379.1367. Approval of application, findings by director. - Missouri Statutes

Approval of application, findings by director.

379.1367. 1. In order to approve an application and issue a licenseto a SPLRC under sections 379.1353 to 379.1421, the director must findthat:

(1) The proposed plan of operation provides a reasonable and expectedsuccessful operation;

(2) The terms of the transactions proposed in the plan of operationto which the SPLRC is a party comply with sections 379.1353 to 379.1421;and

(3) The commissioner of the state of domicile of each ceding companyhas notified the director in writing or the applicant has otherwiseprovided assurance satisfactory to the director that such regulator haseither approved or granted a nondisapproval of the SPLRC contract.

2. In evaluating the expectation of a successful operation, thedirector shall consider whether the proposed SPLRC and its management areof known good character and reasonably believed not to be affiliated,directly or indirectly, with a person known to have been involved with theimproper manipulation of assets, accounts or reinsurance. In the event thecommissioner of the state of domicile of any ceding company is not requiredto review the SPLRC contract, then the approval described in subdivision(3) of subsection 1 of this section shall not be required for licensing ofthe SPLRC hereunder.

(L. 2007 S.B. 215)