PURPOSE: This rule implements the purposes of section 374.185, RSMo, and establishes uniform standards for the timing of market conduct examinations pursuant to sections 374.202 to 374.207, RSMo.
- (1) The director is authorized to determine the frequency and timing of market conduct actions. The timing shall depend upon the specific market conduct action to be initiated in accordance with the best practices set out in the National Association of Insurance Commissioners (NAIC) Market Regulation Handbook, unless extraordinary circumstances indicating a risk to consumers require immediate action.
- (2) If the director has information that more than one (1) insurer or company is engaged in common practices that may violate statutes or regulations, the director may issue warrants for and coordinate multiple examinations simultaneously.
AUTHORITY: sections 374.045 and 374.205, RSMo 2000 and section 374.185, RSMo Supp. 2007.* Original rule filed April 1, 2008, effective Nov. 30, 2008.
*Original authority: 374.045, RSMo 1967, amended 1993, 1995; 374.185, RSMo 2007; and 374.205, RSMo 1992, amended 1997, 1999.