Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 200 - Insurance Solvency and Company Regulation
Chapter 15 - Receiverships
Section 20 CSR 200-15.100 - Accounting

Universal Citation: 20 MO Code of State Regs 200-15.100

Current through Register Vol. 49, No. 6, March 15, 2024

PURPOSE: This rule effectuates or aids in the interpretation of sections 376.350 and 379.105, RSMo, regarding annual reports by insurers which are in receivership proceedings for rehabilitation or liquidation. In addition, this rule implements the provisions of sections 375.1166.2 and 375.1176.6(1), RSMo, regarding periodic financial reports. Insurance companies should be as publicly accountable after rehabilitation or liquidation as before. Section 375.1176.1, RSMo contains a legislative finding: "The liquidation of any insurer shall be considered the business of insurance for purposes of application of any law of this state." The business of insurance is affected with public interest. State ex rel. Mackey v. Hyde, 315 Mo. 681, 286 SW 363 (1926).

Publicly accountable insurance receiverships are, therefore, likewise in the public interest. Indeed, the public interest is even greater with regard to liquidations because the assessments insurance companies pay to guarantee associations due to insolvencies are credited against their premium taxes otherwise due the state under sections 375.774.3 and 376.745.1, RSMo. Effectively, therefore, Missouri taxpayers bear the cost of insurance insolvencies to the extent that amounts paid by guaranty associations to policyholders exceed the amounts received by guaranty associations from insurance company receiverships. Public accountability can be achieved only through the application of uniform standards so that the public may compare one receivership with another in the same way that insurers' financial performance are compared.

PUBLISHER'S NOTE: The secretary of state has determined that the publication of the entire text of the material which is incorporated by reference as a portion of this rule would be unduly cumbersome or expensive. Therefore, the material which is so incorporated is on file with the agency who filed this rule, and with the Office of the Secretary of State. Any interested person may view this material at either agency's headquarters or the same will be made available at the Office of the Secretary of State at a cost not to exceed actual cost of copy reproduction. The entire text of the rule is printed here. This note refers only to the incorporated by reference material.

(1) Except as otherwise expressly provided in this rule, each insurance company possessing a Missouri certificate of authority which is under a court order of rehabilitation and each domestic insurance company which is under a court order of liquidation shall file a sworn annual statement on or before March 1 of each year, for its business and affairs for the year ended the next previous December 31, in accordance with the National Association of Insurance Commissioners (NAIC) Annual Statement Blank and the instructions for it, or in accordance with any other form as the director expressly permits to the insurance company. This statement also shall be prepared in accordance with the Accounting Practices and Procedures Manual for Property and Casualty Insurance Companies, Accounting Practices and Procedures Manual for Life and Accident and Health Insurance Companies, Valuation of Securities and Examiner's Handbook, or a combination of these, except where the applicable provisions of Chapters 354 and 374-385, RSMo, or other specific rules expressly provide otherwise.

(2) In addition to the sworn annual statement referred to in section (1), each insurance company which is under a court order of liquidation or rehabilitation shall complete the receivership supplements attached as appendices to this rule as part of such sworn annual statement.

(A) Receivership Supplement A shall be considered an open public record of the Department of Commerce and Insurance when filed, pursuant to Chapter 610 and section 374.070, RSMo.

(B) Receivership Supplement B shall be considered a closed public record of the Department of Commerce and Insurance, when filed, as a confidential communication under sections 374.070 610.021(14), RSMo.

(3) Notwithstanding the provisions of section (1) of this rule, an insurance company which is under a court order of rehabilitation or liquidation need not comply with the following exhibits or requirements, unless otherwise expressly required to do so by the director:

(A) Schedule P of the property and casualty blank; and

(B) Actuarial certification of reserves, provided that the insurance company state its reserve liabilities according to its best information and belief.

(4) Notwithstanding the provisions of section

(1) of this rule, an insurance company which is under a court order of liquidation need not comply with the following exhibits or requirements, unless otherwise expressly required to do so by the director:
(A) Property and Casualty Companies.
1. Exhibit of Premiums and Losses;

2. Medicare Supplement Insurance Experience Exhibit;

3. Schedule D Part 1A Section 2;

4. Schedule D Part 3;

5. Schedule D Part 4;

6. Schedule D Part 5;

7. Schedule F All Parts (except for activity in the current year prior to liquidation);

8. Schedule H All Parts;

9. Financial Guaranty Insurance Exhibit;

10. Supplement A to Schedule T;

11. Trusteed Surplus Statement;

12. Insurance Expense Exhibit;

13. Credit Insurance Expense Exhibit;

14. Long-Term Care Experience Reporting Forms;

15. Accident and Health Policy Experience Exhibit;

16. Schedule SIS (except for the first year of the liquidation and only if there is any information to report); and

17. Supplemental Compensation Exhibit (except for the first year of the liquidation and only if there is any information to report).

(B) Life and Accident and Health.
1. Analysis of Operations by Lines of Business;

2. Analysis of Increase in Reserves and Deposit Funds During the Year;

3. Exhibit 1 Part 1;

4. Exhibit 1 Part 2;

5. Exhibit 8;

6. Exhibit 8A;

7. Exhibit 9;

8. Exhibit 10;

9. Exhibit 11 Part 1;

10. Exhibit 11 Part 2;

11. Medicare Supplement Insurance Exhibit;

12. Exhibit of Life Insurance;

13. Exhibit of Number of Policies, Contracts, Certificates, Income Payable and Account Values in Force for Supplementary Contracts, Annuities, Accident and Health and Other Policies;

14. Form for Calculating Interest Maintenance Reserve;

15. Asset Valuation Reserve All Parts;

16. Schedule D Part 1A Section 2;

17. Schedule D Part 3;

18. Schedule D Part 4;

19. Schedule D Part 5;

20. Schedule H All Parts;

21. Schedule M All Parts;

22. Schedule O All Parts;

23. Schedule S All Parts (except for activity in the current year prior to liquidation);

24. Long-Term Care Experience Reporting All Parts;

25. Schedule DS;

26. Long-Term Care Insurance Exhibit;

27. Trusteed Surplus Statement;

28. Interest Sensitive Life Products Report;

29. Credit Insurance Expense Exhibit;

30. Life, Health and Annuity Guaranty Association Model Act Assessment Base Reconciliation Exhibit;

31. Adjustments to the Life, Health and Annuity Guaranty Association Model Act Assessment Base Reconciliation Exhibit;

32. Schedule SIS (except for the first year of the liquidation and only if there is any information to report); and

33. Supplemental Compensation Exhibit (except for the first year of the liquidation and only if there is any information to report).

*Original authority: 374.045, RSMo 1967, amended 1993.

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