379.1314. Inspections, when.

MISSOURI STATUTES AND CODES

Inspections, when.

379.1314. 1. At least once every three years and whenever thedirector determines it to be prudent, the director shall personally, or bysome competent person appointed by the director, visit each captiveinsurance company and thoroughly inspect and examine its affairs toascertain its financial condition, its ability to fulfill its obligations,and whether it has complied with the provisions of sections 379.1300 to379.1350. The director may enlarge such three-year period to five years,provided the captive insurance company is subject to a comprehensive annualaudit during such period of a scope satisfactory to the director byindependent auditors approved by the director. The expenses and charges ofthe examination shall be paid to the state by the company or companiesexamined and the director shall issue his or her warrants for the propercharges incurred in all examinations, as provided in sections 374.160 and374.162, RSMo.

2. The provisions of sections 374.202 to 374.207, RSMo, shall applyto examinations conducted under this section.

3. All examination reports, preliminary examination reports orresults, working papers, recorded information, documents and copies thereofproduced by, obtained by or disclosed to the director or any other personin the course of an examination made under this section are confidentialand are not subject to subpoena and shall not be made public by thedirector or an employee or agent of the director without the writtenconsent of the company, except to the extent provided in this subsection.Nothing in this subsection shall prevent the director from using suchinformation in furtherance of the director's regulatory authority underthis title. The director may, in the director's discretion, grant accessto such information to public officers having jurisdiction over theregulation of insurance in any other state or country, or to lawenforcement officers of this state or any other state or agency of thefederal government at any time, so long as such officers receiving theinformation agree in writing to hold it in a manner consistent with thissection.