PURPOSE: The purpose of this rule is to set out the requirements for the annuity contracts making periodic prize payments to major Missouri Lottery prize winners.
(1) To be eligible to contract with the executive director to provide insurance on periodic payments of prizes made to the Missouri Lottery prize winner, the company must meet the following requirements:
- (A) Have a policyholder or general rating of A+ as rated by the A.M. Best Company or a AAA claims paying ability rating from the Standard and Poor’s Company;
- (B) Have a financial size rating of X or higher from the A.M. Best Company;
- (C) Has not been awarded any contracts providing annuities to prize winners of the Missouri Lottery; and
- (D) Must be headquartered in the United States.
- (E) The company must possess a current certificate of authority from the director of the Division of Insurance to transact the business of insurance which authorizes the company to become surety on bonds or obligations of persons or corporations.
AUTHORITY: section 313.230(1)(l), RSMo (1994). Original rule filed March 17, 1987, effective June 11, 1987.