375.1112. Definitions.

MISSOURI STATUTES AND CODES

Definitions.

375.1112. As used in sections 375.1110 to 375.1140, the following termsmean:

(1) "Actuary", a person who is a member in good standing of the AmericanAcademy of Actuaries;

(2) "Controlling person", any person, firm, association or corporationwho directly or indirectly has the power to direct or cause to be directed,the management, control or activities of the reinsurance intermediary;

(3) "Director", the director of the department of insurance, financialinstitutions and professional registration;

(4) "Insurer", any person, firm, association or corporation dulylicensed in this state pursuant to the laws of this state as an insurer;

(5) "Licensed producer", an agent, broker or reinsurance intermediarylicensed pursuant to the applicable laws of this state;

(6) "Qualified United States financial institution", an institutionthat:

(a) Is organized, or is licensed, under the laws of the United States orany state thereof;

(b) Is regulated, supervised and examined by United States federal orstate authorities having regulatory authority over banks and trust companies;and

(c) Has been determined by either the director, or the SecuritiesValuation Office of the National Association of Insurance Commissioners, tomeet such standards of financial condition and standing as are considerednecessary and appropriate to regulate the quality of a financial institutionwhose letter of credit will be acceptable to the director;

(7) "Reinsurance intermediary", a reinsurance intermediary-broker or areinsurance intermediary-manager, as these terms are defined in subdivisions(8) and (9) of this section;

(8) "Reinsurance intermediary-broker" or "RB", any person, other than anofficer or employee of the ceding insurer, firm, association or corporationwho solicits, negotiates or places reinsurance cessions or retrocessions onbehalf of a ceding insurer without the authority or power to bind reinsuranceon behalf of such insurer;

(9) "Reinsurance intermediary-manager" or "RM", any person, firm,association or corporation who has authority to bind or manages all or part ofthe assumed reinsurance business of a reinsurer, including the management of aseparate division, department or underwriting office, and acts as an agent forsuch reinsurer whether known as an RM, manager or other similar term. Thefollowing persons shall not be considered an RM, with respect to suchreinsurer, for the purposes of sections 375.1110 to 375.1140:

(a) An employee of the reinsurer;

(b) A United States manager of the United States branch of an alienreinsurer;

(c) An underwriting manager which, pursuant to contract, manages all thereinsurance operations of the reinsurer, is under common control with thereinsurer, subject to chapter 382, RSMo, and whose compensation is not basedon the volume of premiums written;

(d) The manager of a group, association, pool or organization ofinsurers which engages in joint underwriting or joint reinsurance and who issubject to examination by the insurance regulatory agency of the state inwhich the manager's principal business office is located;

(10) "Reinsurer", any person, firm, association or corporation dulylicensed in this state pursuant to the laws of this state as an insurer withthe authority to assume reinsurance;

(11) "To be in violation", the reinsurance intermediary, insurer orreinsurer for whom the reinsurance intermediary was acting failed tosubstantially comply with the provisions of sections 375.1110 to 375.1140.