15 CSR 60-6.090 - Corporate Surety Bond or Letter of Credit Filing Procedures
(1) In the event that a health spa is
required by the provisions of sections 407.325- 407.340, RSMo to obtain and
maintain a bond with corporate security from a company authorized by the
Division of Insurance of Missouri to do surety business within Missouri or to
provide a letter of credit from a bank insured by the Federal Deposit Insurance
Corporation, the health spa must provide a certified copy of the surety bond or
letter of credit with each health spa initial registration statement and health
spa annual renewal statement as required by sections 407.325-407.340, RSMo.
(2) In the event that a health spa
duly registered pursuant to the provisions of section
407.327, RSMo, sells health spa
contracts or health spa services on a prepayment basis and posts a bond or
letter of credit in the amount of twenty-five thousand dollars ($25,000) in
lieu of establishing an account required by section
407.329, RSMo, the bond shall be
obtained and maintained with corporate surety from a company authorized by the
Department of Insurance of the state of Missouri and the letter of credit must
be provided from a bank insured by the Federal Deposit Insurance Corporation.
The health spa must provide a certified copy of the surety bond or letter of
credit to the office of the attorney general prior to the sale of any health
spa contracts or health spa services on a prepayment basis. The bond or letter
of credit, required by section
407.329, RSMo, shall be in favor
of the state of Missouri and shall be subject to all of the provisions and
procedures of section
407.340, RSMo.
Notes
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