379.835. Joint reinsurance association. - Missouri Statutes

Joint reinsurance association.

379.835. 1. A "Joint Reinsurance Association" (hereinafterreferred to as "the association") shall be created consisting ofall insurers. The association shall assume from the facility onehundred percent reinsurance on behalf of insurers and shalldistribute the liability in accordance with section 379.825.

2. Each insurer shall participate in the writings, expenses,profits and losses of the association in the following manner:

(1) For habitational risks, the same proportion as itshabitational premiums written bear to the aggregate habitationalpremiums written by all insurers in the program;

(2) For commercial risks, the same proportion as itscommercial premiums written bear to the aggregate commercialpremiums written by all insurers in the program.

3. Such association shall adopt a plan of operation andrules of procedure which, prior to being placed in effect, shallbe filed with and approved by the director. Any amendments tothe plan of operation or rules of procedure so adopted shall alsobe filed with and approved by the director prior to being placedinto effect.

(L. 1969 H.B. 772 § 379.131, A.L. 1986 S.B. 701)