375.1095. Insurance purchased by purchasing group, requirements. - Missouri Statutes

Insurance purchased by purchasing group, requirements.

375.1095. 1. A purchasing group may not purchase insurancefrom a risk retention group that is not chartered in a state orfrom an insurer not admitted in the state in which the purchasinggroup is located, unless the purchase is effected through alicensed agent or broker acting pursuant to the surplus lineslaws and regulations of such state.

2. A purchasing group which obtains liability insurancefrom an insurer not admitted in this state or a risk retentiongroup shall inform each of the members of such group which has arisk resident or located in this state that such risk is notprotected by an insurance insolvency guaranty fund in this state,and that such risk retention group or such insurer may not besubject to all insurance laws and regulations of this state.

3. No purchasing group may purchase insurance providing fora deductible or self-insured retention applicable to the group asa whole; however, coverage may provide for a deductible orself-insured retention applicable to individual members.

4. Purchases of insurance by purchasing groups are subjectto the same standards regarding aggregate limits which areapplicable to all purchases of group insurance.

(L. 1991 H.B. 385, et al. § 31)