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State Law

: Showmeblawgs

By stan_sipple

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RGA Reinsurance licensed as captive insurance company. ST Louis Business Journal. RGA Reinsurance Co., a St. Louis-based subsidiary of Reinsurance Group of America, was granted Missouri's first special purpose life reinsurance captive insurance company license, the Missouri Department of Insurance, Financial Institutions and Professional Registration said Monday. Special purpose life reinsurance captives assume life insurance business from their corporate life insurance parent companies or affiliates to facilitate financing of life insurance reserves. Missouri Gov. Matt Blunt signed Senate Bill 215 in 2007 that allows for the formation of captive insurance companies.

"Captive insurance companies will have a positive impact on our state's economy by reducing costs to Missouri businesses, attracting new businesses to this state and creating more jobs for Missourians," Blunt said in a statement.

The Missouri Department of Insurance, Financial Institutions and Professional Registration is responsible for consumer protection through the regulation of financial industries and professionals.

St. Louis-based Reinsurance Group of America (NYSE: RGA) provides reinsurance for life insurance companies.

Full post as published by Showmeblawgs on April 27, 2008 (boomark / email).