Mo. Code Regs. tit. 20 § 700-1.130
Current through Register Vol. 49, No. 21, November 1, 2024.
Section 20 CSR 700-1.130 - Appointment and Termination of Insurance ProducersPURPOSE: This amendment corrects an incorrect statutory reference.
(1) As used in section 375.022, RSMo, appointment of an insurance producer means the earliest date on which an insurance company, or its authorized agent does any of the following: (A) Distributes an application form, which on its face requires submission of premium at the time of completing the application with a consumer, to the prospective insurance producer, unless the application form is marked in bold type as a specimen;(B) Accepts premiums from the prospective insurance producer;(C) Accepts for underwriting an application for insurance submitted by the prospective insurance producer;(D) Executes a written or oral employment contract with the prospective insurance producer; or(E) Grants binding authority given to the prospective insurance producer.(2) An insurer may appoint insurance producers directly by appointing individual insurance producers, or by designating a licensed business entity, which designation shall be deemed to appoint all individual insurance producers employed by such licensed business entity to act for the insurance company in the lines for which the individual insurance producers are licensed and for which the licensed business entity has been designated by the insurance company. (A) Any individual insurance producers listed or employed by a licensed business entity pursuant to section 375.015, RSMo after the designation of the licensed business entity by an insurer shall be deemed an appointment of such individual insurance producers for all insurers with existing designations of the licensed business entity.(B) The appointment of an individual insurance producer pursuant to this subsection shall terminate upon the individual insurance producer's termination or resignation from the licensed business entity with which the individual insurance producer is listed or employed, upon termination of the licensed business entity by the insurer, or upon nonrenewal, suspension, revocation, or surrender of the individual insurance producer's license.(C) An insurer may also appoint an organizational credit business entity licensed pursuant to section 375.065, RSMo, in the manner described in subsections (2)(A) and (2)(B) of this rule.(3) The notice of termination for one (1) of the reasons set forth in section 375.141, RSMo, required by subsections 5 and 7 of section 375. 022, RSMo, shall be accompanied by a report or summary of the acts of the insurance producer believed to violate section 375.141, RSMo, and copy of the documentation collected by the insurer that led to the termination. AUTHORITY: sections 374.045, RSMo 2000 and 375.022, Supp. 2001.* This rule was previously filed as 4 CSR 190-12.120. Original rule filed Aug. 8, 1989, effective Feb. 1, 1990. Amended: Filed April 12, 1999, effective Nov. 30, 1999. Amended: Filed July 12, 2002, effective Feb. 28, 2003. Amended by Missouri Register May 2, 2022/Volume 47, Number 9, effective 6/30/2022*Original authority: 374.045, RSMo 1967, amended 1993, 1995; 375.022, RSMo 1967, amended 1981, 1991, 1998, 2000 and 2001.