374.207. Examiners, appointment of, restrictions--expenses of examination, how paid--immunity of director, examiners. - Missouri Statutes

Examiners, appointment of, restrictions--expenses of examination,how paid--immunity of director, examiners.

374.207. 1. No examiner may be appointed by the directorif such examiner, either directly or indirectly, has a conflictof interest or is affiliated with the management of or owns apecuniary interest in any person subject to examination undersections 374.202 to 374.207. This subsection shall not beconstrued to automatically preclude an examiner from being:

(1) A policyholder or claimant under an insurance policy;

(2) A grantor of a mortgage or similar instrument on theexaminer's residence to a regulated entity if done undercustomary terms and in the ordinary course of business;

(3) An investment owner in shares of regulated diversifiedinvestment companies; or

(4) A settlor or beneficiary of a blind trust into whichany otherwise impermissible holdings have been placed.

Notwithstanding the requirement of this subsection, the directormay retain from time to time, on an individual basis, qualifiedactuaries, certified public accountants, or other similarindividuals who are independently practicing their professions,even though said persons may from time to time be similarlyemployed or retained by persons subject to examination undersections 374.202 to 374.207.

2. Expenses and costs of examinations shall be paid as setforth in section 374.160.

3. The director, the director's authorized representativesor any examiner appointed by the director shall have suchofficial immunity as exists at common law.

(L. 1992 H.B. 1574)