PURPOSE: This amendment updates the rule to comport with modern record formats and retention capabilities.
PURPOSE: This regulation describes the requirements for record-keeping for insurance companies and related entities doing business in this state. This regulation was adopted pursuant to the provisions of section 374.045, RSMo 2016 and to implement sections 144.027, 287.350, 354.190, 354.465, 354.717, 374.190, 374.205, 374.210, 375.149, 375.150, 375.151, 375.938, 375.1009, 376.1082, 379.343 and 379.475, RSMo 2016.
(1) Records to be Maintained for Purposes of Financial Examinations. 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 financial condition may be readily ascertained by the department, taking into consideration other record retention requirements. All such records must be maintained for not less than three (3) years, or, for domestic insurers, health services corporations, health maintenance organizations, and prepaid dental plans, until the full-scope financial examination reviewing the time period that the record relates to is closed, whichever is longer.(2) Form of Record. Electronic 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 unless inconsistent with department rules governing the action or proceeding. However, the maintenance of 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 insurer within five (5) working days, the nonproduction violates this rule, unless the insurer can demonstrate to the satisfaction of the director that there is a reasonable justification for that delay. AUTHORITY: 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 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, 1991. Amended by Missouri Register March 15, 2019/Volume 44, Number 6, effective 4/30/2019*Original authority: 144.027, RSMo 1983, amended 1986, 1990; 287.350, RSMo 1929, amended 1939; 354.190, RSMo 1983; 354.465, RSMo 1983; 374.045, RSMo 1967; 374.190, RSMo 1909, amended 1919, 1929, 1939, 1949, 1967; 374.210, RSMo 1909, amended 1919, 1929, 1939, 1949; 379.343, RSMo 1992; 379.475, RSMo 1947; 354.717, RSMo 1987; 375.149, RSMo 1990; 375.150, RSMo 1990; 375.151, RSMo 1990 and 375.938, RSMo 1959, amended 1978, 1991.