375.950. Definitions.

MISSOURI STATUTES AND CODES

Definitions.

375.950. 1. Sections 375.950 to 375.990 may be cited as the "UniformInsurer's Liquidation Act".

2. Sections 375.950 to 375.990 shall apply only to proceedingsinstituted prior to August 28, 1991.

3. For the purposes of sections 375.950 to 375.990:

(1) "Ancillary state" means any state other than a domiciliary state;

(2) "Delinquency proceeding" means any proceeding commenced against aninsurer for the purpose of liquidating, rehabilitating, reorganizing, orconserving such insurer;

(3) "Domiciliary state" means the state in which an insurer isincorporated or organized, or, in the case of an alien insurer, the state inwhich such insurer, having become authorized to do business in such state,has, at the commencement of delinquency proceedings, the largest amount of itsassets held in trust and assets held on deposit for the benefit of itspolicyholders or policyholders and creditors in the United States; and anysuch insurer is deemed to be domiciled in such state;

(4) "Foreign country" means territory not in any state;

(5) "General assets" means all property, real, personal, or otherwise,not specifically mortgaged, pledged, deposited, or otherwise encumbered forthe security or benefit of specified persons or a limited class or classes ofpersons, and as to such specifically encumbered property the term includes allsuch property or its proceeds in excess of the amount necessary to dischargethe sum or sums secured thereby. Assets held in trust and assets held ondeposit for the security or benefit of all policyholders, or all policyholdersand creditors in the United States, shall be deemed general assets, exceptthat general assets shall not mean unearned premiums due or owed the insurerby the policyholder, agent or broker at the time an insolvency or liquidationis declared by a court of competent jurisdiction, nor shall general assetsmean unearned premiums held in trust or held on deposit by the agent, brokeror insurer;

(6) "Insurer" means any person, firm, corporation, association, oraggregation of persons doing an insurance business under the provisions ofchapter 375, 376, 377, 378, 379, 380, 381 or 383, RSMo, and subject to theinsurance supervisory authority of, or to liquidation, rehabilitation,reorganization, or conservation by the director of the department ofinsurance, financial institutions and professional registration of this state,or the equivalent insurance supervisory official of another state;

(7) "Preferred claim" means any claim with respect to which the law of astate or of the United States accords priority of payment from the generalassets of the insurer;

(8) "Receiver" means receiver, liquidator, rehabilitator, or conservatoras the context may require;

(9) "Reciprocal state" means any state other than this state in which insubstance and effect the provisions of sections 375.950 to 375.990 are inforce, including the provisions requiring that the insurance commissioner orequivalent insurance supervisory official be the receiver of a delinquentinsurer;

(10) "Secured claim" means any claim secured by mortgage, trust, deed,pledge, deposit as security, escrow, or otherwise, but not including specialdeposit claims or claims against general assets. The term also includesclaims which more than four months prior to the commencement of delinquencyproceedings in the state of the insurer's domicile have become liens uponspecific assets by reason of judicial process;

(11) "Special deposit claim" means any claim secured by a deposit forthe security or benefit of a limited class or classes of persons, but notincluding any general assets;

(12) "State" means any state of the United States, and also the Districtof Columbia and Puerto Rico.