379.1332. Promotion of captive insurance, moneys from dedicated insurance fund to be used. - Missouri Statutes

Promotion of captive insurance, moneys from dedicated insurance fundto be used.

379.1332. 1. (1) The insurance dedicated fund under section374.150, RSMo, shall be adequately funded through the collection of feesand taxes for the purpose of providing the financial means for the directorof the department of insurance, financial institutions and professionalregistration to administer sections 379.1300 to 379.1350 and for reasonableexpenses incurred in promoting the captive insurance industry in Missouri.All fees and assessments received by the department for the administrationof sections 379.1300 to 379.1350 shall be paid into the fund. All feesreceived by the department from reinsurers who assume risk solely fromcaptive insurance companies and are subject to the provisions of section375.246, RSMo, shall be deposited into the insurance dedicated fund.

(2) All payments from the insurance dedicated fund for themaintenance of staff and expenses associated with the administration ofsections 379.1300 to 379.1350, including contractual services as necessary,shall be disbursed from the state treasury only upon warrants issued by thedirector, after receipt of proper documentation regarding services renderedand expenses incurred.

2. The director may anticipate receipts to the insurance dedicatedfund through the administration of sections 379.1300 to 379.1350 and issuewarrants based thereon.

(L. 2007 S.B. 215, A.L. 2009 H.B. 577)