PURPOSE: This rule states requirements for insurance companies entering into take-out letters and similar contracts to provide afterconstruction financing of commercial buildings. This rule was adopted pursuant to the provisions of section 374.045, RSMo and implements sections 376.300 and 379.080, RSMo.

1. (1) Limitations on Amounts Guaranteed. Take-out letters and similar contracts to provide permanent after-construction financing of commercial buildings shall be subject to the following requirements:

   1. (A) Any such contract must be approved by the company investment committee, if any, or be signed by two (2) officers of the company; and
   2. (B) The total amount of all such contracts shall be disclosed in that company’s annual statement in the interrogatory section.

AUTHORITY: sections 374.045 and 379.080, RSMo Supp. 1993 and 376.300, RSMo 1986.* This rule was previously filed as 4 CSR 190-11.100. Original rule filed Dec. 20, 1974, effective Dec. 30, 1974.

*Original authority: 374.045, RSMo 1967; 376.300, RSMo 1939, amended 1943, 1945, 1945, 1949, 1953, 1961, 1963, 1973, 1979, 1982, 1985; and 379.080, RSMo 1939, amended 1943, 1947, 1963, 1977, 1981, 1982, 1985, 1987, 1989, 1993.