Missouri Finance Department Adopts New Rule Regarding Certificates Of Authority For Surplus Lines Insurers

Carlton Fields

On December 1, the Missouri Department of Insurance, Financial Institutions and Professional Registration adopted a new rule pertaining to certificates of authority for domestic surplus lines insurers. The rule was proposed earlier this fall and sets out the procedures that an insurer looking for domesticated authority in Missouri must follow in order to have a certificate of authority issued. The rule provides that the company must redomesticate to Missouri or form a Missouri domestic insurance company, as well as meet a series of other requirements, including proof that the insurer possesses policyholder surplus of at least $20,000,000 and is approved in at least one other jurisdiction than Missouri. Mo. Code Regs. tit. 20 § 200-6.700 (2015).

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