Recognition of admitted assets - value of assets.
Mo. Rev. Stat. § 379.1388
in effect379.1388. Recognition of admitted assets — value of assets. — 1. A SPLRC may recognize as an admitted asset on its financial statements filed with the director:
(1) Permitted investments;
(2) Letters of credit;
(3) Financial guarantee policies issued for the sole benefit of the ceding company by an insurer having a rating of no less than AAA by Standard and Poor's or less than AAA by Moody's Investor Service; and
(4) Surety bonds issued for the sole benefit of the ceding company by an insurer having a rating of no less than AAA by Standard and Poor's or no less than AAA by Moody's Investors Service.
2. (1) The assets of a SPLRC shall be valued in the same manner as the assets of a Missouri domestic life insurer; however, letters of credit, financial guarantee policies, and surety bonds issued without recourse to the SPLRC, or with recourse to the SPLRC with a priority no higher than afforded to class 7 claims under section 375.1218 , shall be valued as follows. Letters of credit shall be valued at the amount available for drawings by the SPLRC or its ceding company as of the time of valuation. A financial guarantee policy shall be valued at the amount available to pay aggregate claims as of the time of valuation. A surety bond shall be valued at the amount available to pay aggregate claims as of the time of valuation.
(2) Notwithstanding the preceding, the director may by order authorize a SPLRC to value one or more of its assets through an alternative method.
(L. 2007 S.B. 215, A.L. 2009 H.B. 577)
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://revisor.mo.gov/main/OneSection.aspx?section=379.1388Fetched: 10/17/2026