Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This amendment removes unnecessary language
and relaxes a regulatory restriction.
(1) The net worth referenced in section
376.1518,
RSMo shall be determined according to generally accepted accounting principles
(GAAP) or the statutory statement of accounting principles (SSAP).
(2) The net worth requirement is ongoing and
subject to review by the director through examination. Each discount medical
plan organization is required to demonstrate it meets the requirement at
registration and at annual renewal.
(A)
Registration. At the time of registration, each discount medical plan
organization will demonstrate that it meets the net worth requirement according
to GAAP or SSAP by one (1) of the following means:
1. A report of an audit by an independent
certified public accountant (CPA). Such report must include:
A. Either-
(I) The statement of profit or loss, balance
sheet, and statement of cash flows of the discount medical plan organization as
of a date not more than twelve (12) months prior to the date of such
organization's registration; or
(II) The consolidated statement of profit or
loss, balance sheet, and statement of cash flows of the discount medical plan
organization and entities affiliated with the discount medical plan
organization as of a date not more than twelve (12) months prior to the date of
such organization's registration, as well as the consolidating worksheets that
specifically show the account entries of the discount medical plan organization
itself and which reconcile to such consolidated statement of profit or loss,
balance sheet, and statement of cash flows; and
B. A statement by the independent C PA that
recognizes without qualification the right of the director to rely on such
report; or
2. A report of
examination conducted by the director pursuant to sections
374.202
to
374.207
and
376.1506,
RSMo, except that such examination will be conducted on the basis of GAAP or
SSAP, which will review and opine on the discount medical plan organization's
statement of profit or loss, balance sheet, and statement of cash flows as of a
date not more than twelve (12) months prior to the date of such organization's
registration.
(B) Renewal
of Registration. At the time of renewal, each discount medical plan
organization will demonstrate that it meets the net worth requirement according
to GAAP or SSAP by filing a statement sworn to or affirmed by two (2) or more
officers of such organization, which statement consists of the statement of
profit or loss, balance sheet, and statement of cash flows of the discount
medical plan organization as of a date not more than twelve (12) months prior
to the date of such organization's renewal of registration.
(C) Five- (5-) Year Report. At least once
every five (5) years, each discount medical plan organization shall file with
the director at the time of renewal a report of an audit by an independent C PA
or a director's examination as provided in subsection
(2)(A).
*Original authority: 374.045, RSMo 1967, amended 1993,
1995; 374.202, RSMo 1992; 374.205, RSMo 1992, amended 1997, 1999; 374.207, RSMo
1992; 376.1506, RSMo 2007; and 376.1528, RSMo
2007.
