Form A Statements Filed with the Missouri Department of Insurance

Any person seeking to acquire control of a Missouri Domestic Insurer must file a Form A Statement with and obtain the approval of the Director of the Missouri Department of Insurance, Financial Institutions & Professional Registration. See sections 382.040-382.060, RSMo, and 20 CSR 200-11.101. The table below shows the filing and disposition of recent Form A Statements.

Standards: The Director reviews each Form A Statement to determine:

1. if, after the change of control the domestic insurer will be able to satisfy the requirements for the issuance of a license to write the line or lines of insurance for which it is presently licensed;
2. the effect of the acquisition of control on competition in insurance in this state;
3. if the financial condition of any acquiring person might jeopardize the financial stability of the domestic insurer or prejudice the interest of its policyholders;
4. the fairness, reasonableness and public interest of any plans or proposals which the acquiring person has for the insurer, its assets, its business or corporate structure, or its management;
5. the competence, experience and integrity of the persons who will control the operations of the domestic insurer; and
6. if the acquisition is likely to be hazardous or prejudicial to the insurance buying public.

Timing: By law, the Director is generally required to hold a hold a public hearing on each Form A Statement within thirty (30) days after it is filed and to issue a decision within thirty (30) days after the public hearing. Since most public hearings on a Form A Statement take less than one day, a decision to approve or disapprove is often, but not always, made within sixty (60) days of the filing of the Form A Statement.