Missouri Laws 374.207 – Examiners, appointment of, restrictions — expenses of examination, how paid ..
1. No examiner may be appointed by the director if such examiner, either directly or indirectly, has a conflict of interest or is affiliated with the management of or owns a pecuniary interest in any person subject to examination under sections 374.202 to 374.207. This subsection shall not be construed to automatically preclude an examiner from being:
(1) A policyholder or claimant under an insurance policy;
Terms Used In Missouri Laws 374.207
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Director: the director of the department of commerce and insurance. See Missouri Laws 374.005
- Grantor: The person who establishes a trust and places property into it.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: as used in this chapter shall include any individual, partnership, corporation, association or trust, or any other legal entity. See Missouri Laws 374.046
(2) A grantor of a mortgage or similar instrument on the examiner’s residence to a regulated entity if done under customary terms and in the ordinary course of business;
(3) An investment owner in shares of regulated diversified investment companies; or
(4) A settlor or beneficiary of a blind trust into which any otherwise impermissible holdings have been placed.
ÂÂ
Â
Notwithstanding the requirement of this subsection, the director may retain from time to time, on an individual basis, qualified actuaries, certified public accountants, or other similar individuals who are independently practicing their professions, even though said persons may from time to time be similarly employed or retained by persons subject to examination under sections 374.202 to 374.207.
2. Expenses and costs of examinations shall be paid as set forth in section 374.160.
3. The director, the director’s authorized representatives or any examiner appointed by the director shall have such official immunity as exists at common law.