguaranteedurationisthenumberof |
|---|
| 1297 | + | 498 yearsfromthedateofissueordateofpurchasetothedate |
|---|
| 1298 | + | 499 annuitybenefitsarescheduledtocommence; |
|---|
| 1299 | + | 500 e.Plantypeasusedinsubparagraphsa.,b.,andc.ofthis |
|---|
| 1300 | + | 501 paragraphisdefinedasfollows: |
|---|
| 1301 | + | 502 PlanTypeA:Atanytimepolicyholdermaywithdrawfundsonly |
|---|
| 1302 | + | 503 withanadjustmenttoreflectchangesininterestratesorasset |
|---|
| 1303 | + | 504 valuessincereceiptofthefundsbytheinsurancecompany,or |
|---|
| 1304 | + | 505 withoutsuchadjustmentbutininstallmentsoverfiveyearsor |
|---|
| 1305 | + | 506 more,orasanimmediatelifeannuity,ornowithdrawalpermitted; |
|---|
| 1306 | + | 507 PlanTypeB:Beforeexpirationoftheinterestrate |
|---|
| 1307 | + | 508 guarantee,policyholdermaywithdrawfundsonlywithanadjustment |
|---|
| 1308 | + | 509 toreflectchangesininterestratesorassetvaluessincereceipt |
|---|
| 1309 | + | 510 ofthefundsbytheinsurancecompany,orwithoutsuchadjustment |
|---|
| 1310 | + | 511 butininstallmentsoverfiveyearsormore,ornowithdrawal |
|---|
| 1311 | + | 512 permitted. Attheendofinterestrateguarantee,fundsmaybe |
|---|
| 1312 | + | 513 withdrawnwithoutsuchadjustmentinasinglesumorinstallments |
|---|
| 1313 | + | 514 overfewerthanfiveyears; |
|---|
| 1314 | + | 515 PlanTypeC:Policyholdermaywithdrawfundsbefore |
|---|
| 1315 | + | 516 expirationofinterestrateguaranteeinasinglesumor |
|---|
| 1316 | + | 517 installmentsoverfewerthanfiveyearseitherwithoutadjustment |
|---|
| 1317 | + | 518 toreflectchangesininterestratesorassetvaluessincereceipt |
|---|
| 1318 | + | 519 ofthefundsbytheinsurancecompany,orsubjectonlytoafixed |
|---|
| 1319 | + | 520 surrenderchargestipulatedinthecontractasapercentageofthe |
|---|
| 1320 | + | 521 fund; |
|---|
| 1321 | + | 522 f.Acompanymayelecttovalueguaranteedinterestcontracts |
|---|
| 1322 | + | 49 523 withcashsettlementoptionsandannuitieswithcashsettlement |
|---|
| 1323 | + | 524 optionsoneitheranissueyearbasisoronachangeinfundbasis. |
|---|
| 1324 | + | 525 Guaranteedinterestcontractswithnocashsettlementoptionsand |
|---|
| 1325 | + | 526 otherannuitieswithnocashsettlementoptionsmustbevaluedon |
|---|
| 1326 | + | 527 anissueyearbasis.Asusedinthissubsectionanissueyear |
|---|
| 1327 | + | 528 basisofvaluationreferstoavaluationbasisunderwhichthe |
|---|
| 1328 | + | 529 interestrateusedtodeterminetheminimumvaluationstandardfor |
|---|
| 1329 | + | 530 theentiredurationoftheannuityorguaranteedinterestcontract |
|---|
| 1330 | + | 531 isthecalendaryearvaluationinterestratefortheyearofissue |
|---|
| 1331 | + | 532 oryearofpurchaseoftheannuityorguaranteedinterestcontract, |
|---|
| 1332 | + | 533 andthechangeinfundbasisofvaluationreferstoavaluation |
|---|
| 1333 | + | 534 basisunderwhichtheinterestrateusedtodeterminetheminimum |
|---|
| 1334 | + | 535 valuationstandardapplicabletoeachchangeinthefundheldunder |
|---|
| 1335 | + | 536 theannuityorguaranteedinterestcontractisthecalendaryear |
|---|
| 1336 | + | 537 valuationinterestratefortheyearofthechangeinthefund. |
|---|
| 1337 | + | 538 (4)The"referenceinterestrate"referredtoinsubdivision |
|---|
| 1338 | + | 539 (2)ofthissubsectionshallbedefinedasfollows: |
|---|
| 1339 | + | 540 (a)Foralllifeinsurance,thelesseroftheaverageovera |
|---|
| 1340 | + | 541 periodofthirty-sixmonthsandtheaverageoveraperiodoftwelve |
|---|
| 1341 | + | 542 months,endingonJunethirtiethofthecalendaryearnext |
|---|
| 1342 | + | 543 precedingtheyearofissue,oftheMonthlyAverageofthe |
|---|
| 1343 | + | 544 CompositeYieldonSeasonedCorporateBonds,aspublishedby |
|---|
| 1344 | + | 545 Moody'sInvestorsService,Inc.; |
|---|
| 1345 | + | 546 (b)Forsinglepremiumimmediateannuitiesandforannuity |
|---|
| 1346 | + | 547 benefitsinvolvinglifecontingenciesarisingfromotherannuities |
|---|
| 1347 | + | 548 withcashsettlementoptionsandguaranteedinterestcontracts |
|---|
| 1348 | + | 549 withcashsettlementoptions,theaverageoveraperiodoftwelve |
|---|
| 1349 | + | 50 550 months,endingonJunethirtiethofthecalendaryearofissueor |
|---|
| 1350 | + | 551 purchase,oftheMonthlyAverageoftheCompositeYieldonSeasoned |
|---|
| 1351 | + | 552 CorporateBonds,aspublishedbyMoody'sInvestorsService,Inc.; |
|---|
| 1352 | + | 553 (c)Forotherannuitieswithcashsettlementoptionsand |
|---|
| 1353 | + | 554 guaranteedinterestcontractswithcashsettlementoptions,valued |
|---|
| 1354 | + | 555 onayearofissuebasis,exceptasstatedinparagraph(b)ofthis |
|---|
| 1355 | + | 556 subdivision,withguaranteedurationinexcessoftenyears,the |
|---|
| 1356 | + | 557 lesseroftheaverageoveraperiodofthirty-sixmonthsandthe |
|---|
| 1357 | + | 558 averageoveraperiodoftwelvemonths,endingonJunethirtiethof |
|---|
| 1358 | + | 559 thecalendaryearofissueorpurchase,oftheMonthlyAverageof |
|---|
| 1359 | + | 560 theCompositeYieldonSeasonedCorporateBonds,aspublishedby |
|---|
| 1360 | + | 561 Moody'sInvestorsService,Inc.; |
|---|
| 1361 | + | 562 (d)Forotherannuitieswithcashsettlementoptionsand |
|---|
| 1362 | + | 563 guaranteedinterestcontractswithcashsettlementoptions,valued |
|---|
| 1363 | + | 564 onayearofissuebasis,exceptasstatedinparagraph(b)ofthis |
|---|
| 1364 | + | 565 subdivision,withguaranteedurationoftenyearsorless,the |
|---|
| 1365 | + | 566 averageoveraperiodoftwelvemonths,endingonJunethirtiethof |
|---|
| 1366 | + | 567 thecalendaryearofissueorpurchase,oftheMonthlyAverageof |
|---|
| 1367 | + | 568 theCompositeYieldonSeasonedCorporateBonds,aspublishedby |
|---|
| 1368 | + | 569 Moody'sInvestorsService,Inc.; |
|---|
| 1369 | + | 570 (e)Forotherannuitieswithnocashsettlementoptionsand |
|---|
| 1370 | + | 571 forguaranteedinterestcontractswithnocashsettlementoptions, |
|---|
| 1371 | + | 572 theaverageoveraperiodoftwelvemonths,endingonJune |
|---|
| 1372 | + | 573 thirtiethofthecalendaryearofissueorpurchase,oftheMonthly |
|---|
| 1373 | + | 574 AverageoftheCompositeYieldonSeasonedCorporateBonds,as |
|---|
| 1374 | + | 575 publishedbyMoody'sInvestorsService,Inc.; |
|---|
| 1375 | + | 576 (f)Forotherannuitieswithcashsettlementoptionsand |
|---|
| 1376 | + | 51 577 guaranteedinterestcontractswithcashsettlementoptions,valued |
|---|
| 1377 | + | 578 onachangeinfundbasis,exceptasstatedinparagraph(b)of |
|---|
| 1378 | + | 579 thissubdivision,theaverageoveraperiodoftwelvemonths, |
|---|
| 1379 | + | 580 endingonJunethirtiethofthecalendaryearofthechangeinthe |
|---|
| 1380 | + | 581 fund,oftheMonthlyAverageoftheCompositeYieldonSeasoned |
|---|
| 1381 | + | 582 CorporateBonds,aspublishedbyMoody'sInvestorsService,Inc. |
|---|
| 1382 | + | 583 (5)IntheeventthattheMonthlyAverageoftheComposite |
|---|
| 1383 | + | 584 YieldonSeasonedCorporateBondsisnolongerpublishedbyMoody's |
|---|
| 1384 | + | 585 InvestorsService,Inc.,orintheeventthattheNAICdetermines |
|---|
| 1385 | + | 586 thattheMonthlyAverageoftheCompositeYieldonSeasoned |
|---|
| 1386 | + | 587 CorporateBondsaspublishedbyMoody'sInvestorsService,Inc., |
|---|
| 1387 | + | 588 isnolongerappropriateforthedeterminationofthereference |
|---|
| 1388 | + | 589 interestrate,thenanalternativemethodfordeterminationofthe |
|---|
| 1389 | + | 590 referenceinterestrate,whichisadoptedbytheNAICandapproved |
|---|
| 1390 | + | 591 byregulationpromulgatedbythedirector,maybesubstituted. |
|---|
| 1391 | + | 592 3.Foraccidentandhealthinsurancecontractsissuedonor |
|---|
| 1392 | + | 593 aftertheoperativedateofthevaluationmanual,thestandard |
|---|
| 1393 | + | 594 prescribedinthevaluationmanualistheminimumstandardof |
|---|
| 1394 | + | 595 valuationrequiredundersubsection2ofsection376.370.For |
|---|
| 1395 | + | 596 disability,accidentandsickness,andaccidentandhealth |
|---|
| 1396 | + | 597 insurancecontractsissuedonoraftertheoperativedateprovided |
|---|
| 1397 | + | 598 insubsection20ofsection376.670andpriortotheoperativedate |
|---|
| 1398 | + | 599 ofthevaluationmanual,theminimumstandardofvaluationisthe |
|---|
| 1399 | + | 600 standardadoptedbythedirectorbyregulation. |
|---|
| 1400 | + | 601 4.(1)Thissubsectionshallapplytoactuarialopinionsof |
|---|
| 1401 | + | 602 reservespriortothedateofthevaluationmanual. |
|---|
| 1402 | + | 603 (2)Everylifeinsurancecompanydoingbusinessinthisstate |
|---|
| 1403 | + | 52 604 shallannuallysubmittheopinionofaqualifiedactuaryasto |
|---|
| 1404 | + | 605 whetherthereservesandrelatedactuarialitemsheldinsupportof |
|---|
| 1405 | + | 606 thepoliciesandcontractsspecifiedbythedirectorbyregulation |
|---|
| 1406 | + | 607 arecomputedappropriately,arebasedonassumptionswhichsatisfy |
|---|
| 1407 | + | 608 contractualprovisions,areconsistentwithpriorreportedamounts |
|---|
| 1408 | + | 609 andcomplywithapplicablelawsofthisstate.Thedirectorby |
|---|
| 1409 | + | 610 regulationshalldefinethespecificsofthisopinionandaddany |
|---|
| 1410 | + | 611 otheritemsdeemedtobenecessarytoitsscope. |
|---|
| 1411 | + | 612 (3)(a)Everylifeinsurancecompany,exceptasexemptedby |
|---|
| 1412 | + | 613 orpursuanttoregulation,shallalsoannuallyincludeinthe |
|---|
| 1413 | + | 614 opinionrequiredbysubdivision(2)ofthissubsection,anopinion |
|---|
| 1414 | + | 615 ofthesamequalifiedactuaryastowhetherthereservesand |
|---|
| 1415 | + | 616 relatedactuarialitemsheldinsupportofthepoliciesand |
|---|
| 1416 | + | 617 contractsspecifiedbythedirectorbyregulation,whenconsidered |
|---|
| 1417 | + | 618 inlightoftheassetsheldbythecompanywithrespecttothe |
|---|
| 1418 | + | 619 reservesandrelatedactuarialitems,includingbutnotlimitedto |
|---|
| 1419 | + | 620 theinvestmentearningsontheassetsandtheconsiderations |
|---|
| 1420 | + | 621 anticipatedtobereceivedandretainedunderthepoliciesand |
|---|
| 1421 | + | 622 contracts,makeadequateprovisionforthecompany'sobligations |
|---|
| 1422 | + | 623 underthepoliciesandcontracts,includingbutnotlimitedtothe |
|---|
| 1423 | + | 624 benefitsunderandexpensesassociatedwiththepoliciesand |
|---|
| 1424 | + | 625 contracts. |
|---|
| 1425 | + | 626 (b)Thedirectormayprovidebyregulationforatransition |
|---|
| 1426 | + | 627 periodforestablishinganyhigherreserveswhichthequalified |
|---|
| 1427 | + | 628 actuarymaydeemnecessaryinordertorendertheopinionrequired |
|---|
| 1428 | + | 629 bythissubsection. |
|---|
| 1429 | + | 630 (4)Eachopinionrequiredbysubdivision(3)ofthis |
|---|
| 1430 | + | 53 631 subsectionshallbegovernedbythefollowingprovisions: |
|---|
| 1431 | + | 632 (a)Amemorandum,informandsubstanceacceptabletothe |
|---|
| 1432 | + | 633 directorasspecifiedbyregulation,shallbepreparedtosupport |
|---|
| 1433 | + | 634 eachactuarialopinion;and |
|---|
| 1434 | + | 635 (b)Iftheinsurancecompanyfailstoprovideasupporting |
|---|
| 1435 | + | 636 memorandumattherequestofthedirectorwithinaperiodspecified |
|---|
| 1436 | + | 637 byregulationorthedirectordeterminesthatthesupporting |
|---|
| 1437 | + | 638 memorandumprovidedbytheinsurancecompanyfailstomeetthe |
|---|
| 1438 | + | 639 standardsprescribedbytheregulationsorisotherwise |
|---|
| 1439 | + | 640 unacceptabletothedirector,thedirectormayengageaqualified |
|---|
| 1440 | + | 641 actuaryattheexpenseofthecompanytoreviewtheopinionandthe |
|---|
| 1441 | + | 642 basisfortheopinionandpreparesuchsupportingmemorandumasis |
|---|
| 1442 | + | 643 requiredbythedirector. |
|---|
| 1443 | + | 644 (5)Everyopinionrequiredbythissubsectionshallbe |
|---|
| 1444 | + | 645 governedbythefollowingprovisions: |
|---|
| 1445 | + | 646 (a)Theopinionshallbesubmittedwiththeannualstatement |
|---|
| 1446 | + | 647 reflectingthevaluationofsuchreserveliabilitiesforeachyear |
|---|
| 1447 | + | 648 endingonorafterDecember31,1993; |
|---|
| 1448 | + | 649 (b)Theopinionshallapplytoallbusinessinforce |
|---|
| 1449 | + | 650 includingindividualandgrouphealthinsuranceplans,informand |
|---|
| 1450 | + | 651 substanceacceptabletothedirectorasspecifiedbyregulation; |
|---|
| 1451 | + | 652 (c)Theopinionshallbebasedonstandardsadoptedfromtime |
|---|
| 1452 | + | 653 totimebytheActuarialStandardsBoardandonsuchadditional |
|---|
| 1453 | + | 654 standardsasthedirectormaybyregulationprescribe; |
|---|
| 1454 | + | 655 (d)Inthecaseofanopinionrequiredtobesubmittedbya |
|---|
| 1455 | + | 656 foreignoraliencompany,thedirectormayaccepttheopinionfiled |
|---|
| 1456 | + | 657 bythatcompanywiththeinsurancesupervisoryofficialofanother |
|---|
| 1457 | + | 54 658 stateifthedirectordeterminesthattheopinionreasonablymeets |
|---|
| 1458 | + | 659 therequirementsapplicabletoacompanydomiciledinthisstate; |
|---|
| 1459 | + | 660 (e)Forthepurposesofthissection,"qualifiedactuary" |
|---|
| 1460 | + | 661 meansamemberingoodstandingoftheAmericanAcademyof |
|---|
| 1461 | + | 662 Actuarieswhomeetstherequirementssetforthinsuch |
|---|
| 1462 | + | 663 regulations; |
|---|
| 1463 | + | 664 (f)Exceptincasesoffraudorwillfulmisconduct,the |
|---|
| 1464 | + | 665 qualifiedactuaryshallnotbeliablefordamagestoanyperson, |
|---|
| 1465 | + | 666 otherthantheinsurancecompanyandthedirector,foranyact, |
|---|
| 1466 | + | 667 error,omission,decisionorconductwithrespecttotheactuary's |
|---|
| 1467 | + | 668 opinion; |
|---|
| 1468 | + | 669 (g)Disciplinaryactionbythedirectoragainstthecompany |
|---|
| 1469 | + | 670 orthequalifiedactuaryshallbedefinedinregulationsbythe |
|---|
| 1470 | + | 671 director;and |
|---|
| 1471 | + | 672 (h)Anymemoranduminsupportoftheopinion,andanyother |
|---|
| 1472 | + | 673 materialprovidedbythecompanytothedirectorinconnection |
|---|
| 1473 | + | 674 therewith,shallbekeptconfidentialbythedirectorandshallnot |
|---|
| 1474 | + | 675 bemadepublicandshallnotbesubjecttosubpoena,otherthanfor |
|---|
| 1475 | + | 676 thepurposeofdefendinganactionseekingdamagesfromanyperson |
|---|
| 1476 | + | 677 byreasonofanyactionrequiredbythissectionorbyregulations |
|---|
| 1477 | + | 678 promulgatedhereunder;exceptthatthememorandumorother |
|---|
| 1478 | + | 679 materialmayotherwisebereleasedbythedirector: |
|---|
| 1479 | + | 680 a.Withthewrittenconsentofthecompany;or |
|---|
| 1480 | + | 681 b.TotheAmericanAcademyofActuariesuponrequeststating |
|---|
| 1481 | + | 682 thatthememorandumorothermaterialisrequiredforthepurpose |
|---|
| 1482 | + | 683 ofprofessionaldisciplinaryproceedingsandsettingforth |
|---|
| 1483 | + | 684 proceduressatisfactorytothedirectorforpreservingthe |
|---|
| 1484 | + | 55 685 confidentiality ofthememorandumorothermaterial. |
|---|
| 1485 | + | 686 |
|---|
| 1486 | + | 687 Onceanyportionoftheconfidentialmemorandumiscitedbythe |
|---|
| 1487 | + | 688 companyinitsmarketingoriscitedbeforeanygovernmentalagency |
|---|
| 1488 | + | 689 otherthanastateinsurancedepartmentorisreleasedbythe |
|---|
| 1489 | + | 690 companytothenewsmedia,allportionsoftheconfidential |
|---|
| 1490 | + | 691 memorandumshallbenolongerconfidential. |
|---|
| 1491 | + | 692 5.(1)Thissubsectionshallapplytoactuarialopinionsof |
|---|
| 1492 | + | 693 reservesaftertheoperativedateofthevaluationmanual. |
|---|
| 1493 | + | 694 (2)Everycompanywithoutstandinglifeinsurancecontracts, |
|---|
| 1494 | + | 695 accidentandhealthinsurancecontracts,ordeposit-typecontracts |
|---|
| 1495 | + | 696 inMissouriandsubjecttoregulationbythedirectorshall |
|---|
| 1496 | + | 697 annuallysubmittheopinionoftheappointedactuaryastowhether |
|---|
| 1497 | + | 698 thereservesandrelatedactuarialitemsheldinsupportofthe |
|---|
| 1498 | + | 699 policiesandcontractsarecomputedappropriately,arebasedon |
|---|
| 1499 | + | 700 assumptionsthatsatisfycontractualprovisions,areconsistent |
|---|
| 1500 | + | 701 withpriorreportedamounts,andcomplywithapplicableMissouri |
|---|
| 1501 | + | 702 law.Thevaluationmanualshallprescribethespecificsofsuch |
|---|
| 1502 | + | 703 opinion,includinganyitemsdeemedtobenecessarytoitsscope. |
|---|
| 1503 | + | 704 (3)Everycompanywithoutstandinglifeinsurancecontracts, |
|---|
| 1504 | + | 705 accidentandhealthinsurancecontracts,ordeposit-typecontracts |
|---|
| 1505 | + | 706 inMissouriandsubjecttoregulationbythedirector,exceptas |
|---|
| 1506 | + | 707 exemptedinthevaluationmanual,shallalsoannuallyincludein |
|---|
| 1507 | + | 708 theopinionrequiredundersubdivision(2)ofthissubsectionan |
|---|
| 1508 | + | 709 opinionofthesameappointedactuaryastowhetherthereserves |
|---|
| 1509 | + | 710 andrelatedactuarialitemsheldinsupportofthepoliciesand |
|---|
| 1510 | + | 711 contractsspecifiedinthevaluationmanual,whenconsideredin |
|---|
| 1511 | + | 56 712 lightoftheassetsheldbythecompanywithrespecttothe |
|---|
| 1512 | + | 713 reservesandrelatedactuarialitemsincluding,butnotlimited |
|---|
| 1513 | + | 714 to,theinvestmentearningsontheassetsandtheconsiderations |
|---|
| 1514 | + | 715 anticipatedtobereceivedandretainedunderthepoliciesand |
|---|
| 1515 | + | 716 contracts,makeadequateprovisionforthecompany'sobligations |
|---|
| 1516 | + | 717 underthepoliciesandcontractsincluding,butnotlimitedto, |
|---|
| 1517 | + | 718 benefitsunderandexpensesassociatedwiththepoliciesand |
|---|
| 1518 | + | 719 contracts. |
|---|
| 1519 | + | 720 (4)Eachopinionrequiredbysubdivision(3)ofthis |
|---|
| 1520 | + | 721 subsectionshallbegovernedbythefollowingprovisions: |
|---|
| 1521 | + | 722 (a)Amemorandum,informandsubstanceasspecifiedinthe |
|---|
| 1522 | + | 723 valuationmanualandacceptabletothedirector,shallbeprepared |
|---|
| 1523 | + | 724 tosupporteachactuarialopinion;and |
|---|
| 1524 | + | 725 (b)Iftheinsurancecompanyfailstoprovideasupporting |
|---|
| 1525 | + | 726 memorandumattherequestofthedirectorwithinaperiodspecified |
|---|
| 1526 | + | 727 inthevaluationmanualorthedirectordeterminesthatthe |
|---|
| 1527 | + | 728 supportingmemorandumprovidedbytheinsurancecompanyfailsto |
|---|
| 1528 | + | 729 meetthestandardsprescribedbythevaluationmanualoris |
|---|
| 1529 | + | 730 otherwiseunacceptabletothedirector,thedirectormayengagea |
|---|
| 1530 | + | 731 qualifiedactuaryattheexpenseofthecompanytoreviewthe |
|---|
| 1531 | + | 732 opinionandthebasisfortheopinionandpreparethesupporting |
|---|
| 1532 | + | 733 memorandumrequiredbythedirector. |
|---|
| 1533 | + | 734 (5)Everyopinionrequiredbythissubsectionshallbe |
|---|
| 1534 | + | 735 governedbythefollowing: |
|---|
| 1535 | + | 736 (a)Theopinionshallbeinformandsubstanceasspecified |
|---|
| 1536 | + | 737 inthevaluationmanualandacceptabletothedirector; |
|---|
| 1537 | + | 738 (b)Theopinionshallbesubmittedwiththeannualstatement |
|---|
| 1538 | + | 57 739 reflectingthevaluationofsuchreserveliabilitiesforeachyear |
|---|
| 1539 | + | 740 endingonoraftertheoperativedateofthevaluationmanual; |
|---|
| 1540 | + | 741 (c)Theopinionshallapplytoallpoliciesandcontracts |
|---|
| 1541 | + | 742 subjecttosubdivision(3)ofthissubsection,plusother |
|---|
| 1542 | + | 743 actuarialliabilitiesasmaybespecifiedinthevaluationmanual; |
|---|
| 1543 | + | 744 (d)Theopinionshallbebasedonstandardsadoptedfromtime |
|---|
| 1544 | + | 745 totimebytheActuarialStandardsBoardoritssuccessor,andon |
|---|
| 1545 | + | 746 suchadditionalstandardsasmaybeprescribedinthevaluation |
|---|
| 1546 | + | 747 manual; |
|---|
| 1547 | + | 748 (e)Inthecaseofanopinionrequiredtobesubmittedbya |
|---|
| 1548 | + | 749 foreignoraliencompany,thedirectormayaccepttheopinionfiled |
|---|
| 1549 | + | 750 bysuchcompanywiththeinsurancesupervisoryofficialofanother |
|---|
| 1550 | + | 751 stateifthedirectordeterminesthattheopinionreasonablymeets |
|---|
| 1551 | + | 752 therequirementsapplicabletoacompanydomiciledinMissouri; |
|---|
| 1552 | + | 753 (f)Exceptincasesoffraudorwillfulmisconduct,the |
|---|
| 1553 | + | 754 appointedactuaryshallnotbeliablefordamagestoanyperson, |
|---|
| 1554 | + | 755 otherthantheinsurancecompanyandthedirector,foranyact, |
|---|
| 1555 | + | 756 error,omission,decision,orconductwithrespecttothe |
|---|
| 1556 | + | 757 appointedactuary'sopinion;and |
|---|
| 1557 | + | 758 (g)Disciplinaryactionbythedirectoragainstthecompany |
|---|
| 1558 | + | 759 ortheappointedactuaryshallbedefinedinregulationsbythe |
|---|
| 1559 | + | 760 director. |
|---|
| 1560 | + | 761 6.(1)Forpoliciesissuedonoraftertheoperativedateof |
|---|
| 1561 | + | 762 thevaluationmanual,thestandardprescribedinthevaluation |
|---|
| 1562 | + | 763 manualistheminimumstandardofvaluationrequiredunder |
|---|
| 1563 | + | 764 subsection2ofsection376.370,exceptasprovidedunder |
|---|
| 1564 | + | 765 subdivision(5)or(7)ofthissubsection. |
|---|
| 1565 | + | 58 766 (2)TheoperativedateofthevaluationmanualisJanuary |
|---|
| 1566 | + | 767 firstofthefirstcalendaryearfollowingthefirstJulyfirstas |
|---|
| 1567 | + | 768 ofwhichallofthefollowinghaveoccurred: |
|---|
| 1568 | + | 769 (a)ThevaluationmanualhasbeenadoptedbytheNAICbyan |
|---|
| 1569 | + | 770 affirmativevoteofatleastforty-twomembersorthree-fourthsof |
|---|
| 1570 | + | 771 themembersvoting,whicheverisgreater; |
|---|
| 1571 | + | 772 (b)ThestandardvaluationlawasamendedbytheNAICin2009 |
|---|
| 1572 | + | 773 orlegislationincludingsubstantiallysimilartermsand |
|---|
| 1573 | + | 774 provisionshasbeenenactedbystatesrepresentinggreaterthan |
|---|
| 1574 | + | 775 seventy-fivepercentofthedirectpremiumswrittenasreportedin |
|---|
| 1575 | + | 776 thefollowingannualstatementssubmittedfor2008:life, |
|---|
| 1576 | + | 777 accident,andhealthannualstatements;healthannualstatements; |
|---|
| 1577 | + | 778 orfraternalannualstatements; |
|---|
| 1578 | + | 779 (c)ThestandardvaluationlawasamendedbytheNAICin2009 |
|---|
| 1579 | + | 780 orlegislationincludingsubstantiallysimilartermsand |
|---|
| 1580 | + | 781 provisionshasbeenenactedbyatleastforty-twoofthefollowing |
|---|
| 1581 | + | 782 fifty-fivejurisdictions:thefiftystatesoftheUnitedStates, |
|---|
| 1582 | + | 783 AmericanSamoa,theAmericanVirginIslands,theDistrictof |
|---|
| 1583 | + | 784 Columbia,Guam,andPuertoRico;and |
|---|
| 1584 | + | 785 (d)Thevaluationmanualbecomeseffectiveunderanorderof |
|---|
| 1585 | + | 786 thedirector. |
|---|
| 1586 | + | 787 (3)Unlessachangeinthevaluationmanualspecifiesalater |
|---|
| 1587 | + | 788 effectivedate,changestothevaluationmanualshallbeeffective |
|---|
| 1588 | + | 789 onJanuaryfirstfollowingthedatewhenallofthefollowinghave |
|---|
| 1589 | + | 790 occurred: |
|---|
| 1590 | + | 791 (a)Thechangetothevaluationmanualhasbeenadoptedby |
|---|
| 1591 | + | 792 theNAICbyanaffirmativevoterepresenting: |
|---|
| 1592 | + | 59 793 a.Atleastthree-fourthsofthemembersoftheNAICvoting, |
|---|
| 1593 | + | 794 butnotlessthanamajorityofthetotalmembership;and |
|---|
| 1594 | + | 795 b.MembersoftheNAICrepresentingjurisdictionstotaling |
|---|
| 1595 | + | 796 greaterthanseventy-fivepercentofthedirectpremiumswritten |
|---|
| 1596 | + | 797 asreportedinthefollowingannualstatementsmostrecently |
|---|
| 1597 | + | 798 availablepriortothevoteinsubparagrapha.ofthisparagraph: |
|---|
| 1598 | + | 799 life,accident,andhealthannualstatements;healthannual |
|---|
| 1599 | + | 800 statements;orfraternalannualstatements; |
|---|
| 1600 | + | 801 (b)Thevaluationmanualbecomeseffectiveunderanorderof |
|---|
| 1601 | + | 802 thedirector. |
|---|
| 1602 | + | 803 (4)Thevaluationmanualshallspecifyallofthefollowing: |
|---|
| 1603 | + | 804 (a)Minimumvaluationstandardsforanddefinitionsofthe |
|---|
| 1604 | + | 805 policiesorcontractssubjecttosubsection2ofsection376.370. |
|---|
| 1605 | + | 806 Suchminimumstandardsshallbe: |
|---|
| 1606 | + | 807 a.Thecommissionersreservevaluationmethodforlife |
|---|
| 1607 | + | 808 insurancecontracts,otherthanannuitycontracts,subjectto |
|---|
| 1608 | + | 809 subsection2ofsection376.370; |
|---|
| 1609 | + | 810 b.Thecommissionersannuityreservevaluationmethodfor |
|---|
| 1610 | + | 811 annuitycontractssubjecttosubsection2ofsection376.370;and |
|---|
| 1611 | + | 812 c.Minimumreservesforallotherpoliciesandcontracts |
|---|
| 1612 | + | 813 subjecttosubsection2ofsection376.370; |
|---|
| 1613 | + | 814 (b)Whichpoliciesorcontractsortypesofpoliciesor |
|---|
| 1614 | + | 815 contractsaresubjecttotherequirementsofaprinciple-based |
|---|
| 1615 | + | 816 valuationundersubdivision(1)ofsubsection7ofthissectionand |
|---|
| 1616 | + | 817 theminimumvaluationstandardsconsistentwithsuchrequirements; |
|---|
| 1617 | + | 818 (c)Forpoliciesandcontractssubjecttoprinciple-based |
|---|
| 1618 | + | 819 valuationundersubsection7ofthissection: |
|---|
| 1619 | + | 60 820 a.Requirementsfortheformatofreportstothedirector |
|---|
| 1620 | + | 821 underparagraph(c)ofsubdivision(2)ofsubsection7ofthis |
|---|
| 1621 | + | 822 sectionandwhichshallincludeinformationnecessarytodetermine |
|---|
| 1622 | + | 823 ifthevaluationisappropriateandincompliancewithsections |
|---|
| 1623 | + | 824 376.365to376.380; |
|---|
| 1624 | + | 825 b.Assumptionswhichshallbeprescribedforrisksoverwhich |
|---|
| 1625 | + | 826 thecompanydoesnothavesignificantcontrolorinfluence; |
|---|
| 1626 | + | 827 c.Proceduresforcorporategovernanceandoversightofthe |
|---|
| 1627 | + | 828 actuarialfunction,andaprocessforappropriatewaiveror |
|---|
| 1628 | + | 829 modificationofsuchprocedures; |
|---|
| 1629 | + | 830 (d)Forpoliciesnotsubjecttoaprinciple-based valuation |
|---|
| 1630 | + | 831 undersubsection7ofthissection,theminimumvaluationstandard |
|---|
| 1631 | + | 832 shalleither: |
|---|
| 1632 | + | 833 a.Beconsistentwiththeminimumstandardofvaluationprior |
|---|
| 1633 | + | 834 totheoperativedateofthevaluationmanual;or |
|---|
| 1634 | + | 835 b.Developreservesthatquantifythebenefitsand |
|---|
| 1635 | + | 836 guarantees,andthefunding,associatedwiththecontractsand |
|---|
| 1636 | + | 837 theirrisksatalevelofconservatismthatreflectsconditions |
|---|
| 1637 | + | 838 thatincludeunfavorableeventsthathaveareasonableprobability |
|---|
| 1638 | + | 839 ofoccurring; |
|---|
| 1639 | + | 840 (e)Otherrequirementsincluding,butnotlimitedto,those |
|---|
| 1640 | + | 841 relatingtoreservemethods,modelsformeasuringrisk,generation |
|---|
| 1641 | + | 842 ofeconomicscenarios,assumptions,margins,useofcompany |
|---|
| 1642 | + | 843 experience,riskmeasurement,disclosure,certifications,reports, |
|---|
| 1643 | + | 844 actuarialopinionsandmemorandums,transitionrules,andinternal |
|---|
| 1644 | + | 845 controls;and |
|---|
| 1645 | + | 846 (f)Thedataandformofthedatarequiredundersubsection8 |
|---|
| 1646 | + | 61 847 ofthissection,towhomthedatashallbesubmitted,andmay |
|---|
| 1647 | + | 848 specifyotherrequirements,includingdataanalysesandreporting |
|---|
| 1648 | + | 849 ofanalyses. |
|---|
| 1649 | + | 850 (5)Intheabsenceofaspecificvaluationrequirementorif |
|---|
| 1650 | + | 851 aspecificvaluationrequirementinthevaluationmanualisnot,in |
|---|
| 1651 | + | 852 theopinionofthedirector,incompliancewithsections376.365to |
|---|
| 1652 | + | 853 376.380,thecompanyshall,withrespecttosuchrequirements, |
|---|
| 1653 | + | 854 complywithminimumvaluationstandardsprescribedbythedirector |
|---|
| 1654 | + | 855 byregulation. |
|---|
| 1655 | + | 856 (6)Thedirectormayengageaqualifiedactuary,atthe |
|---|
| 1656 | + | 857 expenseofthecompany,toperformanactuarialexaminationofthe |
|---|
| 1657 | + | 858 companyandopineontheappropriateness ofanyreserveassumption |
|---|
| 1658 | + | 859 ormethodusedbythecompany,ortoreviewandopineona |
|---|
| 1659 | + | 860 company'scompliancewithanyrequirementsetforthinsections |
|---|
| 1660 | + | 861 376.365to376.380.Thedirectormayrelyupontheopinion |
|---|
| 1661 | + | 862 regardingprovisionscontainedinsections376.365to376.380ofa |
|---|
| 1662 | + | 863 qualifiedactuaryengagedbythedirectorofanotherstate, |
|---|
| 1663 | + | 864 district,orterritoryoftheUnitedStates.Asusedinthis |
|---|
| 1664 | + | 865 subdivision,engageincludesemploymentandcontracting. |
|---|
| 1665 | + | 866 (7)Thedirectormayrequireacompanytochangeany |
|---|
| 1666 | + | 867 assumptionormethodthatintheopinionofthedirectoris |
|---|
| 1667 | + | 868 necessaryinordertocomplywiththerequirementsofthevaluation |
|---|
| 1668 | + | 869 manualorsections376.365to376.380,andthecompanyshalladjust |
|---|
| 1669 | + | 870 thereservesasrequiredbythedirector. Thedirectormaytake |
|---|
| 1670 | + | 871 otherdisciplinaryactionaspermittedunderchapter354and |
|---|
| 1671 | + | 872 chapters374to385. |
|---|
| 1672 | + | 873 7.(1)Acompanyshallestablishreservesusingaprinciple- |
|---|
| 1673 | + | 62 874 basedvaluationthatmeetsthefollowingconditionsforpolicies |
|---|
| 1674 | + | 875 orcontractsasspecifiedinthevaluationmanual: |
|---|
| 1675 | + | 876 (a)Quantifythebenefitsandguarantees,andthefunding, |
|---|
| 1676 | + | 877 associatedwiththecontractsandtheirrisksatalevelof |
|---|
| 1677 | + | 878 conservatismthatreflectsconditionsthatincludeunfavorable |
|---|
| 1678 | + | 879 eventsthathaveareasonableprobabilityofoccurringduringthe |
|---|
| 1679 | + | 880 lifetimeofthecontracts. Forpoliciesorcontractswith |
|---|
| 1680 | + | 881 significanttailrisk,thecompany'svaluationshallreflect |
|---|
| 1681 | + | 882 conditionsappropriatelyadversetoquantifythetailrisk; |
|---|
| 1682 | + | 883 (b)Incorporateassumptions,riskanalysismethods,and |
|---|
| 1683 | + | 884 financialmodelsandmanagementtechniquesthatareconsistent |
|---|
| 1684 | + | 885 with,butnotnecessarilyidenticalto,thoseutilizedwithinthe |
|---|
| 1685 | + | 886 company'soverallriskassessmentprocess,whilerecognizing |
|---|
| 1686 | + | 887 potentialdifferencesinfinancialreportingstructuresandany |
|---|
| 1687 | + | 888 prescribedassumptionsormethods; |
|---|
| 1688 | + | 889 (c)Incorporateassumptionsthatarederivedinoneofthe |
|---|
| 1689 | + | 890 followingmanners: |
|---|
| 1690 | + | 891 a.Theassumptionisprescribedinthevaluationmanual;or |
|---|
| 1691 | + | 892 b.Forassumptionsthatarenotprescribed,theassumption |
|---|
| 1692 | + | 893 shall: |
|---|
| 1693 | + | 894 (i)Beestablishedutilizingthecompany'savailable |
|---|
| 1694 | + | 895 experiencetotheextentitisrelevantandstatistically |
|---|
| 1695 | + | 896 credible;or |
|---|
| 1696 | + | 897 (ii)Totheextentthatcompanydataisnotavailable, |
|---|
| 1697 | + | 898 relevant,orstatisticallycredible,beestablishedutilizing |
|---|
| 1698 | + | 899 otherrelevantstatisticallycredibleexperience; |
|---|
| 1699 | + | 900 (d)Providemarginsforuncertainty,includingadverse |
|---|
| 1700 | + | 63 901 deviationandestimationerror,suchthatthegreaterthe |
|---|
| 1701 | + | 902 uncertaintythelargerthemarginandresultingreserve. |
|---|
| 1702 | + | 903 (2)Acompanyusingaprinciple-based valuationforoneor |
|---|
| 1703 | + | 904 morepoliciesorcontractssubjecttothissectionasspecifiedin |
|---|
| 1704 | + | 905 thevaluationmanualshall: |
|---|
| 1705 | + | 906 (a)Establishproceduresforcorporategovernanceand |
|---|
| 1706 | + | 907 oversightoftheactuarialvaluationfunctionconsistentwith |
|---|
| 1707 | + | 908 thosedescribedinthevaluationmanual; |
|---|
| 1708 | + | 909 (b)Providetothedirectoranannualcertificationofthe |
|---|
| 1709 | + | 910 effectivenessoftheinternalcontrolswithrespecttothe |
|---|
| 1710 | + | 911 principle-based valuation. Suchcontrolsshallbedesignedto |
|---|
| 1711 | + | 912 ensurethatallmaterialrisksinherentintheliabilitiesand |
|---|
| 1712 | + | 913 associatedassetssubjecttosuchvaluationareincludedinthe |
|---|
| 1713 | + | 914 valuationandthatvaluationsaremadeinaccordancewiththe |
|---|
| 1714 | + | 915 valuationmanual.Thecertificationshallbebasedonthecontrols |
|---|
| 1715 | + | 916 inplaceasoftheendoftheprecedingcalendaryear; |
|---|
| 1716 | + | 917 (c)Develop,andfilewiththedirectoruponrequest,a |
|---|
| 1717 | + | 918 principle-based valuationreportthatcomplieswithstandards |
|---|
| 1718 | + | 919 prescribedinthevaluationmanual. |
|---|
| 1719 | + | 920 (3)Aprinciple-based valuationmayincludeaprescribed |
|---|
| 1720 | + | 921 formulaicreservecomponent. |
|---|
| 1721 | + | 922 8.Forpoliciesinforceonoraftertheoperativedateof |
|---|
| 1722 | + | 923 thevaluationmanual,acompanyshallsubmitmortality,morbidity, |
|---|
| 1723 | + | 924 policyholderbehavior,orexpenseexperienceandotherdataas |
|---|
| 1724 | + | 925 prescribedinthevaluationmanual. |
|---|
| 1725 | + | 926 9.(1)Forpurposesofthissubsection,"confidential |
|---|
| 1726 | + | 927 information"means: |
|---|
| 1727 | + | 64 928 (a)Amemoranduminsupportofanopinionsubmittedunder |
|---|
| 1728 | + | 929 subsection4or5ofthissectionandanyotherdocuments, |
|---|
| 1729 | + | 930 materials,andotherinformationincluding,butnotlimitedto, |
|---|
| 1730 | + | 931 allworkingpapersandcopiesthereofcreated,produced,or |
|---|
| 1731 | + | 932 obtainedbyordisclosedtothedirectororanyotherpersonin |
|---|
| 1732 | + | 933 connectionwithsuchmemorandum; |
|---|
| 1733 | + | 934 (b)Alldocuments,materials,andotherinformation |
|---|
| 1734 | + | 935 including,butnotlimitedto,allworkingpapersandcopies |
|---|
| 1735 | + | 936 thereofcreated,produced,orobtainedbyordisclosedtothe |
|---|
| 1736 | + | 937 directororanyotherpersoninthecourseofanexaminationmade |
|---|
| 1737 | + | 938 undersubdivision(6)ofsubsection6ofthissection;provided, |
|---|
| 1738 | + | 939 however,thatifanexaminationreportorothermaterialprepared |
|---|
| 1739 | + | 940 inconnectionwithanexaminationmadeundersection374.205isnot |
|---|
| 1740 | + | 941 heldasprivateandconfidentialinformationundersection |
|---|
| 1741 | + | 942 374.205,anexaminationreportorothermaterialpreparedin |
|---|
| 1742 | + | 943 connectionwithanexaminationmadeundersubdivision(6)of |
|---|
| 1743 | + | 944 subsection6ofthissectionshallnotbeconfidentialinformation |
|---|
| 1744 | + | 945 tothesameextentasifsuchexaminationreportorothermaterial |
|---|
| 1745 | + | 946 hadbeenpreparedundersection374.205; |
|---|
| 1746 | + | 947 (c)Anyreports,documents,materials,andotherinformation |
|---|
| 1747 | + | 948 developedbyacompanyinsupportoforinconnectionwithan |
|---|
| 1748 | + | 949 annualcertificationbythecompanyunderparagraph(b)of |
|---|
| 1749 | + | 950 subdivision(2)ofsubsection7ofthissectionevaluatingthe |
|---|
| 1750 | + | 951 effectivenessofthecompany'sinternalcontrolswithrespecttoa |
|---|
| 1751 | + | 952 principle-based valuationandanyotherdocuments,materials,and |
|---|
| 1752 | + | 953 otherinformationincluding,butnotlimitedto,allworking |
|---|
| 1753 | + | 954 papersandcopiesthereofcreated,produced,orobtainedbyor |
|---|
| 1754 | + | 65 955 disclosedtothedirectororanyotherpersoninconnectionwith |
|---|
| 1755 | + | 956 suchreports,documents,material,andotherinformation; |
|---|
| 1756 | + | 957 (d)Anyprinciple-based valuationreportdevelopedunder |
|---|
| 1757 | + | 958 paragraph(c)ofsubdivision(2)ofsubsection7ofthissection |
|---|
| 1758 | + | 959 andanyotherdocuments,materials,andotherinformation |
|---|
| 1759 | + | 960 including,butnotlimitedto,allworkingpapersandcopies |
|---|
| 1760 | + | 961 thereofcreated,produced,orobtainedbyordisclosedtothe |
|---|
| 1761 | + | 962 directororanyotherpersoninconnectionwithsuchreport;and |
|---|
| 1762 | + | 963 (e)Anydocuments,materials,data,andotherinformation |
|---|
| 1763 | + | 964 submittedbyacompanyundersubsection8ofthissection |
|---|
| 1764 | + | 965 (collectively,"experiencedata")andanyotherdocuments, |
|---|
| 1765 | + | 966 materials,data,andotherinformationincluding,butnotlimited |
|---|
| 1766 | + | 967 to,allworkingpapersandcopiesthereofcreatedorproducedin |
|---|
| 1767 | + | 968 connectionwithsuchexperiencedata,ineachcasethatincludeany |
|---|
| 1768 | + | 969 potentiallycompany-identifying orpersonallyidentifiable |
|---|
| 1769 | + | 970 information,thatisprovidedtoorobtainedbythedirector |
|---|
| 1770 | + | 971 (togetherwithany"experiencedata",the"experiencematerials") |
|---|
| 1771 | + | 972 andanyotherdocuments,materials,data,andotherinformation |
|---|
| 1772 | + | 973 including,butnotlimitedto,allworkingpapersandcopies |
|---|
| 1773 | + | 974 thereofcreated,produced,orobtainedbyordisclosedtothe |
|---|
| 1774 | + | 975 directororanyotherpersoninconnectionwithsuchexperience |
|---|
| 1775 | + | 976 materials. |
|---|
| 1776 | + | 977 (2)(a)Exceptasprovidedinthissubsection,acompany's |
|---|
| 1777 | + | 978 confidentialinformationisconfidentialbylawandprivileged, |
|---|
| 1778 | + | 979 andshallnotbesubjecttochapter610,shallnotbesubjectto |
|---|
| 1779 | + | 980 subpoena,andshallnotbesubjecttodiscoveryoradmissiblein |
|---|
| 1780 | + | 981 evidenceinanyprivatecivilaction;provided,however,thatthe |
|---|
| 1781 | + | 66 982 directorisauthorizedtousetheconfidentialinformationinthe |
|---|
| 1782 | + | 983 furtheranceofanyregulatoryorlegalactionbroughtagainstthe |
|---|
| 1783 | + | 984 companyasapartofthedirector'sofficialduties. |
|---|
| 1784 | + | 985 (b)Neitherthedirectornoranypersonwhoreceived |
|---|
| 1785 | + | 986 confidentialinformationwhileactingundertheauthorityofthe |
|---|
| 1786 | + | 987 directorshallbepermittedorrequiredtotestifyinanyprivate |
|---|
| 1787 | + | 988 civilactionconcerninganyconfidentialinformation. |
|---|
| 1788 | + | 989 (c)Inordertoassistintheperformanceofthedirector's |
|---|
| 1789 | + | 990 duties,thedirectormayshareconfidentialinformationwith: |
|---|
| 1790 | + | 991 a.Otherstate,federal,andinternationalregulatory |
|---|
| 1791 | + | 992 agenciesandwiththeNAICanditsaffiliatesandsubsidiaries;and |
|---|
| 1792 | + | 993 b.Inthecaseofconfidentialinformationspecifiedin |
|---|
| 1793 | + | 994 paragraphs(a)and(d)ofsubdivision(1)ofthissubsectiononly, |
|---|
| 1794 | + | 995 theActuarialBoardforCounselingandDisciplineoritssuccessor |
|---|
| 1795 | + | 996 uponrequeststatingthattheconfidentialinformationisrequired |
|---|
| 1796 | + | 997 forthepurposeofprofessionaldisciplinaryproceedingsandwith |
|---|
| 1797 | + | 998 state,federal,andinternationallawenforcementofficials. |
|---|
| 1798 | + | 999 (d)Thesharingofconfidentialinformationdetailedin |
|---|
| 1799 | + | 1000 paragraph(c)ofthissubdivisionshallbecontingentonsuch |
|---|
| 1800 | + | 1001 recipientagreeingandhavingthelegalauthoritytoagreeto |
|---|
| 1801 | + | 1002 maintaintheconfidentiality andprivilegedstatusofsuch |
|---|
| 1802 | + | 1003 documents,materials,data,andotherinformationinthesame |
|---|
| 1803 | + | 1004 mannerandtothesameextentasrequiredforthedirector. |
|---|
| 1804 | + | 1005 (e)Thedirectormayreceivedocuments,materials,data,and |
|---|
| 1805 | + | 1006 otherinformation,includingotherwiseconfidentialandprivileged |
|---|
| 1806 | + | 1007 documents,materials,data,orinformation,fromtheNAICandits |
|---|
| 1807 | + | 1008 affiliatesandsubsidiaries,fromregulatoryorlawenforcement |
|---|
| 1808 | + | 67 1009 officialsofotherforeignordomesticjurisdictions,andfromthe |
|---|
| 1809 | + | 1010 ActuarialBoardforCounselingandDisciplineoritssuccessorand |
|---|
| 1810 | + | 1011 shallmaintainasconfidentialorprivilegedanydocument, |
|---|
| 1811 | + | 1012 material,data,orotherinformationreceivedwithnoticeorthe |
|---|
| 1812 | + | 1013 understandingthatitisconfidentialorprivilegedunderthelaws |
|---|
| 1813 | + | 1014 ofthejurisdictionthatisthesourceofthedocument,material, |
|---|
| 1814 | + | 1015 orotherinformation. |
|---|
| 1815 | + | 1016 (f)Thedirectormayenterintoagreementsgoverningsharing |
|---|
| 1816 | + | 1017 anduseofinformationconsistentwiththissubdivision. |
|---|
| 1817 | + | 1018 (g)Nowaiverofanyapplicableprivilegeorclaimof |
|---|
| 1818 | + | 1019 confidentiality intheconfidentialinformationshalloccurasa |
|---|
| 1819 | + | 1020 resultofdisclosuretothedirectorunderthissectionorasa |
|---|
| 1820 | + | 1021 resultofsharingasauthorizedinparagraph(c)ofthis |
|---|
| 1821 | + | 1022 subdivision. |
|---|
| 1822 | + | 1023 (h)Aprivilegeestablishedunderthelawofanystateor |
|---|
| 1823 | + | 1024 jurisdictionthatissubstantiallysimilartotheprivilege |
|---|
| 1824 | + | 1025 establishedunderthissubdivisionshallbeavailableandenforced |
|---|
| 1825 | + | 1026 inanyproceedingin,andinanycourtof,Missouri. |
|---|
| 1826 | + | 1027 (i)Inthissubsection,regulatoryagency,lawenforcement |
|---|
| 1827 | + | 1028 agency,andtheNAICinclude,butarenotlimitedto,their |
|---|
| 1828 | + | 1029 employees,agents,consultantsandcontractors. |
|---|
| 1829 | + | 1030 (3)Notwithstanding subdivision(2)ofthissubsection,any |
|---|
| 1830 | + | 1031 confidentialinformationspecifiedinparagraphs(a)and(d)of |
|---|
| 1831 | + | 1032 subdivision(1)ofthissubsection: |
|---|
| 1832 | + | 1033 (a)Maybesubjecttosubpoenaforthepurposeofdefending |
|---|
| 1833 | + | 1034 anactionseekingdamagesfromtheappointedactuarysubmitting |
|---|
| 1834 | + | 1035 therelatedmemoranduminsupportofanopinionsubmittedunder |
|---|
| 1835 | + | 68 1036 subsection4or5ofthissectionorprinciple-based valuation |
|---|
| 1836 | + | 1037 reportdevelopedunderparagraph(c)ofsubdivision(2)of |
|---|
| 1837 | + | 1038 subsection7ofthissectionbyreasonofanactionrequiredby |
|---|
| 1838 | + | 1039 sections376.365to376.380orbyregulationspromulgated |
|---|
| 1839 | + | 1040 hereunder; |
|---|
| 1840 | + | 1041 (b)Mayotherwisebereleasedbythedirectorwiththe |
|---|
| 1841 | + | 1042 writtenconsentofthecompany;and |
|---|
| 1842 | + | 1043 (c)Onceanyportionofamemoranduminsupportofanopinion |
|---|
| 1843 | + | 1044 submittedundersubsection4or5ofthissectionoraprinciple- |
|---|
| 1844 | + | 1045 basedvaluationreportdevelopedunderparagraph(c)of |
|---|
| 1845 | + | 1046 subdivision(2)ofsubsection7ofthissectioniscitedbythe |
|---|
| 1846 | + | 1047 companyinitsmarketing,orispubliclyvolunteeredtoorbeforea |
|---|
| 1847 | + | 1048 governmentalagencyotherthanastateinsurancedepartment,oris |
|---|
| 1848 | + | 1049 releasedbythecompanytothenewsmedia,allportionsofsuch |
|---|
| 1849 | + | 1050 memorandumorreportshallnolongerbeconfidential. |
|---|
| 1850 | + | 1051 10.Thedirectormayexemptspecificproductformsorproduct |
|---|
| 1851 | + | 1052 linesofadomesticcompanythatislicensedanddoingbusiness |
|---|
| 1852 | + | 1053 onlyinMissourifromtherequirementsofsubsection6ofthis |
|---|
| 1853 | + | 1054 sectionprovided: |
|---|
| 1854 | + | 1055 (1)Thedirectorhasissuedanexemptioninwritingtothe |
|---|
| 1855 | + | 1056 companyandhasnotsubsequentlyrevokedtheexemptioninwriting; |
|---|
| 1856 | + | 1057 and |
|---|
| 1857 | + | 1058 (2)Thecompanycomputesreservesusingassumptionsand |
|---|
| 1858 | + | 1059 methodsusedpriortotheoperativedateofthevaluationmanualin |
|---|
| 1859 | + | 1060 additiontoanyrequirementsestablishedbythedirectorand |
|---|
| 1860 | + | 1061 promulgatedbyregulation. |
|---|
| 1861 | + | 1062 |
|---|
| 1862 | + | 69 1063 Foranycompanygrantedanexemptionunderthissection, |
|---|
| 1863 | + | 1064 subsection3ofsection376.370andsubsections1to5ofthis |
|---|
| 1864 | + | 1065 sectionshallbeapplicable. Withrespecttoanycompanyapplying |
|---|
| 1865 | + | 1066 thisexemption,anyreferencetosubsection6ofthissectionfound |
|---|
| 1866 | + | 1067 insubsection3ofsection376.370andsubsections1to5ofthis |
|---|
| 1867 | + | 1068 sectionshallnotbeapplicable. |
|---|
| 1868 | + | 1069 [11. (1)Acompanythathaslessthanthreehundredmillion |
|---|
| 1869 | + | 1070 dollarsofordinarylifepremiumandthatislicensedanddoing |
|---|
| 1870 | + | 1071 businessinMissouriandthatissubjecttotherequirementsof |
|---|
| 1871 | + | 1072 subsections6and7ofthissectionmayholdreservesbasedonthe |
|---|
| 1872 | + | 1073 mortalitytablesandinterestratesdefinedbythevaluation |
|---|
| 1873 | + | 1074 manualfornetpremiumreservesandusingthemethodologydefined |
|---|
| 1874 | + | 1075 intheprovisionsofparagraphs(b)through(i)ofsubdivision(2) |
|---|
| 1875 | + | 1076 ofsubsection1ofthissectionandsubsection3ofsection |
|---|
| 1876 | + | 1077 376.370astheyapplytoordinarylifeinsuranceinlieuofthe |
|---|
| 1877 | + | 1078 reservesrequiredbysubsections6and7ofthissection,provided |
|---|
| 1878 | + | 1079 that: |
|---|
| 1879 | + | 1080 (a)Ifthecompanyisamemberofagroupoflifeinsurers, |
|---|
| 1880 | + | 1081 thegrouphascombinedordinarylifepremiumsoflessthansix |
|---|
| 1881 | + | 1082 hundredmilliondollars; |
|---|
| 1882 | + | 1083 (b)Thecompanyreportedtotaladjustedcapitalofatleast |
|---|
| 1883 | + | 1084 fourhundredfiftypercentofauthorizedcontrollevelrisk-based |
|---|
| 1884 | + | 1085 capitalintherisk-basedcapitalreportforthepriorcalendar |
|---|
| 1885 | + | 1086 year; |
|---|
| 1886 | + | 1087 (c)Theappointedactuaryhasprovidedanunqualified |
|---|
| 1887 | + | 1088 opiniononthereservesinaccordancewithsubsections4and5of |
|---|
| 1888 | + | 1089 thissectionforthepriorcalendaryear; |
|---|
| 1889 | + | 70 1090 (d)Thecompanyhasprovidedacertificationbyaqualified |
|---|
| 1890 | + | 1091 actuarythatanyuniversallifepolicywithasecondaryguarantee |
|---|
| 1891 | + | 1092 issuedaftertheoperativedateofthevaluationmanualmeetsthe |
|---|
| 1892 | + | 1093 definitionofanonmaterialsecondaryguaranteeuniversallife |
|---|
| 1893 | + | 1094 productasdefinedinthevaluationmanual. |
|---|
| 1894 | + | 1095 (2)Forpurposesofsubdivision(1)ofthissubsection, |
|---|
| 1895 | + | 1096 ordinarylifepremiumsaremeasuredasdirectpremiumplus |
|---|
| 1896 | + | 1097 reinsuranceassumedfromanunaffiliatedcompany,asreportedin |
|---|
| 1897 | + | 1098 thepriorcalendaryearannualstatement. |
|---|
| 1898 | + | 1099 (3)Adomesticcompanymeetingalloftheaboveconditions |
|---|
| 1899 | + | 1100 mayfileastatementpriortoJulyfirstwiththedirector |
|---|
| 1900 | + | 1101 certifyingthattheseconditionsaremetforthecurrentcalendar |
|---|
| 1901 | + | 1102 yearbasedonpremiumsandothervaluesfromthepriorcalendar |
|---|
| 1902 | + | 1103 yearfinancialstatements. Thedirectormayrejectsuchstatement |
|---|
| 1903 | + | 1104 priortoSeptemberfirstandrequireacompanytocomplywiththe |
|---|
| 1904 | + | 1105 valuationmanualrequirementsforlifeinsurancereserves.] |
|---|
| 1905 | + | 376.1800. 1.Asusedinthissection,thefollowingterms |
|---|
| 1906 | + | 2 shallmean: |
|---|
| 1907 | + | 3 (1)"Medicalretaineragreement",acontractbetweena |
|---|
| 1908 | + | 4 [physician] providerandanindividualpatientorsuchindividual |
|---|
| 1909 | + | 5 patient'slegalrepresentativeinwhichthe[physician] provider |
|---|
| 1910 | + | 6 agreestoprovidecertainhealthcareservicesdescribedinthe |
|---|
| 1911 | + | 7 agreementtotheindividualpatientforanagreed-uponfeeand |
|---|
| 1912 | + | 8 periodoftime; |
|---|
| 1913 | + | 9 (2)["Physician"] "Provider",achiropractorlicensedunder |
|---|
| 1914 | + | 10 chapter331,adentistlicensedunderchapter332,oraphysician |
|---|
| 1915 | + | 11 licensedunderchapter334.[Physician] Providerincludesan |
|---|
| 1916 | + | 71 12 individual[physician] provideroragroupof[physicians] |
|---|
| 1917 | + | 13 providers. |
|---|
| 1918 | + | 14 2.Amedicalretaineragreementisnotinsuranceandisnot |
|---|
| 1919 | + | 15 subjecttothischapter.Enteringintoamedicalretainer |
|---|
| 1920 | + | 16 agreementisnotthebusinessofinsuranceandisnotsubjectto |
|---|
| 1921 | + | 17 thischapter. |
|---|
| 1922 | + | 18 3.A[physician] provideroragentofa[physician] provider |
|---|
| 1923 | + | 19 isnotrequiredtoobtainacertificateofauthorityorlicense |
|---|
| 1924 | + | 20 underthissectiontomarket,sell,oroffertosellamedical |
|---|
| 1925 | + | 21 retaineragreement. |
|---|
| 1926 | + | 22 4.Tobeconsideredamedicalretaineragreementforthe |
|---|
| 1927 | + | 23 purposesofthissection,theagreementshallmeetallofthe |
|---|
| 1928 | + | 24 followingrequirements: |
|---|
| 1929 | + | 25 (1)Beinwriting; |
|---|
| 1930 | + | 26 (2)Besignedbythe[physician] provideroragentofthe |
|---|
| 1931 | + | 27 [physician] providerandtheindividualpatientorsuchindividual |
|---|
| 1932 | + | 28 patient'slegalrepresentative; |
|---|
| 1933 | + | 29 (3)Alloweitherpartytoterminatetheagreementonwritten |
|---|
| 1934 | + | 30 noticetotheotherparty; |
|---|
| 1935 | + | 31 (4)Describethespecifichealthcareservicesthatare |
|---|
| 1936 | + | 32 includedintheagreement; |
|---|
| 1937 | + | 33 (5)Specifythefeefortheagreement; |
|---|
| 1938 | + | 34 (6)Specifytheperiodoftimeundertheagreement;and |
|---|
| 1939 | + | 35 (7)Prominentlystateinwritingthattheagreementisnot |
|---|
| 1940 | + | 36 healthinsurance. |
|---|
| 1941 | + | 37 5.(1)Foranypatientwhoentersintoamedicalretainer |
|---|
| 1942 | + | 38 agreementunderthissectionandwhohasestablishedahealth |
|---|
| 1943 | + | 72 39 savingsaccount(HSA)incompliancewith26U.S.C.Section223,or |
|---|
| 1944 | + | 40 whohasaflexiblespendingarrangement(FSA)orhealth |
|---|
| 1945 | + | 41 reimbursementarrangement(HRA),feesunderthepatient'smedical |
|---|
| 1946 | + | 42 retaineragreementmaybepaidfromsuchhealthsavingsaccountor |
|---|
| 1947 | + | 43 reimbursedthroughsuchflexiblespendingarrangementorhealth |
|---|
| 1948 | + | 44 reimbursementarrangement,subjecttoanyfederalorstatelaws |
|---|
| 1949 | + | 45 regardingqualifiedexpendituresfromahealthsavingsaccount,or |
|---|
| 1950 | + | 46 reimbursementthroughaflexiblespendingarrangementorahealth |
|---|
| 1951 | + | 47 reimbursementarrangement. |
|---|
| 1952 | + | 48 (2)Theemployerofanypatientdescribedinsubdivision(1) |
|---|
| 1953 | + | 49 ofthissubsectionmay: |
|---|
| 1954 | + | 50 (a)Makecontributionstosuchpatient'shealthsavings |
|---|
| 1955 | + | 51 account,flexiblespendingarrangement,orhealthreimbursement |
|---|
| 1956 | + | 52 arrangementtocoveralloranyportionoftheagreed-uponfees |
|---|
| 1957 | + | 53 underthepatient'smedicalretaineragreement,subjecttoany |
|---|
| 1958 | + | 54 federalorstaterestrictionsoncontributionsmadebyanemployer |
|---|
| 1959 | + | 55 toahealthsavingsaccount,orreimbursementthroughaflexible |
|---|
| 1960 | + | 56 spendingarrangement,orhealthreimbursementarrangement;or |
|---|
| 1961 | + | 57 (b)Paytheagreed-uponfeesdirectlytothe[physician] |
|---|
| 1962 | + | 58 providerunderthemedicalretaineragreement. |
|---|
| 1963 | + | 59 6.Nothinginthissectionshallbeconstruedasprohibiting, |
|---|
| 1964 | + | 60 limiting,orotherwiserestrictinga[physician] providerina |
|---|
| 1965 | + | 61 collaborativepracticearrangementfromenteringintoamedical |
|---|
| 1966 | + | 62 retaineragreementunderthissection. |
|---|
| 1967 | + | 379.011.1.Asusedinthissection,thefollowingterms |
|---|
| 1968 | + | 2 mean: |
|---|
| 1969 | + | 3 (1)"Deliveredbyelectronicmeans",includesdeliverytoan |
|---|
| 1970 | + | 73 4 electronicmailaddressatwhichapartyhasconsentedtoreceive |
|---|
| 1971 | + | 5 noticesordocuments,orpostingonanelectronicnetworkorsite |
|---|
| 1972 | + | 6 accessibleviatheinternet,mobileapplication,computer,mobile |
|---|
| 1973 | + | 7 device,tablet,oranyotherelectronicdevice,togetherwitha |
|---|
| 1974 | + | 8 separatenoticetoapartydirectedtotheelectronicmailaddress |
|---|
| 1975 | + | 9 atwhichthepartyhasconsentedtoreceivenoticeoftheposting; |
|---|
| 1976 | + | 10 (2)"Party",anyrecipientofanynoticeordocumentrequired |
|---|
| 1977 | + | 11 aspartofaninsurancetransaction,includingbutnotlimitedto |
|---|
| 1978 | + | 12 anapplicant,aninsuredorapolicyholder. |
|---|
| 1979 | + | 13 2.Subjecttosubsection3ofthissection,anynoticetoa |
|---|
| 1980 | + | 14 partyoranyotherdocumentrequiredunderapplicablelawinan |
|---|
| 1981 | + | 15 insurancetransactionorthatistoserveasevidenceofinsurance |
|---|
| 1982 | + | 16 coveragemaybedelivered,stored,andpresentedbyelectronic |
|---|
| 1983 | + | 17 meanssolongasitmeetstherequirementsofsections432.200to |
|---|
| 1984 | + | 18 432.295.Deliveryofanoticeordocumentinaccordancewiththis |
|---|
| 1985 | + | 19 subsectionshallbeconsideredequivalenttoanydeliverymethod |
|---|
| 1986 | + | 20 requiredunderapplicablelaw,includingdeliverybyfirstclass |
|---|
| 1987 | + | 21 mail,firstclassmailpostageprepaid,certifiedmail,or |
|---|
| 1988 | + | 22 certificateofmailing. |
|---|
| 1989 | + | 23 3.Anoticeordocumentmaybedeliveredbyelectronicmeans |
|---|
| 1990 | + | 24 byaninsurertoapartyunderthis[subsection] sectionif: |
|---|
| 1991 | + | 25 (1)Thepartyhasaffirmativelyconsentedtothatmethodof |
|---|
| 1992 | + | 26 deliveryandhasnotwithdrawntheconsent; |
|---|
| 1993 | + | 27 (2)Theparty,beforegivingconsent,isprovidedwitha |
|---|
| 1994 | + | 28 clearandconspicuousstatementinformingthepartyof: |
|---|
| 1995 | + | 29 (a)Anyrightoroptiontohavethenoticeordocument |
|---|
| 1996 | + | 30 providedinpaperoranothernonelectronicformatnoadditional |
|---|
| 1997 | + | 74 31 cost; |
|---|
| 1998 | + | 32 (b)Therightofthepartytowithdrawconsenttohavea |
|---|
| 1999 | + | 33 noticeordocumentdeliveredbyelectronicmeans; |
|---|
| 2000 | + | 34 (c)Whethertheparty'sconsentappliesonlytothe |
|---|
| 2001 | + | 35 particulartransactionastowhichthenoticeordocumentmustbe |
|---|
| 2002 | + | 36 givenortoidentifiedcategoriesofnoticesordocumentsthatmay |
|---|
| 2003 | + | 37 bedeliveredbyelectronicmeansduringthecourseoftheparties' |
|---|
| 2004 | + | 38 relationship; |
|---|
| 2005 | + | 39 (d)Themeans,afterconsentisgiven,bywhichapartymay |
|---|
| 2006 | + | 40 obtainapapercopyofanoticeordocumentdeliveredbyelectronic |
|---|
| 2007 | + | 41 meansatnoadditionalcost;and |
|---|
| 2008 | + | 42 (e)Theprocedureapartymustfollowtowithdrawconsentto |
|---|
| 2009 | + | 43 haveanoticeordocumentdeliveredbyelectronicmeansandto |
|---|
| 2010 | + | 44 updateinformationneededtocontactthepartyelectronically; |
|---|
| 2011 | + | 45 (3)Theparty,beforegivingconsent,isprovidedwitha |
|---|
| 2012 | + | 46 statementofthehardwareandsoftwarerequirementsforaccessto |
|---|
| 2013 | + | 47 andretentionofanoticeordocumentdeliveredbyelectronicmeans |
|---|
| 2014 | + | 48 andconsentselectronically, andconfirmsconsentelectronically, |
|---|
| 2015 | + | 49 inamannerthatreasonablydemonstratesthatthepartycanaccess |
|---|
| 2016 | + | 50 informationintheelectronicformthatwillbeusedfornoticesor |
|---|
| 2017 | + | 51 documentsdeliveredbyelectronicmeansastowhichthepartyhas |
|---|
| 2018 | + | 52 givenconsent;and |
|---|
| 2019 | + | 53 (4)Afterconsentofthepartyisgiven,theinsurer,inthe |
|---|
| 2020 | + | 54 eventachangeinthehardwareorsoftwarerequirementsneededto |
|---|
| 2021 | + | 55 accessorretainanoticeordocumentdeliveredinelectronicmeans |
|---|
| 2022 | + | 56 createsamaterialriskthatthepartywillnotbeabletoaccess |
|---|
| 2023 | + | 57 orretainasubsequentnoticeordocumenttowhichtheconsent |
|---|
| 2024 | + | 75 58 applies: |
|---|
| 2025 | + | 59 (a)Providesthepartywithastatementoftherevised |
|---|
| 2026 | + | 60 hardwareandsoftwarerequirementsforaccesstoandretentionofa |
|---|
| 2027 | + | 61 noticeordocumentdeliveredbyelectronicmeansandoftheright |
|---|
| 2028 | + | 62 ofthepartytowithdrawconsentpursuanttoparagraph(b)of |
|---|
| 2029 | + | 63 subdivision(2)ofthissubsection;and |
|---|
| 2030 | + | 64 (b)Complieswithsubdivision(2)ofthissubsection. |
|---|
| 2031 | + | 65 4.Notwithstandinganyotherprovisionsofthissection,ifa |
|---|
| 2032 | + | 66 policyofinsuranceispurchaseddirectlythroughaninsurer's |
|---|
| 2033 | + | 67 website,portal,orapplication,andisinitiallydeliveredby |
|---|
| 2034 | + | 68 electronicmeans,aparty'sconsenttohaveallfuturenoticesand |
|---|
| 2035 | + | 69 documentsrelatedtothepolicy,orclaimsthereunder,delivered |
|---|
| 2036 | + | 70 byelectronicmeansshallbepresumed.Nothinginthissubsection |
|---|
| 2037 | + | 71 shallaffecttherightofapartyunderthissectiontowithdraw |
|---|
| 2038 | + | 72 itsconsenttohaveanoticeordocumentdeliveredbyelectronic |
|---|
| 2039 | + | 73 means. |
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| 2040 | + | 74 5.Thissectiondoesnotaffectrequirementsrelatingto |
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| 2041 | + | 75 contentortimingofanynoticeordocumentrequiredunder |
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| 2042 | + | 76 applicablelaw.Ifanyprovisionofapplicablelawrequiringa |
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| 2043 | + | 77 noticeordocumenttobeprovidedtoapartyexpresslyrequires |
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| 2044 | + | 78 verificationoracknowledgmentofreceiptofthenoticeor |
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| 2045 | + | 79 document,thenoticeordocumentmaybedeliveredbyelectronic |
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| 2046 | + | 80 meansonlyifthemethodusedprovidesforverificationor |
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| 2047 | + | 81 acknowledgmentofreceipt.Absentverificationoracknowledgment |
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| 2048 | + | 82 ofreceiptoftheinitialnoticeordocumentonthepartofthe |
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| 2049 | + | 83 party,theinsurershallsendtwosubsequentnoticesordocuments |
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| 2050 | + | 84 atintervalsoffivebusinessdays.Thelegaleffectiveness, |
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| 2051 | + | 76 85 validity,orenforceabilityofanycontractorpolicyofinsurance |
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| 2052 | + | 86 executedbyapartymaynotbemadecontingentuponobtaining |
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| 2053 | + | 87 electronicconsentorconfirmationofconsentofthepartyin |
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| 2054 | + | 88 accordancewithsubdivision(3)ofsubsection3ofthissection. |
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| 2055 | + | 89 [5.] 6.Awithdrawalofconsentbyapartydoesnotaffect |
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| 2056 | + | 90 thelegaleffectiveness,validity,orenforceabilityofanotice |
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| 2057 | + | 91 ordocumentdeliveredbyelectronicmeanstothepartybeforethe |
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| 2058 | + | 92 withdrawalofconsentiseffective. Awithdrawalofconsentbya |
|---|
| 2059 | + | 93 partyiseffectivewithinthirtydaysafterreceiptofthe |
|---|
| 2060 | + | 94 withdrawalbytheinsurer.Failurebyaninsurertocomplywith |
|---|
| 2061 | + | 95 subdivision(4)ofsubsection3ofthissectionmaybetreated,at |
|---|
| 2062 | + | 96 theelectionoftheparty,asawithdrawalofconsentforpurposes |
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| 2063 | + | 97 ofthissection. |
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| 2064 | + | 98 [6.] 7.Thissectiondoesnotapplytoanoticeordocument |
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| 2065 | + | 99 deliveredbyaninsurerinanelectronicformbeforeAugust28, |
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| 2066 | + | 100 2013,toapartywho,beforethatdate,hasconsentedtoreceive |
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| 2067 | + | 101 noticesordocumentsinanelectronicformotherwiseallowedby |
|---|
| 2068 | + | 102 law.Iftheconsentofapartytoreceivecertainnoticesor |
|---|
| 2069 | + | 103 documentsinanelectronicformisonfilewithaninsurerbefore |
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| 2070 | + | 104 August28,2013,andpursuanttothissection,aninsurerintends |
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| 2071 | + | 105 todeliveradditionalnoticesordocumentstosuchpartyinan |
|---|
| 2072 | + | 106 electronicform,thenpriortodeliveringsuchadditionalnotices |
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| 2073 | + | 107 ordocumentselectronically, theinsurershallnotifytheparty |
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| 2074 | + | 108 of: |
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| 2075 | + | 109 (1)Thenoticesordocumentsthatmaybedeliveredby |
|---|
| 2076 | + | 110 electronicmeansunderthissectionthatwerenotpreviously |
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| 2077 | + | 111 deliveredelectronically; and |
|---|
| 2078 | + | 77 112 (2)Theparty'srighttowithdrawconsenttohavenoticesor |
|---|
| 2079 | + | 113 documentsdeliveredbyelectronicmeans. |
|---|
| 2080 | + | 114 [7.] 8.Apartywhodoesnotconsenttodeliveryofnotices |
|---|
| 2081 | + | 115 ordocumentsundersubsection3ofthissection,orwhowithdraws |
|---|
| 2082 | + | 116 theirconsent,shallnotbesubjecttoanyadditionalfeesorcosts |
|---|
| 2083 | + | 117 forhavingnoticesordocumentsprovidedormadeavailabletothem |
|---|
| 2084 | + | 118 inpaperoranothernonelectronicform. |
|---|
| 2085 | + | 119 [8.] 9.Ifanyprovisionofapplicablelawrequiresa |
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| 2086 | + | 120 signatureornoticeordocumenttobenotarized,acknowledged, |
|---|
| 2087 | + | 121 verified,ormadeunderoath,therequirementissatisfiedifthe |
|---|
| 2088 | + | 122 electronicsignatureofthepersonauthorizedtoperformthose |
|---|
| 2089 | + | 123 acts,togetherwithallotherinformationrequiredtobeincluded |
|---|
| 2090 | + | 124 bytheprovision,isattachedtoorlogicallyassociatedwiththe |
|---|
| 2091 | + | 125 signature,notice,ordocument. |
|---|
| 2092 | + | 126 [9.] 10.Thissectionmaynotbeconstruedtomodify,limit, |
|---|
| 2093 | + | 127 orsupercedetheprovisionsofsections354.442,376.1450,or |
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| 2094 | + | 128 432.200to432.295.Theprovisionsofthissectionshallapplyto |
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| 2095 | + | 129 noticesanddocumentsissuedbyinsurersorganizedunderthis |
|---|
| 2096 | + | 130 chapterorchapter380andtonoticesanddocumentsrelatingto |
|---|
| 2097 | + | 131 lifeinsuranceproductsissuedbyinsurersorganizedunderchapter |
|---|
| 2098 | + | 132 376. |
|---|
| 2099 | + | 133 [10.] 11.Nothinginthissectionshallpreventaninsurer |
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| 2100 | + | 134 fromofferingadiscounttoaninsuredwhoelectstoreceive |
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| 2101 | + | 135 noticesanddocumentselectronicallyinaccordancewiththis |
|---|
| 2102 | + | 136 section. |
|---|
| 2103 | + | SectionB.Therepealandreenactmentofsection288.132and |
|---|
| 2104 | + | 2 theenactmentofsection288.133shallbecomeeffectiveJanuary1, |
|---|
| 2105 | + | 78 3 2023. |
|---|
| 2106 | + | SectionC.Therepealandreenactmentofsections303.025and |
|---|
| 2107 | + | 2 303.041shalltakeeffectonJanuary1,2024. |
|---|
| 2108 | + | âś“ |
|---|
| 2109 | + | HouseSponsor SenateHandler |
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| 2110 | + | 79 |
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