Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

377.005. Definitions. — As used in this chapter, unless otherwise clearly indicated by the context, the following words mean: (1) "Department", the department of commerce and insurance; and (2) "Director", the director of the department of commerce and insurance. ­­-------- (L. 2…

377.010. Assessment plan insurance defined. — Every contract whereby a benefit is to accrue to a person or persons named therein, upon the death or physical disability of a person also named therein, the payment of which said benefit is in any manner or degree dependent upon the …

377.020. Incorporation of companies, procedure. — 1. Any number of persons, not less than seven, being citizens of the state of Missouri, may upon application to the circuit court of the county or city in which it is proposed to locate the chief offices or place of business, beco…

377.030. Release of beneficiary fund — replacement — exemptions. — 1. On written application by the board of directors, the director of the department of commerce and insurance shall release to said company from the beneficiary fund the amount herein stated for the purpose of pay…

377.040. Qualifications to do business. — 1. Any association, society or company duly incorporated under the laws of this state, having a bona fide membership of not less than five hundred persons in good standing, and who hold policies or certificates of insurance therein in the…

377.050. Emergency fund — accumulation — purpose — replacement. — 1. Corporations organized or doing the business of life insurance under sections 377.010 to 377.190 shall provide for the accumulation of an emergency fund, which shall be not less than the proceeds of one death as…

377.060. Policy to specify amount to be paid, when payable. — Every policy or certificate hereafter issued by any corporation of this state doing business in conformity with the provisions of sections 377.010 to 377.190, and promising a payment to be made upon a contingency of de…

377.070. Effect of refusal to pay — duty of director. — If the corporation refuses or fails to make such payment for thirty days after final judgment against said corporation, the failure to pay the amount of such final judgment within said period of thirty days shall ipso facto …

377.080. Limitations on the issuance of policies — charitable, benevolent, educational and religious organizations have insurable interest — fraud or coercion, exception. — 1. No corporation doing business pursuant to sections 377.010 to 377.190 shall issue a certificate or polic…

377.090. Proceeds not liable for debts. — The money or other benefit, charity, relief or aid to be paid, provided or rendered by any corporation authorized to do business under sections 377.010 to 377.190, shall not be liable to attachment or other process, and shall not be seize…

377.100. Statement of affairs. — Every corporation doing business under sections 377.010 to 377.190 shall annually, on or before the first day of February, return to the director of the department of commerce and insurance, in such manner and form as he shall prescribe, a stateme…

377.120. Two-thirds majority to reinsure or transfer risks. — No corporation of this state, organized or doing business under the provisions of sections 377.010 to 377.190, shall transfer its risks to or reinsure them in any other corporation, unless the contract of transfer or r…

377.150. Retaliatory section. — When any other state or country shall impose any obligations upon such corporation, the like obligations shall be imposed and enforced by the department of commerce and insurance of this state upon similar corporations and their agents of such stat…

377.160. Deposit for costs and expenses. — Before any foreign insurance company doing business under the assessment plan shall be authorized to do business in this state, it shall deposit, and always keep on deposit, with the director of the department of commerce and insurance o…

377.170. Acceptance of regular life insurance law by assessment companies — past contracts not affected. — 1. Any domestic life or accident insurance corporation, company or association existing or doing business in this state under sections 377.010 to 377.190, providing for insu…

377.180. Not applicable to fraternal societies. — Nothing in sections 377.010 to 377.190 shall be so construed as to impair or in any manner to interfere with any of the rights or privileges of any corporation, association or organization doing a life or casualty insurance busine…

377.190. Penalty for false statement. — Any solicitor, agent or examining physician, who shall knowingly or willfully make any false or fraudulent statement or misrepresentation in or with reference to any application for insurance, or for the purpose of obtaining any money or be…

377.199. No companies formed under sections 377.200 to 377.460 after August 29, 1959. — From and after the effective date of this section no stipulated premium plan life insurance company shall be organized or incorporated under the provisions of sections 377.200 to 377.460, but …

377.200. Stipulated premium companies defined — penalty for unlawful use of term. — Any corporation, company or association issuing policies or certificates promising money or other benefits to a member or policyholder, or upon his decease to his legal representatives, or to bene…

377.210. Organization — powers. — Any number of persons, not less than seven, a majority of whom being citizens and residents of the state of Missouri, may associate themselves and form a company, for the purpose of making insurance on the lives of individuals, and every insuranc…

377.220. Articles of agreement — approval — filing — issuance of certificate. — 1. The persons mentioned in section 377.210 shall be designated as corporators, and such persons shall associate themselves by articles of agreement, in writing, duly signed and acknowledged, setting …

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 th…

377.240. Withdrawals of securities upon relinquishment of business. — 1. When any such corporation, company or association shall desire to relinquish its business in this state, the director shall, on application of such corporation under oath of its president or principal office…

377.250. Minimum premiums. — 1. Every corporation, company or association doing business under the provisions of sections 377.200 to 377.460 shall charge a mortuary premium at least equal to that of yearly term insurance at age of entry according to the actuaries' or combined exp…

377.260. Emergency fund — extra premium — commutation of policies. — 1. After the first policy year the mortuary premium, according to the terms of premium payments of each policy, with the loading of the same as provided in section 377.250, together with all interest and other a…

377.270. Limited payment policies — reserve — deposit. — 1. Any corporation, company or association transacting business under the provisions of sections 377.200 to 377.460 may issue limited payment or any form of investment policies; provided, that the premiums shall not be less…

377.280. Surrender values. — Any corporation, company or association transacting business under the provisions of sections 377.200 to 377.460, may allow cash values on its policies or the equivalent of the cash value in extended or paid-up insurance to the extent of the unused po…

377.290. Distribution of surplus. — Any corporation, company or association may provide for a return of any surplus accumulations on its limited payment or investment policies, which may be returned as a dividend, or in extended, paid-up or increased insurance. ­­-------- (RSMo 1…

377.300. Policy to specify amount to be paid — effect of refusal to pay. — 1. Every policy hereafter issued by any corporation, company or association doing business under the provisions of sections 377.200 to 377.460 and promising any payments to be made upon a contingency provi…

377.310. Examinations — beneficiary — change in beneficiary — charitable, benevolent, educational and religious organizations have insurable interest — fraud or coercion, exception. — 1. No corporation, company or association transacting business pursuant to sections 377.200 to 3…

377.320. Policy incontestable after one year. — In the event of death after any policy of insurance has been issued by any corporation, company or association, doing business under the provisions of sections 377.200 to 377.460, and after the policy has been in force for the perio…

377.330. Proceeds not liable for debts. — The money or other benefit, charity, relief or aid to be paid, provided or rendered by any corporation authorized to do business under sections 377.200 to 377.460, shall not be liable to attachment or other process, and shall not be seize…

377.340. Misrepresentations. — No representation made in obtaining or securing a policy of insurance on the life or lives of any person or persons shall be deemed material, or render the policy void, unless the matter misrepresented shall have actually contributed to the continge…

377.350. Copy of application. — Every corporation, company or association transacting business under the provisions of sections 377.200 to 377.460 shall, upon the issuance of every policy, attach to such policy or endorse thereon the substance of the application upon which such p…

377.360. Discriminations prohibited — duty of director and attorney general. — 1. No corporation, company or association transacting business under the provisions of sections 377.200 to 377.460 shall make any discrimination in favor of holders of the same kind of policies, or per…

377.370. Personal liability. — No person shall incur any personal liabilities for the losses or liabilities of any corporation, company or association transacting business under the provisions of sections 377.200 to 377.460 by reason of being a member or policyholder in such corp…

377.380. Annual report. — The annual business of each and every corporation, company or association transacting business under the provisions of sections 377.200 to 377.460 shall close on the thirty-first day of December of each year, and it shall, within sixty days thereafter, p…

377.400. Reinsurance and reinstatement. — No stipulated premium life insurance company or association organized under sections 377.200 to 377.460 shall consolidate with another company or transfer or reinsure its risks with any other company or association or assume or reinstate …

377.420. Retaliatory section. — When any state, territory or foreign country shall impose any obligations upon any such corporation of this state, or their agents transacting business in such other state, territory or foreign country, the like obligations are hereby imposed upon …

377.430. Requirements for foreign corporations — tax on premiums. — 1. No foreign corporation, company, association or society shall be authorized to transact any business authorized by sections 377.200 to 377.460 within this state, unless it furnish evidence satisfactory to the …

377.450. Acceptance of provisions of regular life law — not to affect past contracts. — 1. Any domestic life or accident insurance corporation, company or association existing or doing business in this state under the stipulated premium plan law, may, by a majority vote of its di…

377.460. Penalty for false statements. — Any solicitor, agent, examining physician or other person who shall make a false or fraudulent statement or misrepresentation in or with reference to any application for insurance, or for the purpose of obtaining any money or benefit in an…