Revocation, Suspension or Rescission of Company Authority

PURPOSE: The purpose of this rule is to set forth the procedures for revoking, suspending or cancelling the license of captive insurance companies. (1) The director may enter an order suspending or revoking the license of a company pursuant to section 379.1316, RSMo. The proceeding will be governed by rule 20 CSR 800-1.010, et seq. (2) In addition to the authority in section 379.1316, RSMo, the director may, subject to the provisions of this section, by order rescind the authority of the company: (A) If the company has not commenced business according to its plan of operation within two (2) years of being licensed; or (B) If the company ceases to carry on insurance business in or from within this state; or (C) At the request of the company. (3) Before the director rescinds the license of a company under section (2), the director shall give the company notice in writing of the grounds on which the director proposes to cancel the license, and shall afford the company an opportunity to make objection in writing within the period of thirty (30) days after receipt of notice. The director shall take into consideration any objection received by the director within that period and, if the director decides to cancel the license, cause the order of cancellation to be served on the company. AUTHORITY: section 374.045, RSMo 2000 and sections 379.1328 and 379.1421, RSMo Supp. 2007.* Original rule filed Nov. 15, 2007, effective June 30, 2008. *Original authority: 374.045, RSMo 1967, amended 1993, 1995; 379.1328, RSMo 2007; and 379.1421, RSMo 2007.