State Codes and Statutes
Statutes > Missouri > T24 > C375 > 375_1087Contributions to guaranty fund prohibited--guaranty fund to coveronly specified risks.
375.1087. 1. No risk retention group shall be required orpermitted to join or contribute financially to any insuranceinsolvency guaranty fund, or similar mechanism, in this state,nor shall any risk retention group, or its insureds or claimantsagainst its insureds, receive any benefit from any such fund forclaims arising under the insurance policies issued by such riskretention group.
2. When a purchasing group obtains insurance covering itsmembers' risks from an insurer not authorized in this state or arisk retention group, no such risks, wherever resident orlocated, shall be covered by any insurance guaranty fund orsimilar mechanism in this state.
3. When a purchasing group obtains insurance covering itsmembers' risks from an authorized insurer, only risks resident orlocated in this state shall be covered by any applicable stateguaranty funds.
4. The director may require or exempt a risk retentiongroup from participation in any mechanism established orauthorized under the laws of this state for the equitableapportionment among insurers of liability insurance losses andexpenses incurred on policies written through such mechanism, andsuch risk retention group shall submit sufficient information tothe director to enable the director to apportion on anondiscriminatory basis the risk retention group's proportionateshare of such losses and expenses.
(L. 1991 H.B. 385, et al. § 28)
