MO HB133

Revises reinsurance credit requirements for domestic insurers, allowing credit when ceded to assuming insurers meeting specific categories including licensed insurers, accredited reinsurers, and certified reinsurers.

Establishes a new "certified reinsurer" category with requirements including domiciliation in a qualified jurisdiction, maintaining adequate capital and surplus, obtaining financial strength ratings from multiple rating agencies, and submitting to Missouri jurisdiction.

Requires accredited reinsurers to maintain surplus of at least $20 million (or be individually approved by director if below that amount) and file annual statements and audited financial statements with the director.

Allows the director to suspend or revoke accreditation or certification of reinsurers that cease meeting requirements, with credit for reinsurance thereafter only allowed if obligations are properly secured.

Permits domestic insurers to take credit for reinsurance ceded to non-qualifying assuming insurers only when reinsurance is required by applicable law for risks in specific jurisdictions, and requires such reinsurers to maintain trust funds or other security in qualified U.S. financial institutions; effective January 1, 2014.