Missouri Laws 375.1294 – Hazardous financial condition of transferring insurer, automatic transfer, ..
Current as of: 2023 | Check for updates
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Terms Used In Missouri Laws 375.1294
- Director: the director of the department of commerce and insurance. See Missouri Laws 375.001
- Insurer: all insurance companies, reciprocals, or interinsurance exchanges transacting the business of insurance in this state. See Missouri Laws 375.001
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
If an insurer domiciled in this state or in a jurisdiction not having a substantially similar law is deemed by the director to be in hazardous financial condition, or if an administrative or judicial proceeding has been instituted against it for the purpose of liquidating, reorganizing or conserving such insurer, and if the transfer of the contracts of insurance by the insurer is in the best interest of the policyholders, as determined by the director, then a transfer and novation may be effected notwithstanding the provisions of sections 375.1280 to 375.1295. This may include a form of implied consent and adequate notification to the policyholder of the circumstances requiring the transfer as approved by the director.