Representatives of Reciprocal and Interinsurance Exchanges to be Licensed

PURPOSE: This regulation requires representatives of reciprocal and interinsurance exchanges to be licensed. This regulation is adopted pursuant to the provisions of section 374.045, RSMo and implements sections 375.012, 375.014, 375.016 and 375.018, RSMo. (1) All persons who represent interinsurance exchanges or the attorney-in-fact for the exchanges and whose compensation is in part or in whole paid in the form of commissions on the business written or a portion of the deposit shall be duly licensed by this department. (2) This order shall not apply to salaried representatives of the attorney-in-fact. AUTHORITY: sections 374.045, RSMo Supp. 1993, 375.012, 375.014, 375.016 and 375.018, RSMo 1986.* This rule was previously filed as 4 CSR 190-12.050. Original rule filed Dec. 5, 1969, effective Dec. 15, 1969. Amended: Filed Aug. 5, 1974, effective Aug. 15, 1974. *Original authority: 374.045, RSMo 1967, amended 1993; 375.012 and 375.014, RSMo 1965, amended 1967; 375.016, RSMo 1965 amended 1967, 1981; and 375.018, RSMo 1965, amended 1967, 1981, 1984, 1985.