Foreign insurance companies to maintain deposits under trustagreement, amount--trust assets to be kept in UnitedStates--amendment to trust approved by director--trust agreementcontent.
375.892. 1. Any foreign insurance company organized under the laws ofany foreign government entering through this state to transact insurance inthe United States to qualify for authority to transact business in this stateshall, in addition to deposits required of like domestic insurers, maintaindeposits under trust agreements approved by the director of the department ofinsurance, financial institutions and professional registration. Suchdeposits shall be not less than the amount of liabilities with respect to theinsurer's business in the United States. Such deposits shall be held for thebenefit of policyholders and creditors within the United States.
2. Whenever an insurer which is organized under the laws of any foreigngovernment is required or permitted to deposit assets with a trustee for thebenefit and security of its policyholders, or of its policyholders andcreditors, in the United States, the trustee of any such trust hereaftercreated shall be a solvent bank or trust company in the United Statesacceptable to the director of the department of insurance, financialinstitutions and professional registration and authorized to act as suchtrustee by the laws of any state or of the United States. All trusteed assetsshall be continuously kept within the United States. Any such trustheretofore created and now existing, and any such trust hereafter created andexisting when such insurer seeks to be admitted, shall be continued inaccordance with the terms of the instrument creating it, unless inconsistentwith the provisions of this section, in which case the instrument shall, afterreasonable notice to and hearing of such insurer by the director of thedepartment of insurance, financial institutions and professional registration,be amended to conform to the requirements of this section. No amendment toany trust agreement, whether heretofore or hereafter created, shall beeffective unless approved in writing by the director of the department ofinsurance, financial institutions and professional registration. If thetrustees of any such trust heretofore created are natural persons and if thenumber of such trustees is reduced by death, resignation, or from any othercause, to less than three, then the director of the department of insurance,financial institutions and professional registration shall require thesubstitution for such trustees of a solvent bank or trust company in theUnited States acceptable to him and authorized to act as such trustee by thelaws of any state or of the United States. The director of the department ofinsurance, financial institutions and professional registration may from timeto time approve modifications of, or variations in, any trust agreement whichin his judgment are not prejudicial to the interests of the people of thisstate.
3. Such trust agreements shall:
(1) Vest the legal title to the trusteed assets in the trustee and itssuccessors lawfully appointed, in trust for the benefit and security of allthe policyholders, or of all the policyholders and creditors, of such insurerorganized under the laws of any foreign government;
(2) Provide for the substitution of a new trustee in the event of avacancy by death, resignation or from any other cause, subject to the approvalof the director of the department of insurance, financial institutions andprofessional registration;
(3) Require that the trusteed assets shall at all times be maintainedwithin the United States as a trust fund separate and distinct from all otherassets, and that the trustee shall continuously maintain a record at all timessufficient to identify such fund;
(4) Prescribe the conditions, satisfactory to the director of thedepartment of insurance, financial institutions and professional registrationand not inconsistent with the purposes of this section, under which any or allincome, earnings, dividends or interest accumulations of such fund may be paidover to the United States manager of such insurer organized under the laws ofany foreign government;
(5) Prohibit the withdrawal, other than as provided in accordance withsubdivision (4) of this subsection, of any trusteed assets from such fundwithout the written approval of the director of the department of insurance,financial institutions and professional registration, except as follows:
(a) For the purpose of making general state deposits required by law inany state;
(b) For the purpose of paying obligations due from such insurerorganized under the laws of any foreign government to policyholders andcreditors in the United States, and for the purpose of making special statedeposits required by law in any state if such payments and deposits do notimpair the insurer's assets to an amount less than the minimum capital andsurplus required of like insurers organized under the laws of this state andsuch fact is certified to the trustee by the insurer or its United Statesmanager duly authorized for that purpose;
(c) For the purpose of substituting other assets permitted by law and atleast equal in value to those to be withdrawn, upon the specific writtendirection of the United States manager or an assistant United States manageror other representative in the United States of such insurer organized underthe laws of any foreign government when duly empowered and acting pursuant toeither general or specific written authority previously given or delegated bythe board of directors thereof, except as provided in paragraph (e) of thissubdivision;
(d) For the purpose of transferring such assets to an officialconservator, rehabilitator, or liquidator pursuant to an order of a court ofcompetent jurisdiction;
(e) In the case of a life insurer organized under the laws of theDominion of Canada or of any province thereof, the provisions of this sectionapplicable to the United States manager or an assistant United States manageror other representative in the United States of such insurer shall be deemedto refer to the president, vice president, secretary or treasurer of suchinsurer at its principal place of business in said dominion or provincethereof, when duly authorized for such purpose.
4. The director of the department of insurance, financial institutionsand professional registration may from time to time examine the trusteedassets of an insurer organized under the laws of any foreign government andmay from time to time require the trustee holding trusteed assets of anadmitted insurer organized under the laws of any foreign government to filewith the director of the department of insurance, financial institutions andprofessional registration a statement, in such form as he may prescribe,certifying such trusteed assets and the amounts thereof. Refusal or neglecton the part of the trustee to comply with such requirement shall be ground forthe revocation of the insurer's certificate of authority and for proceedingsagainst it under the provisions of this chapter.
Foreign insurance companies to maintain deposits under trustagreement, amount--trust assets to be kept in UnitedStates--amendment to trust approved by director--trust agreementcontent.
375.892. 1. Any foreign insurance company organized under the laws ofany foreign government entering through this state to transact insurance inthe United States to qualify for authority to transact business in this stateshall, in addition to deposits required of like domestic insurers, maintaindeposits under trust agreements approved by the director of the department ofinsurance, financial institutions and professional registration. Suchdeposits shall be not less than the amount of liabilities with respect to theinsurer's business in the United States. Such deposits shall be held for thebenefit of policyholders and creditors within the United States.
2. Whenever an insurer which is organized under the laws of any foreigngovernment is required or permitted to deposit assets with a trustee for thebenefit and security of its policyholders, or of its policyholders andcreditors, in the United States, the trustee of any such trust hereaftercreated shall be a solvent bank or trust company in the United Statesacceptable to the director of the department of insurance, financialinstitutions and professional registration and authorized to act as suchtrustee by the laws of any state or of the United States. All trusteed assetsshall be continuously kept within the United States. Any such trustheretofore created and now existing, and any such trust hereafter created andexisting when such insurer seeks to be admitted, shall be continued inaccordance with the terms of the instrument creating it, unless inconsistentwith the provisions of this section, in which case the instrument shall, afterreasonable notice to and hearing of such insurer by the director of thedepartment of insurance, financial institutions and professional registration,be amended to conform to the requirements of this section. No amendment toany trust agreement, whether heretofore or hereafter created, shall beeffective unless approved in writing by the director of the department ofinsurance, financial institutions and professional registration. If thetrustees of any such trust heretofore created are natural persons and if thenumber of such trustees is reduced by death, resignation, or from any othercause, to less than three, then the director of the department of insurance,financial institutions and professional registration shall require thesubstitution for such trustees of a solvent bank or trust company in theUnited States acceptable to him and authorized to act as such trustee by thelaws of any state or of the United States. The director of the department ofinsurance, financial institutions and professional registration may from timeto time approve modifications of, or variations in, any trust agreement whichin his judgment are not prejudicial to the interests of the people of thisstate.
3. Such trust agreements shall:
(1) Vest the legal title to the trusteed assets in the trustee and itssuccessors lawfully appointed, in trust for the benefit and security of allthe policyholders, or of all the policyholders and creditors, of such insurerorganized under the laws of any foreign government;
(2) Provide for the substitution of a new trustee in the event of avacancy by death, resignation or from any other cause, subject to the approvalof the director of the department of insurance, financial institutions andprofessional registration;
(3) Require that the trusteed assets shall at all times be maintainedwithin the United States as a trust fund separate and distinct from all otherassets, and that the trustee shall continuously maintain a record at all timessufficient to identify such fund;
(4) Prescribe the conditions, satisfactory to the director of thedepartment of insurance, financial institutions and professional registrationand not inconsistent with the purposes of this section, under which any or allincome, earnings, dividends or interest accumulations of such fund may be paidover to the United States manager of such insurer organized under the laws ofany foreign government;
(5) Prohibit the withdrawal, other than as provided in accordance withsubdivision (4) of this subsection, of any trusteed assets from such fundwithout the written approval of the director of the department of insurance,financial institutions and professional registration, except as follows:
(a) For the purpose of making general state deposits required by law inany state;
(b) For the purpose of paying obligations due from such insurerorganized under the laws of any foreign government to policyholders andcreditors in the United States, and for the purpose of making special statedeposits required by law in any state if such payments and deposits do notimpair the insurer's assets to an amount less than the minimum capital andsurplus required of like insurers organized under the laws of this state andsuch fact is certified to the trustee by the insurer or its United Statesmanager duly authorized for that purpose;
(c) For the purpose of substituting other assets permitted by law and atleast equal in value to those to be withdrawn, upon the specific writtendirection of the United States manager or an assistant United States manageror other representative in the United States of such insurer organized underthe laws of any foreign government when duly empowered and acting pursuant toeither general or specific written authority previously given or delegated bythe board of directors thereof, except as provided in paragraph (e) of thissubdivision;
(d) For the purpose of transferring such assets to an officialconservator, rehabilitator, or liquidator pursuant to an order of a court ofcompetent jurisdiction;
(e) In the case of a life insurer organized under the laws of theDominion of Canada or of any province thereof, the provisions of this sectionapplicable to the United States manager or an assistant United States manageror other representative in the United States of such insurer shall be deemedto refer to the president, vice president, secretary or treasurer of suchinsurer at its principal place of business in said dominion or provincethereof, when duly authorized for such purpose.
4. The director of the department of insurance, financial institutionsand professional registration may from time to time examine the trusteedassets of an insurer organized under the laws of any foreign government andmay from time to time require the trustee holding trusteed assets of anadmitted insurer organized under the laws of any foreign government to filewith the director of the department of insurance, financial institutions andprofessional registration a statement, in such form as he may prescribe,certifying such trusteed assets and the amounts thereof. Refusal or neglecton the part of the trustee to comply with such requirement shall be ground forthe revocation of the insurer's certificate of authority and for proceedingsagainst it under the provisions of this chapter.
Foreign insurance companies to maintain deposits under trustagreement, amount--trust assets to be kept in UnitedStates--amendment to trust approved by director--trust agreementcontent.
375.892. 1. Any foreign insurance company organized under the laws ofany foreign government entering through this state to transact insurance inthe United States to qualify for authority to transact business in this stateshall, in addition to deposits required of like domestic insurers, maintaindeposits under trust agreements approved by the director of the department ofinsurance, financial institutions and professional registration. Suchdeposits shall be not less than the amount of liabilities with respect to theinsurer's business in the United States. Such deposits shall be held for thebenefit of policyholders and creditors within the United States.
2. Whenever an insurer which is organized under the laws of any foreigngovernment is required or permitted to deposit assets with a trustee for thebenefit and security of its policyholders, or of its policyholders andcreditors, in the United States, the trustee of any such trust hereaftercreated shall be a solvent bank or trust company in the United Statesacceptable to the director of the department of insurance, financialinstitutions and professional registration and authorized to act as suchtrustee by the laws of any state or of the United States. All trusteed assetsshall be continuously kept within the United States. Any such trustheretofore created and now existing, and any such trust hereafter created andexisting when such insurer seeks to be admitted, shall be continued inaccordance with the terms of the instrument creating it, unless inconsistentwith the provisions of this section, in which case the instrument shall, afterreasonable notice to and hearing of such insurer by the director of thedepartment of insurance, financial institutions and professional registration,be amended to conform to the requirements of this section. No amendment toany trust agreement, whether heretofore or hereafter created, shall beeffective unless approved in writing by the director of the department ofinsurance, financial institutions and professional registration. If thetrustees of any such trust heretofore created are natural persons and if thenumber of such trustees is reduced by death, resignation, or from any othercause, to less than three, then the director of the department of insurance,financial institutions and professional registration shall require thesubstitution for such trustees of a solvent bank or trust company in theUnited States acceptable to him and authorized to act as such trustee by thelaws of any state or of the United States. The director of the department ofinsurance, financial institutions and professional registration may from timeto time approve modifications of, or variations in, any trust agreement whichin his judgment are not prejudicial to the interests of the people of thisstate.
3. Such trust agreements shall:
(1) Vest the legal title to the trusteed assets in the trustee and itssuccessors lawfully appointed, in trust for the benefit and security of allthe policyholders, or of all the policyholders and creditors, of such insurerorganized under the laws of any foreign government;
(2) Provide for the substitution of a new trustee in the event of avacancy by death, resignation or from any other cause, subject to the approvalof the director of the department of insurance, financial institutions andprofessional registration;
(3) Require that the trusteed assets shall at all times be maintainedwithin the United States as a trust fund separate and distinct from all otherassets, and that the trustee shall continuously maintain a record at all timessufficient to identify such fund;
(4) Prescribe the conditions, satisfactory to the director of thedepartment of insurance, financial institutions and professional registrationand not inconsistent with the purposes of this section, under which any or allincome, earnings, dividends or interest accumulations of such fund may be paidover to the United States manager of such insurer organized under the laws ofany foreign government;
(5) Prohibit the withdrawal, other than as provided in accordance withsubdivision (4) of this subsection, of any trusteed assets from such fundwithout the written approval of the director of the department of insurance,financial institutions and professional registration, except as follows:
(a) For the purpose of making general state deposits required by law inany state;
(b) For the purpose of paying obligations due from such insurerorganized under the laws of any foreign government to policyholders andcreditors in the United States, and for the purpose of making special statedeposits required by law in any state if such payments and deposits do notimpair the insurer's assets to an amount less than the minimum capital andsurplus required of like insurers organized under the laws of this state andsuch fact is certified to the trustee by the insurer or its United Statesmanager duly authorized for that purpose;
(c) For the purpose of substituting other assets permitted by law and atleast equal in value to those to be withdrawn, upon the specific writtendirection of the United States manager or an assistant United States manageror other representative in the United States of such insurer organized underthe laws of any foreign government when duly empowered and acting pursuant toeither general or specific written authority previously given or delegated bythe board of directors thereof, except as provided in paragraph (e) of thissubdivision;
(d) For the purpose of transferring such assets to an officialconservator, rehabilitator, or liquidator pursuant to an order of a court ofcompetent jurisdiction;
(e) In the case of a life insurer organized under the laws of theDominion of Canada or of any province thereof, the provisions of this sectionapplicable to the United States manager or an assistant United States manageror other representative in the United States of such insurer shall be deemedto refer to the president, vice president, secretary or treasurer of suchinsurer at its principal place of business in said dominion or provincethereof, when duly authorized for such purpose.
4. The director of the department of insurance, financial institutionsand professional registration may from time to time examine the trusteedassets of an insurer organized under the laws of any foreign government andmay from time to time require the trustee holding trusteed assets of anadmitted insurer organized under the laws of any foreign government to filewith the director of the department of insurance, financial institutions andprofessional registration a statement, in such form as he may prescribe,certifying such trusteed assets and the amounts thereof. Refusal or neglecton the part of the trustee to comply with such requirement shall be ground forthe revocation of the insurer's certificate of authority and for proceedingsagainst it under the provisions of this chapter.
