379.1388. Recognition of admitted assets — value of assets.
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/mo/chapter-379/379-1388A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
379.1388. Recognition of admitted assets — value of assets. — 1. A SPLRC may recognize as an admitted asset on its financial statements filed with the director:
(1)Permitted investments;
(2)Letters of credit;
(3)Financial guarantee policies issued for the sole benefit of the ceding company by an insurer having a rating of no less than AAA by Standard and Poor's or less than AAA by Moody's Investor Service; and
(4)Surety bonds issued for the sole benefit of the ceding company by an insurer having a rating of no less than AAA by Standard and Poor's or no less than AAA by Moody's Investors Service.
2.
(1)The assets of a SPLRC shall be valued in the same manner as the assets of a Missouri domestic life insurer; however, letters of credit, financial guarantee policies, and surety bonds issued without recourse to the SPLRC, or with recourse to the SPLRC with a priority no higher than afforded to class 7 claims under section 375.1218 , shall be valued as follows. Letters of credit shall be valued at the amount available for drawings by the SPLRC or its ceding company as of the time of valuation. A financial guarantee policy shall be valued at the amount available to pay aggregate claims as of the time of valuation. A surety bond shall be valued at the amount available to pay aggregate claims as of the time of valuation.
(2)Notwithstanding the preceding, the director may by order authorize a SPLRC to value one or more of its assets through an alternative method.
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(L. 2007 S.B. 215, A.L. 2009 H.B. 577)