2011 Missouri Revised Statutes
TITLE XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375 Provisions Applicable to All Insurance Companies
Section 375.740. Payment of expenses of proceedings.
Payment of expenses of proceedings.
375.740. 1. In proceedings to enjoin, rehabilitate, dissolve, wind up or otherwise settle the affairs and dispose of the assets of insurers, the director shall receive no fees nor compensation for any services personally performed by him.
2. He shall have power and authority, however, in such cases, and through the course of the whole case, to employ the necessary legal counsel and assistance, and clerical and actuarial force. The compensation of legal counsel and assistance, and clerical and actuarial force shall be fixed and all expenses of taking possession of the property of the insurer and the administration thereof shall be approved by the director, all subject to the approval of the court, and shall be paid out of the funds or assets of the insurer; provided, however, that the salaries of those persons employed by the director under this section together with the expenses of such employment, may be paid out of amount appropriated to the department of insurance, financial institutions and professional registration; provided, further, that the amount paid out under this section for salaries and expenses from appropriated funds shall be repaid to the state treasury from any available funds or assets of the insurer.
3. The director shall keep a full account of all receipts and disbursements, and make report of the same to the court at least once in twelve months, and oftener if required by the court, and shall be responsible on his official bond for all assets coming into his possession.
4. The court may, in its discretion, require of the director a bond in addition to his official bond.
5. This section shall apply only to proceedings instituted prior to August 28, 1991.
(RSMo 1939 6065, A.L. 1971 H.B. 82, A.L. 1992 H.B. 1574)Prior revisions: 1929 5954; 1919 6362; 1909 7092
Annotation Copyright Missouri Joint Committee on Legislative Research
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