2005 Missouri Revised Statutes - § 375.306. — Not to act for insolvent company--guarantee fund, where deposited --advertisements--penalty for violation.

375.306. 1. It shall not be lawful for any person to act within this state as agent or otherwise, in receiving or procuring applications for insurance, or in any manner to aid in transacting the business referred to in sections 375.010 to 375.920 for any company or association doing business in this state, unless the company is possessed of the amount of capital and of actual paid-up capital, or of premium notes, cash premiums or guarantee fund, of the kind, character and amounts required of companies organized under the provisions of sections 375.010 to 375.920.

2. The guarantee fund of companies other than those of this state shall be deposited with the proper officer of the state or country under the laws of which the company is organized, or with the director of the insurance department of this state, in the manner provided by section 379.050, RSMo, in regard to the making of such deposit by companies organized under sections 375.010 to 375.920.

3. Whenever any insurance company doing business in this state advertises its assets, either in any newspaper or periodical, or by any sign, circular, card, policy of insurance or certificate of renewal thereof, it shall, in the same connection, equally conspicuously advertise its liabilities, and the amount of its assets available for fire and life losses separately, the same to be determined in the manner required in making statement to the insurance department, and all advertisements purporting to show the amount of capital of the company shall show only the amount of capital actually paid up in cash.

4. Any insurance company or agent thereof violating the provisions of this section shall be liable to a fine of not less than fifty dollars nor more than five hundred dollars.

(RSMo 1939 � 6017, A.L. 1967 p. 516)