376.675. Life insurance policies and annuity contracts to be approved--exemption, when--director's powers--judicial review of disapproval.
Life insurance policies and annuity contracts to beapproved--exemption, when--director's powers--judicial review ofdisapproval.
376.675. 1. No policy of life insurance or contract of annuity shall bedelivered or issued for delivery to any person in this state unless the policyor contract shall have been filed with and approved by the director of thedepartment of insurance, financial institutions and professional registration.
2. The director of the department of insurance, financial institutionsand professional registration shall have authority to make reasonable rulesand regulations concerning the procedure for the filing and submission ofpolicy or contract forms as are necessary, proper or advisable. The directorshall approve or disapprove a policy or contract form within forty-five daysafter the filing and submission thereof. The failure of the director of thedepartment of insurance, financial institutions and professional registrationto take action approving or disapproving a submitted policy or contract formwithin the stipulated time shall be deemed an approval thereof until such timeas the director of the department of insurance, financial institutions andprofessional registration shall notify the submitting company of hisdisapproval thereof.
3. The director of the department of insurance, financial institutionsand professional registration shall approve only those forms which are incompliance with the insurance laws of this state and which contain such words,phraseology, conditions and provisions with are specific, certain andunambiguous and reasonably adequate to meet needed requirements for theprotection of those insured. If any policy or contract form is disapproved,the reasons therefor shall be based upon the requirements of the laws of thisstate or of any regulation lawfully promulgated thereunder, and shall bestated in writing and a notification thereof shall be sent to the submittingcompany. The director shall accord a hearing upon a disapproval, if sorequested. The disapproval of any policy or contract form by the directorshall be subject to judicial review as provided in chapter 536, RSMo.
4. The director of the department of insurance, financial institutionsand professional registration may, by order or bulletin, exempt from theapproval requirements of this section for so long as he deems proper anyinsurance policy, document, or form or type thereof, as specified in suchorder or bulletin, to which, in his opinion, this section may not practicablybe applied, or the approval of which is, in his opinion, not desirable ornecessary for the protection of the public.
(L. 1963 p. 497 §§ 1, 2, A.L. 1984 S.B. 592)