Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 200 - Insurance Solvency and Company Regulation
Chapter 17 - Admissions
Section 20 CSR 200-17.100 - Procedure for Forming a Missouri Domestic Insurance Company
Universal Citation: 20 MO Code of State Regs 200-17.100
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This amendment removes outdated language and updates the rule to reflect the modern procedure for forming a Missouri domestic insurance company.
(1) The procedures outlined in section (2) of this rule are the procedures for the successful formation of a Missouri domestic insurance company authorized to transact an insurance business in this state. The steps outlined in subsections (A) through (F) of section (2) are set forth in chronological order.
(2) A Missouri domestic insurance company shall be formed in accordance with the following procedures and forms:
(A) The
incorporators form the corporation that will become an insurance company
organized under the laws of the state of Missouri. The incorporators must:
1. Issue a declaration of intent to form an
insurance company and state its articles of incorporation to comply with the
requirements of Missouri law. See sections
376.010
to
376.120,
RSMo (life insurance companies) and sections
379.010
to
379.065,
RSMo (other than life). Particular attention should be paid to the requirements
for the number and residence of the members of the board of directors and the
place where the principal office for the conduct of the insurance company's
business will be conducted. Prior to publication, the company is encouraged to
provide a draft of the declaration and articles of incorporation to the
Division of Insurance Company Regulation (division) of the department for
review;
2. Publish the declaration
and the articles pursuant to law; and
3. File with the division an affidavit of
publication from the publisher of the declaration and articles, and the
articles in triplicate original; and
4. Submit to the division a completed Uniform
Certificate of Authority Application (UCAA)-primary application. Upon request,
the division will provide information regarding-
A. How to obtain the appropriate UCAA form
(including any forms specific to Missouri under the UCAA review process);
and
B. The application of the
statutory standards for evaluating an application for a certificate of
authority;
(B)
If the company's filings under paragraph 3. of subsection (A) are in compliance
with the applicable laws and regulations relating to a Missouri domestic
insurance company, the division will cause the articles to be reviewed by the
Missouri attorney general (AG). Upon receipt of the AG's certification, the
department will file the articles and a copy of the AG's certification with the
Missouri secretary of state for the issuance of a certificate of incorporation.
(The secretary of state may require the payment of certain fees and taxes
before issuing the certificate of incorporation);
(C) Upon receipt of a copy of the certificate
of incorporation, the company shall:
1. Form
its board of directors, appoint officers, issue stock (if a stock company) or
take deposits (if a mutual company); and
2. Place the proceeds from the stock
subscription or deposits into accounts (including the deposit with the
department);
(D) The
division may contact the company to schedule a pre-licensing examination, which
may, among other things, verify the statutory deposit, compliance with
financial requirements, the location of the company's principal place of
business, and the competency and integrity of the company's officers and
directors;
(E) Upon receipt of a
copy of the certificate of incorporation and notice from the division of the
completion of its review of the application, the director will determine
whether or not to issue a certificate of authority to transact the business of
insurance in this state; and
(F)
Upon receipt of a certificate of authority, the insurance company will file
with the department's Property and Casualty Section or Life and Health Section
(whichever is applicable) any premium rates, policy forms or endorsements as
may be needed to transact the insurance company's business.
*Original authority: 374.045, RSMo 1967, emended 1993, 1995.
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.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
