379.1376. Contract requirements. - Missouri Statutes

State Codes and Statutes

Statutes > Missouri > T24 > C379 > 379_1376

Contract requirements.

379.1376. A SPLRC may enter into a SPLRC contract with a cedingcompany, provided:

(1) The SPLRC has been granted a license to transact business as anSPLRC under sections 379.1353 to 379.1421; and

(2) The SPLRC provides the director with evidence of an approval ornondisapproval from the insurance regulatory official of the cedingcompany's state or country of domicile to enter into the SPLRC contract.If the ceding company's domiciliary insurance regulatory official does notcustomarily provide evidence of such approval or nondisapproval, thedirector shall approve the SPLRC's execution of such SPLRC contract if suchSPLRC contract would be acceptable if an assuming insurer domiciled in thisstate were to propose execution of the same with its ceding company for thepurpose of assuming such reinsurance and an officer of the SPLRC providesthe director with a certification that terms of the SPLRC contract meet therequirements for the ceding company to obtain credit in its state ofdomicile for reinsurance ceded under the SPLRC contract.

(L. 2007 S.B. 215)

State Codes and Statutes

Statutes > Missouri > T24 > C379 > 379_1376

Contract requirements.

379.1376. A SPLRC may enter into a SPLRC contract with a cedingcompany, provided:

(1) The SPLRC has been granted a license to transact business as anSPLRC under sections 379.1353 to 379.1421; and

(2) The SPLRC provides the director with evidence of an approval ornondisapproval from the insurance regulatory official of the cedingcompany's state or country of domicile to enter into the SPLRC contract.If the ceding company's domiciliary insurance regulatory official does notcustomarily provide evidence of such approval or nondisapproval, thedirector shall approve the SPLRC's execution of such SPLRC contract if suchSPLRC contract would be acceptable if an assuming insurer domiciled in thisstate were to propose execution of the same with its ceding company for thepurpose of assuming such reinsurance and an officer of the SPLRC providesthe director with a certification that terms of the SPLRC contract meet therequirements for the ceding company to obtain credit in its state ofdomicile for reinsurance ceded under the SPLRC contract.

(L. 2007 S.B. 215)

State Codes and Statutes

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State Codes and Statutes

Statutes > Missouri > T24 > C379 > 379_1376

Contract requirements.

379.1376. A SPLRC may enter into a SPLRC contract with a cedingcompany, provided:

(1) The SPLRC has been granted a license to transact business as anSPLRC under sections 379.1353 to 379.1421; and

(2) The SPLRC provides the director with evidence of an approval ornondisapproval from the insurance regulatory official of the cedingcompany's state or country of domicile to enter into the SPLRC contract.If the ceding company's domiciliary insurance regulatory official does notcustomarily provide evidence of such approval or nondisapproval, thedirector shall approve the SPLRC's execution of such SPLRC contract if suchSPLRC contract would be acceptable if an assuming insurer domiciled in thisstate were to propose execution of the same with its ceding company for thepurpose of assuming such reinsurance and an officer of the SPLRC providesthe director with a certification that terms of the SPLRC contract meet therequirements for the ceding company to obtain credit in its state ofdomicile for reinsurance ceded under the SPLRC contract.

(L. 2007 S.B. 215)