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 400-1.070 - Assessment Life and Accident Companies
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This rule requires that a mandatory statement be included in the first page of all assessment policies. It also requires that notice be given to assessment policyholders concerning the apportionment of assessed payments. This rule was adopted pursuant to the provisions of section 374.045, RSMo and to implement section 377.080, RSMo.
(1) All policies issued by assessment life and accident insurance companies in this state must carry the following wording on the first page: "This policy is issued in accordance with the provisions of the Assessment Law, sections 377.010 through 377.190, RSMo."
(2) Consistent with the provisions of section 377.080, RSMo, each notice sent to members of an Assessment Plan Association, which is a call for payments, must state the exact percentage the assessment that is to be apportioned to the different funds. The following wording on the notice will be required: ". . .percent (or amount) of this assessment will be placed in the expense fund and. . .percent (or amount) in the benefit fund."
(3) No Assessment Plan Association shall transfer funds collected for one (1) purpose to another fund collected for a different purpose without an action by the board of directors and then only subject to the approval of the director of insurance.
*Original authority: 374.045, RSMo 1967 and 377.080, RSMo 1939, amended 1992.
