375.1186. Agent of insurer, duty to provide information to liquidator--penalty. - Missouri Statutes

Agent of insurer, duty to provide information to liquidator--penalty.

375.1186. 1. Every person who receives notice in the form prescribed insection 375.1185 that an insurer which he represents as an agent is thesubject of a liquidation order, within thirty days of such notice, shallprovide to the liquidator, in addition to the information he may be requiredto provide pursuant to section 375.1156, the information in the agent'srecords related to any policy issued by the insurer through the agent and, ifthe agent is a general agent, the information in the general agent's recordsrelated to any policy issued by the insurer through any agent under contractto him, including the name and address of such subagent. Such informationshall include information relating to premiums collected and held by the agentand all commissions relating to such policies, whether earned or unearned. Apolicy shall be deemed issued through an agent if the agent has a propertyinterest in the expiration of the policy, or if the agent has had in hispossession a copy of the declarations of the policy at any time during thelife of the policy, except where the ownership of the expiration of the policyhas been transferred to another person.

2. Any agent failing to provide information to the liquidator asrequired in subsection 1 of this section may be subject to payment of anadministrative penalty of not more than one thousand dollars for each day thatthe agent refuses to provide the information requested and the department ofinsurance, financial institutions and professional registration may suspendany license issued by the department to the agent. Any penalty provided bythis subsection may be imposed after a hearing conducted by the director. Anymoneys collected by the department of insurance, financial institutions andprofessional registration pursuant to imposition of such administrativepenalties shall be paid to the state treasurer for deposit to the generalrevenue fund.

(L. 1991 H.B. 385, et al. § 72)