DIFP Rules Regarding CD Assignment

Each general agent in Missouri must maintain a certificate of deposit in the amount of $10,000, assigned to the DIFP (Department of Insurance). I have had several inquiries asking under what circumstances the DIFP would have authority to increase the assignment to $25,000. RSMO 374.715 allows for this provision. Here are the rules:

20 CSR 700-6.250 Assignment of Additional Assets

(1) The director may require the assignment of additional assets if:

(A) The department receives notices from a court or courts that the general bail bond
agent has accumulated seven thousand dollars ($7,000) in unsatisfied bond forfeiture judgments;
(B) The department receives multiple notices of unsatisfied judgments within a thirty
(30)-day period;
(C) The department receives a complaint or complaints that the general bail bond agent
owes parties to the bail contract or any persons providing funds or collateral for bail in
excess of five thousand dollars ($5,000); or
(D) The department receives notice from a court or courts that the general bail bond
agent, acting as surety, has executed a bond or bonds exceeding the assets declared to the court or courts pursuant to the provisions of Supreme Court Rule 33.18.

(2) In the event that the general bail bond agent receives notice from the department
that the assignment of additional assets is required, the general bail bond agent shall
obtain a Certificate of Deposit in the name of the general bail bond agent for the amount
requested by the department. The original Certificate of Deposit, an Assignment, and a
completed Acknowledgement of Assignment from the financial institution issuing the Certificate of Deposit shall be submitted to the department within twenty (20) working days of receipt of the notice by the general bail bond agent. Acknowledgement of Assignment forms are available on the department website at www.insurance.mo.gov and at the offices of the Department of Insurance.