PURPOSE: This regulation describes the
requirements for recordkeeping for insurance companies and related entities
doing business in this state. This regulation was adopted pursuant to the
provisions of section
374.045, RSMo 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.
(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 onsite 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.
