375.1052. Temporary exemption, granted when--denial of, petition for hearing, procedures--schedule of compliance--effective date of requirements.

MISSOURI STATUTES AND CODES

375.1052. Temporary exemption, granted when--denial of, petition for hearing, procedures--schedule of compliance--effective date of requirements.

Temporary exemption, granted when--denial of, petition for hearing,procedures--schedule of compliance--effective date ofrequirements.

375.1052. 1. Upon written application of any insurer, the directormay grant a temporary exemption from compliance with sections 375.1025 to375.1062 if the director finds, upon review of the application, thatcompliance with sections 375.1025 to 375.1062 would constitute a financialor organizational hardship upon the insurer. An exemption may be grantedat any time and from time to time for a specified period or periods.Within ten days from a denial of an insurer's written request for anexemption from sections 375.1025 to 375.1062, such insurer may request inwriting a hearing on its application for an exemption. Such hearing shallbe held in accordance with the provisions of chapter 536, RSMo, pertainingto administrative hearing procedures and shall be a public meeting asprovided by subdivision (3) of section 610.010, RSMo.

2. Domestic insurers:

(1) Retaining a certified public accountant on August 28, 2009, whoqualifies as independent shall comply with sections 375.1025 to 375.1062for the year ending December 31, 2009, and each year thereafter unless thedirector permits otherwise;

(2) Not retaining a certified public accountant on the effective dateof this regulation who qualifies as independent

shall meet the following schedule for compliance with sections 375.1025 to375.1062 unless the director permits otherwise:

(a) As of December 31, 2009, file with the director an auditedfinancial report;

(b) For the year ending December 31, 2010, and each year thereafter,such insurers shall file with the director all reports and communicationsrequired by sections 375.1025 to 375.1062.

3. Foreign insurers shall comply with sections 375.1025 to 375.1062for the year ending December 31, 1992, and each year thereafter, unless thedirector permits otherwise.

4. The requirements of subsection 3 of section 375.1037 shall be ineffect for audits of the year beginning January 1, 2010, and thereafter.

5. The requirements of section 375.1053 are to be in effect January1, 2010. An insurer or group of insurers that is not required to haveindependent audit committee members or only a majority but not asupermajority of independent audit committee members, because the totalwritten and assumed premium is below the threshold and subsequently becomessubject to one of the independence requirements due to changes in premiumshall have one year following the year the threshold is exceeded, but notearlier than January 1, 2010, to comply with the independence requirements.Likewise, an insurer that becomes subject to one of the independencerequirements as a result of a business combination shall have one calendaryear following the date of acquisition or combination to comply with theindependence requirements.

6. The requirements of sections 375.1038, 375.1054, and 375.1056 areeffective beginning with the reporting period ending December 31, 2010, andeach year thereafter. An insurer or group of insurers that is not requiredto file a report because the total written premium is below the thresholdand subsequently becomes subject to the reporting requirements shall havetwo years following the year the threshold is exceeded to file a report.Likewise, an insurer acquired in a business combination shall have twocalendar years following the date of acquisition or combination to complywith the reporting requirements.