Mo. Code Regs. Ann. tit. 20, § 200-13.200
Mortgage Loans as Admissible Assets
Effective Jul 30, 2019sections 374.045, 376.170, 376.302, and 379.080, RSMo 2016.* This rule was previously filed as 4 CSR 190- 11.040(1)–(3), (5), and (6), and 20 CSR 200- 1.090. Original rule filed Aug. 5, 1974, effective Aug. 15, 1974. Amended: Filed Jan. 25, 1991, effective July 8, 1991. Amended: Filed Aug. 4, 1992, effective April 8, 1993. Amended: Filed Dec. 13, 2018, effective July 30, 2019. Non-substantive change filed Sept. 11, 2019, published Oct. 31, 2019. *Original authority: 374.045, RSMo 1967, amended 1993, 1995, 2008; 376.170, RSMo 1939, amended 2007; 376.302, RSMo 2007; and 379.080, RSMo 1939, amended 1943, 1947, 1963, 1977, 1981, 1982, 1985, 1987, 1989, 1992, 1993, 1997, 2002Insurance Solvency and Company Regulation
PURPOSE: This rule effectuates or aids in the interpretation of sections 376.302 and 379.080.1(2)(f), RSMo.
(1) Definitions.
- (A) Current, as used in this rule, is defined to mean as of the approximate date of loan.
- (B) Mortgage loans, as used in this rule, include promissory notes secured by deeds of trust or other lien instruments on real estate.
- (2) All mortgage loans must be properly recorded.
- (3) No second mortgage loan is acceptable for depository purposes.
(4) The following documents shall be maintained for each mortgage loan by all insurance companies holding mortgage loans as admissible assets:
- (A) A current title policy or acceptable attorney's legal opinion;
- (B) If so requested by the director of the Department of Commerce and Insurance, a current appraisal of mortgaged property made under the standards of 20 CSR 200-13.100;
- (C) A certificate by county collector or affidavit by an officer of the insurance company that no property taxes are in arrears or a certification on the title policy or legal opinion that current taxes have been paid;
- (D) A photograph of the subject property if improved;
- (E) If subject property is improved, a fire insurance policy, a photocopy of the declarations page of the policy or an affidavit by an officer of the insurance company that fire coverage has been obtained or a photocopy of an insurance certificate by a loan correspondent;
- (F) Any other document that the insurance company is directed to maintain by the director of the Department of Commerce and Insurance; and
- (G) A copy of the written appraisal made under the standards of 20 CSR 200-13.100.
- (5) The provisions of 20 CSR 200-4.010 are applicable to each of the documents specified under the provisions of section (4) of this rule. AND INSURANCE Company Regulation
AUTHORITY: sections 374.045, 376.170, 376.302, and 379.080, RSMo 2016.* This rule was previously filed as 4 CSR 190- 11.040(1)–(3), (5), and (6), and 20 CSR 200- 1.090. Original rule filed Aug. 5, 1974, effective Aug. 15, 1974. Amended: Filed Jan. 25, 1991, effective July 8, 1991. Amended: Filed Aug. 4, 1992, effective April 8, 1993. Amended: Filed Dec. 13, 2018, effective July 30, 2019. Non-substantive change filed Sept. 11, 2019, published Oct. 31, 2019. *Original authority: 374.045, RSMo 1967, amended 1993, 1995, 2008; 376.170, RSMo 1939, amended 2007; 376.302, RSMo 2007; and 379.080, RSMo 1939, amended 1943, 1947, 1963, 1977, 1981, 1982, 1985, 1987, 1989, 1992, 1993, 1997, 2002.