376.743. Board of directors, powers--examinations by director, when.

MISSOURI STATUTES AND CODES

376.743. Board of directors, powers--examinations by director, when.

Board of directors, powers--examinations by director, when.

376.743. 1. The board of directors may, upon majorityvote, make reports and recommendations to the director upon anymatter germane to the solvency, liquidation, rehabilitation orconservation of any member insurer or germane to the solvency ofany company seeking to do an insurance business in this state.Such reports and recommendations shall not be considered publicdocuments.

2. The board of directors shall, upon majority vote, notifythe director of any information indicating any member insurermay be an impaired or insolvent insurer.

3. The board of directors may, upon majority vote, requestthat the director order an examination of any member insurerwhich the board in good faith believes may be an impaired orinsolvent insurer. Within thirty days of the receipt of suchrequest, he shall begin such examination. The examination maybe conducted as a National Association of InsuranceCommissioners examination or may be conducted by such persons asthe director designates. The cost of such examination shall bepaid by the association and the examination report shall betreated as are other examination reports. In no event shallsuch examination report be released to the board of directorsprior to its release to the public, but this shall not precludethe director from complying with subsections 1 to 4 of section376.742. The director shall notify the board of directors whenthe examination is completed. The request for an examinationshall be kept on file by the director but it shall not be opento public inspection prior to the release of the examinationreport to the public.

4. The board of directors may, upon majority vote, makerecommendations to the director for the detection and preventionof insurer insolvencies.

5. The board of directors shall, at the conclusion of anyinsurer insolvency in which the association was obligated to paycovered claims, prepare a report to the director containing suchinformation as it may have in its possession bearing on thehistory and causes of such insolvency. The board shallcooperate with the boards of directors of guaranty associationsin other states in preparing a report on the history and causesof insolvency of a particular insurer, and may adopt byreference any report prepared by such other associations.