384.015. Definitions. - Missouri Statutes

Definitions.

384.015. As used in sections 384.011 to 384.071:

(1) "Admitted insurer" means an insurer licensed to do an insurancebusiness in this state;

(2) "Capital" means funds paid in for stock or other evidence ofownership;

(3) "Director" means the director of the department of insurance,financial institutions and professional registration;

(4) "Eligible surplus lines insurer" means a nonadmitted insurer withwhich a surplus lines licensee may place surplus lines insurance;

(5) "Export" means to place surplus lines insurance with a nonadmittedinsurer;

(6) "Kind of insurance" means one of the types of insurance required tobe reported in the annual statement which must be filed with the director byadmitted insurers;

(7) "Nonadmitted insurer" means an insurer not licensed to do aninsurance business in this state, including insurance exchanges authorizedunder the laws of other states;

(8) "Producing broker" means the individual broker or agent dealingdirectly with the party seeking insurance;

(9) "Surplus" means funds over and above liabilities and capital of thecompany for the protection of policyholders;

(10) "Surplus lines insurance" means any insurance of risks resident,located or to be performed in this state, permitted to be placed through asurplus lines licensee with a nonadmitted insurer eligible to accept suchinsurance, other than reinsurance, wet marine and transportation insuranceindependently procured, and life and health insurance and annuities;

(11) "Surplus lines licensee" means a person licensed to place insuranceon risks resident, located or to be performed in this state with nonadmittedinsurers eligible to accept such insurance;

(12) "Wet marine and transportation insurance" means:

(a) Insurance upon vessels, crafts, hulls and of interests therein orwith relation thereto;

(b) Insurance of marine builder's risks, marine war risks and contractsof marine protection and indemnity insurance;

(c) Insurance of freights and disbursements pertaining to a subject ofinsurance coming within this section; and

(d) Insurance of personal property and interests therein, in the courseof exportation from or importation into any country, or in the course oftransportation coastwise or on inland waters, including transportation byland, water or air from point of origin to final destination, in connectionwith any and all risks or periods of navigation, transit or transportation,and while being prepared for and while awaiting shipment, and during anydelays, transshipment, or reshipment incident thereto.

(L. 1987 H.B. 700 § 1 subsec. 2, A.L. 1989 S.B. 250)