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 200-17.300 - Procedure for Redomestication
Universal Citation: 20 MO Code of State Regs 200-17.300
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PURPOSE: This amendment removes outdated language and updates the rule to reflect the modern procedure for redomesticating an insurance company to or from Missouri.
(1) Redomestication to Missouri from Another State. In order to redomesticate an insurance company organized under the laws of any other state to the state of Missouri, the insurance company shall comply with the following forms and procedures in the chronological order set forth below beginning with subsection (A). The insurance company must-
(A) Obtain a certificate of authority to
transact an insurance business in the state of Missouri, if not previously
obtained;
(B) Obtain the approval
of the current state of domicile to redomesticate to Missouri. This approval
may be either unconditional or conditioned on future events such as Missouri's
acceptance of the redomestication;
(C) Apply for redomestication to Missouri.
The law (section
375.908,
RSMo) requires a company redomesticating to Missouri to comply with all the
requirements of law relative to organizing and licensing a domestic insurer.
This means that the company must-
1. Submit
to the Division of Insurance Company Regulation (division) of the department a
completed Uniform Certificate of Authority Application (UCAA)-primary
application;
2. Designate its
principal place of business at a place in Missouri;
3. Issue a declaration and amend and restate
its articles of incorporation to comply with the requirements of Missouri law.
See sections
376.010
to
376.120,
RSMo (life insurance companies) and 379.010 to 379.065, RSMo (other than life).
A declaration of intent to redomesticate will be accepted as a substitute for a
declaration of intent to form. The amended and restated articles will be
accepted as a substitute for the charter. The quantity of directors referenced
in section
376.060,
376.100,
379.035,
or 379.060, RSMo, as applicable, will be accepted as substitutes for the
incorporators. Prior to publication, the insurance company is encouraged to
provide a draft of the declaration and articles of incorporation to the
division for review;
4. Publish
the declaration and the amended and restated articles pursuant to law. The
declaration may reflect the intent to redomesticate rather than the intent to
form; and
5. File with the division
an affidavit of publication from the publisher of the amended and restated
articles, the amended and restated articles in triplicate original, and the
order from the current state of domicile approving the redomestication or other
evidence of approval acceptable to the director;
(D) If the insurance company's filings 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);
(E) 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; and
(F) Upon receipt 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 as
a domestic insurance company.
(2) Redomestication from Missouri to Another State. In order to redomesticate an insurance company organized under the laws of the state of Missouri to another state, the insurance company shall comply with the following forms and procedures in the chronological order set forth below beginning with subsection (A):
(A) The
Missouri domestic insurer must request the division to approve a
redomestication to a specified state and provide evidence that the Missouri
domestic insurer is admitted to do business in that state. The division will
then recommend that the director issue a contingent approval and state the
terms for finalizing the redomestication and making the contingent approval
absolute.
(B) After receipt of the
contingent approval, the insurance company shall obtain and file each of the
following:
1. A certified copy of the state's
order approving the redomestication, or other evidence of approval acceptable
to the director;
2. An application
to amend certificate of authority, available on the department's website or by
contacting the division;
3. A
certified copy of amended or restated articles of incorporation from new state
of domicile;
4. A certified copy of
certificate of authority from new state of domicile;
5. An appointment of the director as agent
for receipt of service of process; and
6. The filing fee for amending the Missouri
certificate of authority.
(C) The director will make the contingent
approval absolute after the insurer files all items described under subsection
(B) of this section.
*Original authority: 374.045, RSMo 1967, amended 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.
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