376.746. Records of association meetings to be kept — association deemed creditor of insolvent or impaired insured.

333 words·~2 min read·/mo/chapter-376/376-746

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

376.746. Records of association meetings to be kept — association deemed creditor of insolvent or impaired insured. — 1. Nothing in sections 376.715 to 376.758 shall be construed to reduce the liability for unpaid assessments of the insureds of an impaired or insolvent insurer operating under a plan with assessment liability.

2. Records shall be kept of all negotiations and meetings in which the association or its representatives are involved to discuss the activities of the association in carrying out its powers and duties under the provisions of sections 376.715 to 376.758 . Records of such negotiations or meetings shall be made public only upon the termination of a liquidation, rehabilitation, or conservation proceeding involving the impaired or insolvent insurer, upon the termination of the impairment or insolvency of the insurer, or upon the order of a court of competent jurisdiction.

Nothing in this subsection shall limit the duty of the association to render a report of its activities under subsection 1 of section 376.750 .

3. For the purpose of carrying out its obligations under the provisions of sections 376.715 to 376.758 , the association is deemed to be a creditor of the impaired or insolvent insurer to the extent of assets attributable to covered policies reduced by any amounts to which the association is entitled as subrogee under the provisions of sections 376.715 to 376.758 . Assets of the impaired or insolvent insurer attributable to covered policies shall be used to continue all covered policies and pay all contractual obligations of the impaired or insolvent insurer as required by sections 376.715 to 376.758 .

Assets attributable to covered policies or contracts, as used in this subsection, are that proportion of the assets which the reserves that should have been established for such policies or contracts bear to the reserves that should have been established for all policies of insurance or health benefit plans written by the impaired or insolvent insurer.

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(L. 1988 S.B. 430 § 27, A.L. 2018 H.B. 1690)