376.746. Records of association meetings to be kept--association deemed creditor of insolvent or impaired insured. - Missouri Statutes

Records of association meetings to be kept--association deemedcreditor of insolvent or impaired insured.

376.746. 1. Nothing in sections 376.715 to 376.758 shallbe construed to reduce the liability for unpaid assessments ofthe insureds of an impaired or insolvent insurer operating undera plan with assessment liability.

2. Records shall be kept of all negotiations and meetingsin which the association or its representatives are involved todiscuss the activities of the association in carrying out itspowers and duties under the provisions of sections 376.715 to376.758. Records of such negotiations or meetings shall be madepublic only upon the termination of a liquidation,rehabilitation, or conservation proceeding involving theimpaired or insolvent insurer, upon the termination of theimpairment or insolvency of the insurer, or upon the order of acourt of competent jurisdiction. Nothing in this subsectionshall limit the duty of the association to render a report ofits activities under subsection 1 of section 376.750.

3. For the purpose of carrying out its obligations underthe provisions of sections 376.715 to 376.758, the associationis deemed to be a creditor of the impaired or insolvent insurerto the extent of assets attributable to covered policies reducedby any amounts to which the association is entitled as subrogeeunder the provisions of sections 376.715 to 376.758. Assets ofthe impaired or insolvent insurer attributable to coveredpolicies shall be used to continue all covered policies and payall contractual obligations of the impaired or insolvent insureras required by sections 376.715 to 376.758. Assets attributableto covered policies, as used in this subsection, are thatproportion of the assets which the reserves that should havebeen established for such policies bear to the reserves thatshould have been established for all policies of insurancewritten by the impaired or insolvent insurer.

(L. 1988 S.B. 430 § 27)