Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

375.261. Service of process — procedure. — 1. Service of process as provided herein shall be made by delivery of two copies of the summons, with copies of the petition thereto attached, to the director, or in his or her absence to the deputy director of the department, or in the …

375.266. Service of process valid, when. — Service of process in any action, suit or proceeding referred to in section 375.256 shall, in addition to the manner provided in section 375.261, be valid if served upon any person within this state who, in this state on behalf of the in…

375.271. Plaintiff entitled to default judgment, when. — No plaintiff shall be entitled to a judgment against the defendant by default under this section until after the expiration of forty-five days from the date of service of summons with copy of plaintiff's petition thereto at…

375.276. Sections 375.256 to 375.271 not to abridge right to serve process in other legal manner. — Nothing herein contained shall limit or abridge the right of the plaintiff to serve any process, notice or demand upon any insurance company, association, or other insurer in any o…

375.281. Company to furnish bond or certificate of authority before pleading. — Before any insurance company, association, or other insurer not incorporated or authorized under the laws of this state shall file or cause to be filed in any action, suit or other proceeding institut…

375.286. Postponement of action permitted, when. — The court, in any action, suit or proceeding, in which service of process is made in the manner provided in sections 375.256 to 375.301, may, in its discretion, order such postponement as the court shall deem necessary to afford …

375.291. Company may file motion to quash service — grounds. — Nothing contained in section 375.281 shall be construed to prevent any defendant insurance company, association, or other insurer, not incorporated or authorized under the laws of this state, who has been served with …

375.296. Additional damages for vexatious refusal to pay. — In any action, suit or other proceeding instituted against any insurance company, association or other insurer upon any contract of insurance issued or delivered in this state to a resident of this state, or to a corpora…

375.298. Loan against policy by policyholder, insurer to give notice of interest due. — If a policyholder has taken a loan against an insurance policy, the insurer of such policy shall annually notify the policyholder of any interest due on the loan. ­­-------- (L. 1998 H.B. 1374…

375.301. Exemptions from provisions of sections 375.256 to 375.301. — The provisions of sections 375.256 to 375.301 shall not apply to any action, suit or proceeding against any unauthorized insurer arising out of a contract of: (1) Reinsurance effectuated in accordance with the …

375.306. Not to act for insolvent company — guarantee fund, where deposited — advertisements — penalty for violation. — 1. It is unlawful for any person to act within this state as agent, producer, or otherwise, in receiving or procuring applications for insurance, or in any mann…

[Repealed or reserved.]

375.320. Not to trade — exception. — 1. No insurance company formed under the laws of this state shall, directly or indirectly, deal or trade in any goods, wares, merchandise or other commodities whatsoever, except such as may be incident to and necessary in connection with the o…

375.325. Mechanical data processing equipment as assets. — Notwithstanding any prohibitions or restrictions contained in the statutes, any insurance company may acquire by purchase electronic or mechanical machines constituting a data processing system, and thereafter may hold th…

375.326. Automobiles as assets. — 1. Notwithstanding any prohibitions or restrictions contained in the statutes or otherwise, any stock, mutual, or reciprocal insurance company doing the business of property and casualty business in this state may acquire by purchase motor vehicl…

375.330. Purchase and ownership of real estate. — 1. No insurance company formed under the laws of this state shall be permitted to purchase, hold or convey real estate, excepting for the purpose and in the manner herein set forth, to wit: (1) Such as shall be necessary for its a…

375.340. Sale and exchange of real estate. — 1. In all cases in which life insurance companies, benefit societies or other associations doing business in this state shall have legally acquired by foreclosure or in payment of a debt previously contracted any real estate or persona…

375.345. Derivative transactions permitted, conditions — definitions — rules. — 1. As used in this section, the following words and terms mean: (1) "Admitted assets", assets permitted to be reported as admitted assets on the statutory financial statement of the insurance company …

375.347. Restriction on ownership of certain assets not exclusively controlled by an insurance company. — Securities and other related assets not exclusively controlled by an insurance company shall only be held by banks, trust companies, or securities depositories that are membe…

375.350. Reacquisition and holding of own stock, when — approval of director, when — effect on assets and solvency. — 1. No insurance company shall, directly or indirectly, purchase or hold, either absolutely or as collateral, its own stock, after the same has been once issued, w…

375.355. Acquisition of control of one company by another, director may authorize, procedure, exceptions. — 1. Any insurance company organized under the laws of this state may hereafter, with the approval of the director first obtained, (1) Organize any subsidiary insurance compa…

375.360. Note not considered payment — not to loan when insolvent. — No note or obligation given by any stockholder, whether secured by deed of trust, mortgage or otherwise, shall be considered as payment of any part of the capital stock; and no loan of any money shall be made by…

375.370. Collateral to be assigned to company. — All stocks and other evidence of indebtedness, except such as are transferable by delivery, held by insurance companies doing business in this state, as collateral for moneys loaned or other obligations, shall be regularly assigned…

375.380. Dividends shall not be paid, when — penalty — liability of stockholder. — 1. It shall not be lawful for the directors, trustees or managers of any insurance company to make any dividend, except from the surplus profits arising from their business, nor for any company to …

375.390. Officers not to use funds for private gain — penalty. — No officer, stockholder, agent or employee of any insurance company, formed under the laws of this state, or doing business herein, shall, directly or indirectly, use or employ, or permit others to use or employ, an…

375.400. Investigation by director — duty of prosecuting attorney. — 1. The director of the department of commerce and insurance shall, as often as he may deem proper, make careful inquiry and investigation as to the manner in which the money, funds or securities of insurance com…

375.410. Penalty for violation. — Any public official failing, neglecting or refusing to comply with any of the provisions of sections 375.390 and 375.400 shall be deemed guilty of a misdemeanor, and, upon conviction, shall be fined not less than five hundred dollars and forfeit …

375.420. Vexatious refusal to pay claim, damages for, exception. — In any action against any insurance company to recover the amount of any loss under a policy of automobile, fire, cyclone, lightning, life, health, accident, employers' liability, burglary, theft, embezzlement, fi…

375.421. Prepayment for policy, return of, when — limitations — violation an unfair trade practice. — 1. For purposes of this section, the following words and phrases shall mean: (1) "Insurer" shall include any insurance company, health services corporation or health maintenance …

375.422. Directors and officers of stock companies to report ownership. — Every person who is directly or indirectly the beneficial owner of more than ten percent of any class of any equity security of any insurance company organized under the laws of this state and having capita…

375.423. Company may recover profits realized by officer or director in certain transactions — exceptions. — For the purpose of preventing the unfair use of information which may have been obtained by such beneficial owner, director or officer by reason of his relationship to suc…

375.424. Unlawful for officer or director to sell equity security not owned by him — delivery. — It shall be unlawful for any beneficial owner, director or officer, directly or indirectly, to sell any equity security of such company if the person selling the security or his princ…

375.425. Provisions of 375.423 and 375.424 not to apply, when — equity security defined. — 1. The provisions of section 375.423 shall not apply to any purchase and sale, or sale and purchase, and the provisions of section 375.424 shall not apply to any sale, of an equity security…

375.426. Director to make rules and regulations. — The director shall have the power to make such rules and regulations as may be necessary for the execution of the functions vested in him by sections 375.422 to 375.426, and may for such purpose classify such insurance companies,…

375.427. Department rules for payment of fees by and integration of systems of insurers and entities administering claims for injured employees not applicable, when. — Notwithstanding any other provision of law to the contrary, no rule promulgated by the department setting forth …

375.430. Certificate revoked if judgment not satisfied. — Whenever any judgment shall be obtained in any of the courts of this state against any insurance company doing business in this state, and said judgment shall remain unsatisfied for fifteen days after execution shall have …

375.440. Revocation of license for failure to comply with judicial decree. — Any person, who has heretofore obtained or may hereafter obtain, in any of the courts of this state, a decree against any insurance company, doing business in this state, commanding or directing said ins…

375.445. Company operating fraudulently or in bad faith, penalties. — 1. It is unlawful for any insurance company transacting business under the laws of this state to: (1) Conduct its business fraudulently; (2) Fail to carry out its contracts in good faith; or (3) Habitually and …

375.460. Director to keep deposits — rights of companies. — 1. The director of the department of commerce and insurance shall receive the deposits and securities required by law to be transferred to and deposited with him, and shall give vouchers for the same to the parties so de…

375.470. Penalty for violations by director. — If said director or his deputy shall willfully fail, refuse or neglect to faithfully keep, deposit, account or surrender, in the manner by law authorized or required, any such securities as aforesaid, transferred to and received by h…

375.480. Withdrawal of securities — notice — examination by director. — 1. When any company, which has on deposit the securities named in section 376.170 with the director of the department of commerce and insurance, shall desire to relinquish and cease its business in this state…

375.490. Payment of judgments out of deposits. — 1. Any court of competent jurisdiction, wherein a judgment shall have been recovered against any company by which any securities have been deposited, as by law required, upon a policy issued by such company, and execution issued up…

375.500. Distribution of assets. — 1. Whenever any company has been or shall be adjudged insolvent, or shall be or has been dissolved, if a distribution of its assets among its policyholders and creditors is or shall be decreed, it shall be the duty of the director of the departm…

375.510. Reinsurance — rights and liabilities — insolvency. — 1. If any insolvent and dissolved company shall be reinsured under the provisions of law, the securities on deposit with the director at the date of the dissolution of the said company shall remain on deposit with him,…

375.520. Costs to be paid from deposits — amount. — 1. The deposits of a company shall be subject to or liable for the following costs only: (1) The actual cost of collecting the deposits; and (2) An amount not to exceed one percent of all policies proved up and allowed which amo…

375.530. Accounting among beneficiaries of foreign deposits. — If any company of this state shall, under the requirements of any law of another state or foreign government, have on deposit in such other state or foreign government securities upon which the citizens or residents o…

375.532. Investment in debt of institution permitted, when. — 1. The capital, reserve and surplus of a domestic insurer may be invested in bonds, notes or other evidences of indebtedness, or preferred or guaranteed stocks or shares, issued, assumed or guaranteed by an institution…

375.534. Foreign governments or corporations, investment in permitted — conditions, requirements. — 1. In addition to other foreign investments permitted by Missouri law for the type or kind of insurance company involved, the capital, reserves and surplus of all insurance compani…

375.535. Director to issue charges when he believes assumption of additional risks financially hazardous — hearing — cease and desist order, when. — Whenever the director has reason to believe that any insurance company licensed to do business in this state is, because of the nat…

375.537. Impaired insurer, defined — duty to notify director — penalties for failure to notify. — 1. As used in this section, the following terms mean: (1) "Chief executive officer", the person, irrespective of his title, designated by the board of directors or trustees of an ins…