Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 200 - Insurance Solvency and Company Regulation
Chapter 2 - Reinsurance and Assumptions
Section 20 CSR 200-2.800 - Assumption Reinsurance

Universal Citation: 20 MO Code of State Regs 200-2.800

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

PURPOSE: This amendment restructures and simplifies the rule, and removes language that is unnecessary due to identical or similar statutory provisions.

(1) A summary in writing shall be submitted addressing each of the factors in section 375.1287.2(5)(a)-(d) and (f), RSMo.

(2) If either the transferring insurer or the assuming insurer is a Missouri domestic, or is from a state that does not have a reinsurance assumption law substantially similar to that of Missouri, the following documentation shall be submitted to the department for approval of the assumption:

(A) Certificate of Assumption;

(B) Copy of Notice of Transfer, including items referenced as attachments, and Response Card;

(C) Copy of Assumption Reinsurance Agreement and Approval from all domiciliary states other than Missouri;

(D) Financial data pursuant to section 375.1287.1(2)(i), RSMo;

(E) Terms and type of financing related to the purchase price; and

(F) Pro forma financial statements reflecting the financial condition of both insurers before and after the proposed transaction as of the effective date of the transaction.

(3) If both the transferring insurer and the assuming insurer are domiciled in states that have assumption reinsurance laws substantially similar to those of Missouri, then the filing requirements of subsections (2)(A)-(C) of this rule apply.

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

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