384.048. Records required to be kept by licensees--to be open to director--retention period. - Missouri Statutes

Records required to be kept by licensees--to be open todirector--retention period.

384.048. Each surplus lines licensee shall keep in hisoffice in this state a full and true record of each surplus linesinsurance contract placed by or through him, including a copy ofthe policy, certificate, cover note, or other evidence ofinsurance showing such of the following items as may beapplicable:

(1) Amount of the insurance and perils insured;

(2) Brief description of the property insured and itslocation;

(3) Gross premium charged;

(4) Any return premium paid;

(5) Rate of premium charged upon the several items ofproperty;

(6) Effective date of the contract, and the terms thereof;

(7) Name and address of the insured;

(8) Name and address of the insurer;

(9) Amount of tax and other sums to be collected from theinsured; and

(10) Identity of the producing broker, any confirmingcorrespondence from the insurer or its representative and theapplication.

The record of each contract shall be kept open at all reasonabletimes to examination by the director without notice for a periodnot less than three years following termination of the contract.In lieu of maintaining offices in this state, each nonresidentsurplus lines licensee shall make available to the director anyand all records that he deems necessary for examination.Examination costs incurred by the director in examining anonresident surplus lines licensee shall be paid by thenonresident surplus lines licensee.

(L. 1987 H.B. 700 § 15, A.L. 1989 S.B. 250)