Missouri Laws 384.048 – Records required to be kept by licensees — to be open to director — ..
Each surplus lines licensee shall keep in his office in this state a full and true record of each surplus lines insurance contract placed by or through him, including a copy of the policy, certificate, cover note, or other evidence of insurance showing such of the following items as may be applicable:
(1) Amount of the insurance and perils insured;
Terms Used In Missouri Laws 384.048
- Contract: A legal written agreement that becomes binding when signed.
- Director: the director of the department of commerce and insurance. See Missouri Laws 384.015
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- Producing broker: the individual broker or agent dealing directly with the party seeking insurance. See Missouri Laws 384.015
- Property: includes real and personal property. See Missouri Laws 1.020
- 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
- Surplus: funds over and above liabilities and capital of the company for the protection of policyholders. See Missouri Laws 384.015
- Surplus lines insurance: any insurance of risks resident, located or to be performed in this state, permitted to be placed through a surplus lines licensee with a nonadmitted insurer eligible to accept such insurance, other than reinsurance, and life and health insurance and annuities. See Missouri Laws 384.015
- Surplus lines licensee: a person licensed to place insurance on risks resident, located or to be performed in this state with nonadmitted insurers eligible to accept such insurance. See Missouri Laws 384.015
(2) Brief description of the property insured and its location;
(3) Gross premium charged;
(4) Any return premium paid;
(5) Rate of premium charged upon the several items of property;
(6) Effective date of the contract, and the terms thereof;
(7) Name and address of the insured;
(8) Name and address of the insurer;
(9) Amount of tax and other sums to be collected from the insured; and
(10) Identity of the producing broker, any confirming correspondence from the insurer or its representative and the application.
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The record of each contract shall be kept open at all reasonable times to examination by the director without notice for a period not less than three years following termination of the contract. In lieu of maintaining offices in this state, each nonresident surplus lines licensee shall make available to the director any and all records that he deems necessary for examination. Examination costs incurred by the director in examining a nonresident surplus lines licensee shall be paid by the nonresident surplus lines licensee.