Missouri § 384.018 - Nonadmitted insurer deemed domestic surplus lines insurer, when — domestic insurer deemed eligible surplus lines insurer, when — policies subject to taxation, when — exemption from certain statutory requirements, when — rulemaking authority.

§ 384.018. Nonadmitted insurer deemed domestic surplus lines insurer, when — domestic insurer deemed eligible surplus lines insurer, when — policies subject to taxation, when — exemption from certain statutory requirements, when — rulemaking authority.

1.  A nonadmitted insurer that is domiciled in this state will be deemed a domestic surplus lines insurer if all of the following are satisfied:

(1)  The insurer possesses policyholder surplus of at least twenty million dollars;

(2)  The insurer is an approved or eligible surplus lines insurer in at least one jurisdiction other than this state;

(3)  The board of directors of the insurer has passed a resolution seeking to be a domestic surplus lines insurer in this state; and

(4)  The director has given written approval for the insurer to be a domestic surplus lines insurer.

2.  For the purposes of the federal Nonadmitted and Reinsurance Act of 2010 (15 U.S.C. Section 8201), a domestic surplus lines insurer shall be considered a nonadmitted insurer as the term is defined in the Act with respect to risks insured in this state.

3.  A domestic surplus lines insurer is deemed an eligible surplus lines insurer authorized to write any kind of insurance that a nonadmitted insurer not domiciled in this state is eligible to write.

4.  Notwithstanding any other statute, the policies issued in this state by a domestic surplus lines insurer shall be subject to taxes assessed upon surplus lines policies issued by nonadmitted insurers, including the surplus lines premium tax under section 384.059, but will not be subject to other taxes levied upon admitted insurers whether domestic or foreign, including, but not limited to, taxes imposed by section 148.320.

5.  Policies issued by a domestic surplus lines insurer are not subject to protections of or other provisions of the Missouri property and casualty insurance guarantee association act, or the Missouri life and health insurance guaranty association act.

6.  All financial and solvency requirements imposed by chapters 374, 375, 379, and 382 upon domestic admitted insurers shall apply to domestic surplus lines insurers unless domestic surplus lines insurers are otherwise specifically exempted.

7.  A domestic surplus lines insurer shall not be subject to and shall be exempt from all statutory requirements relating to insurance rating plans, policy forms, policy cancellation and nonrenewal, and premium charged to the insured in the same manner and to the same extent as a nonadmitted insurer domiciled in another state.

8.  The director may promulgate rules under section 374.045 and amend such rules relating to domestic surplus lines insurers as are necessary to enable the director to carry out the provisions of this chapter.

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(L. 2014 H.B. 1361)

---- end of effective  28 Aug 2014 ----

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