There is a newer version of this Section
2023
2022
2021
2020
2019
Other previous versions
View our newest version here

2018 Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 377 - Assessment Plan and Stipulated Premium Plan Life Insurance
Section 377.230 Completion of organization.

Universal Citation: MO Rev Stat § 377.230 (2018)
Previous Next

Effective 28 Aug 1939

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 377

377.230. Completion of organization. — 1. No such corporation, company or association shall commence the business of life insurance until at least two hundred persons, eligible under the proposed plan of organization, shall have subscribed, in writing, to be insured therein in the aggregate amount of at least two hundred and fifty thousand dollars, and shall have each paid, in cash, the amount of one annual stipulated net premium for their age at entry on the amount of insurance severally subscribed for, and which shall be held in trust for the benefit of the members of said corporation or their beneficiaries; nor until the director of the department of insurance, financial institutions and professional registration and attorney general shall have further certified that it has complied with the provisions of sections 377.200 to 377.460, and is authorized to transact the business of insurance; provided, however, that every corporation incorporating or reincorporating under the provisions of sections 377.200 to 377.460 shall deposit with the director of the department of insurance, financial institutions and professional registration such securities as are required by law to be deposited by insurance companies, the sum of five thousand dollars, before it shall commence business.

2. Said five thousand dollars shall be a part of the insurance fund and an asset of the corporation.

3. The securities deposited with the department of insurance, financial institutions and professional registration pursuant to this section shall be held by the director in trust for the benefit and protection of and as security for the policyholders of such corporation, their legal representatives and beneficiaries.

­­--------

(RSMo 1939 § 5872)

Prior revisions: 1929 § 5761; 1919 § 6171; 1909 § 6965

Previous Next
Disclaimer: These codes may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.