PURPOSE: This regulation describes the requirements for recordkeeping for insurance companies and related entities doing business in this state. This regdation was adopted pursuant to the prouisionsofsection374.045,RSMo (1986)and to implement sections 287.350, 354.190, 354.465, 374.190, 374.210, 379.343 and 379.475, RSMo (1986) and 144.027, 354.149, 354.717, 375.150, 375.151, 375.926 and 375.938 RSMo (Cum. Supp. 1991).
- (1) Records Required for Purposes of Financial Examinations. Every insurer, which term shall include every domestic insurer, foreign insurer, health services corporation, health maintenance organization, prepaid dental plan, managing general agent and third-party administrator licensed to do business in this \ state shall maintain its books, records, documents and other business records in an order that the insurer’s hnancial condition may be readily ascertained by the Department of Insurance, taking into consideration other record retention requirements. All records must be maintained for not less than three (3) years.
- (2) Form of Record. Photographs, microfilms or other image-processing reproductions of records shall be equivalent to the originals and may be certified as same in actions or proceedings before the Department of Insurance unless inconsistent with 20 CSR 800. 1.100. However, the maintenance or records in a computer-based format shall be archival in nature only, so as to preclude the possibility of alteration of the contents of the record by computer after the initial transfer of the record to this format. In addition, all records must be capable of duplication to hard copy upon the request of a financial examiner.
- (3) Location of Files. All financial books, records and accounts necessary for the annual statement of a Missouri insurer must be kept in a central location.
(4) Time Limits. The insurer shall provide, within five (5) working days, any record , requested by any duly appointed financial examiner of the director conducting an on-site financial examination. When the requested record is not or cannot be produced by the
Roy 0. Blunt secretarv of state (10’21’g1) 20 CSR 200-4
five (5) working days, the
Auth: sections 287.350,354.190,354.465, 374.045, 374.190, 374.210, 379.343 and 379.475, RSMo (1986) and 144.027, 354.717, 375.149, 375.150, 375.151, 375.926 and 375.938, RSMo (Cum. Supp. 1991). This rule was previously filed as 4 CSR 190-11.050. Original rule filed Dec. 20, 1974, effective Dec. 30, 1974. Amended: Filed Sept. 5, 1975, effective Sept. 15, 1975. Amended: Filed April 4, 1991, effective Oct. 31,199l.