As used in sections 379.1353 to 379.1421, the following terms shall mean:

(1) “Affiliate”, a company that controls, is controlled by or under common control with the special purpose life reinsurance captive “SPLRC” as defined in this section;

Terms Used In Missouri Laws 379.1353

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.
  • Department: the department of commerce and insurance. See Missouri Laws 379.005
  • Director: the director of the department of commerce and insurance. See Missouri Laws 379.005
  • following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
  • United States: includes such district and territories. See Missouri Laws 1.020

(2) “Affiliated agreements”, written agreements, including an SPLRC contract, between an SPLRC and its affiliate;

(3) “Ceded reinsurance agreements”, reinsurance agreements entered into by the SPLRC with affiliates or unaffiliated parties for the purpose of obtaining reinsurance for all or some portion of the risks assumed by the SPLRC under SPLRC contracts;

(4) “Ceding company”, the insurer ceding business to the SPLRC under the SPLRC contract;

(5) “Department”, the Missouri department of commerce and insurance;

(6) “Director”, the director of the Missouri department of commerce and insurance or its successor agency or his or her designee;

(7) “Financial guarantee policy”, a financial guarantee policy issued by an insurer licensed to issue financial guarantee insurance policies by the director;

(8) “Letters of credit”, clean, irrevocable, evergreen letters of credit issued meeting the requirements of subdivision (2) of section 375.246, and regulations issued thereunder that are issued or confirmed by a qualified United States financial institution or guaranteed by a financial guarantee insurance company authorized to issue financial guarantee insurance policies in the state of Missouri;

(9) “Organizational documents”, means the SPLRC’s articles of organization, bylaws, operating agreement or other foundational document that establishes the SPLRC as a legal entity or prescribes its existence;

(10) “Permitted investments”, investments as authorized by sections 376.291 to 376.307 or as specifically authorized by the director by order;

(11) “Rule”, a rule promulgated by the director in accordance with the authority granted by section 379.1421;

(12) “SPLRC” or “special purpose life insurance captive”, a captive insurance company that has received a license from the director for the limited purposes provided for in sections 379.1353 to 379.1421;

(13) “SPLRC contract”, a written contract between the SPLRC and the ceding company under which the SPLRC agrees to provide reinsurance protection to the ceding company for risks associated with the ceding company’s written or assumed annuity, life insurance or accident and health insurance business;

(14) “State”, the state of Missouri;

(15) “Surety bond”, a surety bond issued by an insurer licensed to issue surety bonds by the director;

(16) “Surplus note”, an unsecured subordinated debt obligation, including any contingent obligation for the repayment of a sum of money upon a written agreement that the loan or advance with interest shall be repaid only out of funds as specified in the approved plan of operation, or any approved amendment thereto;

(17) “Swap agreements”, an agreement to exchange or to net payments at one or more times based on the actual or expected price, level, performance or value of one or more underlying interests.

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