Missouri Code of State Regulations
Title 12 - DEPARTMENT OF REVENUE
Division 40 - State Lottery
Chapter 60 - Payment of Prizes
Section 12 CSR 40-60.040 - Requirements for Annuity Sellers
Universal Citation: 12 MO Code of State Regs 40-60.040
Current through Register Vol. 49, No. 18, September 16, 2024
PURPOSE: The purpose of this rule is to set out the requirements for annuity sellers who may bid to provide periodic prize payments to lottery winners.
(1) To be eligible to contract with the director to provide periodic payments of a prize to a lottery winner through an annuity, the annuity company must meet the following requirements:
(A) A policyholder or
general rating of A+ as rated by A.M. Best;
(B) A financial size rating of VIII or higher
as rated by A.M. Best;
(C) A
portfolio quality rating of Excellent as rated by A.M. Best;
(D) A minimum of seventy-five percent (75%)
of the annuity company's gross revenues must be derived from the business of
providing life, health and related products (not from the property and casualty
business); and
(E) The company must
be headquartered in the United States.
(F) The company must possess a current
certificate of authority from the director of the Department of Insurance,
Financial Institutions and Professional Registration to transact the business
of insurance which authorizes the company to issue annuities.
*Original authority: 313.230(2), RSMo 1985, amended 1988, 1990, 1993.
Disclaimer: These regulations may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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