Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 100 - Insurer Conduct
Chapter 8 - Market Conduct Examination
Section 20 CSR 100-8.015 - Notice of Examination
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This amendment restructures the rule adding clarity and simplicity to information provided to an insurance company subject to a market conduct examination warrant.
PURPOSE: This rule implements the purposes of section 374.185, RSMo, and establishes uniform standards for providing notice of a market conduct examination to the insurer and reporting the examination warrant to the National Association of Insurance Commissioners (NAIC).
(1) The notice of examination and the examination warrant issued under 20 CSR 100-8.005 will be provided to the insurer at least sixty (60) days before the estimated commencement of the examination. The director may reduce the sixty (60) day notice if the director has determined that the company has engaged in or is engaging in any practice or course of business in violation of Chapter 287, Chapter 354, or Chapters 374 to 385, RSMo, and the sixty (60) day notice would result in continuing injury to consumers. In the event that the notice period is reduced to less than sixty (60) days, the company is entitled to an expedited hearing as allowed by 20 CSR 100-8.008.
(2) The notice of examination will contain-
(3) The director will post the notice of such examination on the NAIC's Market Actions Tracking System, or successor NAIC system.
(4) Prior to commencing any examination, the company shall be given an opportunity to resolve such matters that arise as a result of a market analysis to the satisfaction of the director through informal resolution, settlement agreement, curative order, or other formal resolution under sections 374.046 to 374.049, RSMo.
*Original authority: 374.045, RSMo 1967, amended 1993, 1995; 374.185, RSMo 2007; and 374.205, RSMo 1992, amended 1997, 1999.