Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 400 - Life, Annuities and Health
Chapter 1 - Life Insurance and Annuity Standards
Section 20 CSR 400-1.060 - Stipulated Premium Companies
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This rule establishes specific notice requirements for stipulated premium plan life insurance. This rule was adopted pursuant to the provisions of section 374.045, RSMo and to implement sections 377.199- 377.460, RSMo.
(1) All policies issued by stipulated premium companies in this state must carry the following wording on the first page: "This policy is issued in accordance with the provisions of the Stipulated Premium Law sections 377.199-377.460, RSMo."
(2) All life insurance policies issued under the Stipulated Premium Law may contain the following provision if reserve deposits are maintained with this department: "Approved securities covering the net reserve on this policy are on deposit with the Department of Commerce and Insurance of the state of Missouri."
(3) The inclusion of the section (2) provision is optional with each company, except for policies issued under the provisions of section 377.270, RSMo, in which case reserve deposits shall be required and the inclusion of that provision on these policies shall be mandatory.
*Original authority: 374.045, RSMo 1967; 377.199, RSMo 1959; 377.200, RSMo 1939, amended 1949, 1967; 377.210, RSMo 1939; 377.220, RSMo 1939, amended 1963; 377.230-377.300, RSMo 1939; 377.310, RSMo 1939, amended 1949, 1992; and 377.320-377.460, RSMo 1939.
