166.212. Administration of trust to be actuarially sound. - Missouri Statutes

Administration of trust to be actuarially sound.

166.212. 1. The fund shall be administered in a mannerreasonably designed to be actuarially sound such that the assetsof the trust shall be sufficient to defray the obligations ofthe trust.

2. In the accounting of the fund made pursuant to section166.209, the board shall annually evaluate or cause to beevaluated by a nationally recognized actuary the actuarialsoundness of the fund and determine the additional assetsneeded, if any, to defray the obligations of the trust. Ifthere are not sufficient funds to ensure the actuarial soundnessof the fund, the trust shall adjust payments of subsequentpurchases to ensure its actuarial soundness.

3. If there are insufficient numbers of new purchasers toensure the actuarial soundness of a plan of the trust, theavailable assets of the fund attributable to the plan shall beimmediately prorated among the then existing contracts, andthese shares shall be applied, at the option of the person towhom the refund is payable or would be payable under thecontract upon termination of the contract, either towards thepurposes of the contract for a qualified beneficiary ordisbursed to the person to whom the refund is payable or wouldbe payable under the contract upon termination of the contract.

(L. 1988 H.B. 1456 § 7)