Title XXIV, BUSINESS AND FINANCIAL INSTITUTIONS

379.455. Advisory organizations. — 1. Any corporation, unincorporated association, partnership or individual, other than a licensed insurer, whether located within or outside this state, which prepares policy forms, makes underwriting rules, surveys or inspections incident to but…

379.460. Joint underwriting groups. — 1. Every group, association or other organization of insurers which engages in joint underwriting through joint reinsurance shall file with the director (1) A copy of its constitution, its articles of agreement or association or its certifica…

379.465. Exchange of information — agreement to rates. — 1. Every rating organization and insurer may exchange information and experience data with insurers and rating organizations in this and other states and may consult with them with respect to ratemaking and the application …

379.475. Director to examine — powers — cost — director may accept examination by other state. — 1. The director of the department of commerce and insurance shall have the power, at any time he may deem it advisable, to examine any insurer writing any class of insurance which is …

379.480. Purpose of examination — hearing — orders. — 1. The purpose of examination, as herein provided for, is to enable the director to ascertain whether there is compliance with the provisions of sections 379.420 to 379.510. 2. If as a result of such examination the director h…

379.485. Penalties for failure to comply — powers of director. — 1. If any rating organization or insurer shall fail to comply with an order of the director lawfully made by him under section 379.480, the director may, in addition to other penalties provided in sections 379.420 t…

379.490. May use rating plans or systems. — Any rate, rating plan or rating system made or adopted by an insurer or by a rating organization licensed hereunder and any modifications and amendments thereto may be used subject to the provisions of sections 379.420 to 379.510. ­­---…

379.495. Payment of dividends not regulated. — 1. Nothing in sections 379.420 to 379.510 shall be construed to prohibit or regulate the payment of dividends, savings, or unabsorbed premium deposits allowed or returned by insurers to their policyholders, members or subscribers. 2.…

379.500. Freedom of contract for fees not restricted. — Nothing in sections 379.420 to 379.510 shall abridge or restrict the freedom of contract of insurers, agents, or brokers with reference to the amount of commissions or fees to be paid to such agents or brokers by insurers, a…

379.505. Hearings on orders — notice — rules of pleading and evidence — review — effective date of order. — 1. Any insurer or rating organization aggrieved by any order or decision of the director made without a hearing, may, within thirty days after notice of the order to the in…

379.510. Penalty for violation of orders. — 1. If the director determines that any person has violated a final order of the director under sections 379.420 to 379.510, the director may issue such administrative orders as authorized under section 374.046. A violation of any of the…

379.515. May reorganize and extend corporate existence. — Any corporation now or hereafter organized and incorporated or existing under any general or special law of this state to do any insurance business other than that of life insurance the period of whose corporate existence …

379.520. Content of articles of association. — Whenever any such corporation desires to avail itself of the provisions of sections 379.515 to 379.580 and to reorganize and extend and continue its corporate existence under the general laws of this state after the time limited by l…

379.525. Additional requirements for articles of association. — 1. If such company be a stock company, then the articles of association shall set forth, in addition to the requirements of section 379.520, the amount of the capital stock, the number of shares into which it shall h…

379.530. Special meeting to be called — notice. — After drafting the proposed articles of association, it shall be the duty of the directors of said company to call a special meeting, if a stock company, of its stockholders; if a mutual company, of its policyholders; or if a stoc…

379.535. Propositions for reorganization and extension of corporate existence to be voted on. — 1. At the time and place designated, the proposition as to the reorganization and extension and continuance of the corporate existence of such company under the general laws of the sta…

379.540. Articles to be acknowledged and declaration of proceeding to be made. — 1. If the assent is obtained as provided in section 379.535, the directors of the company, or a majority of them, or any five stockholders, may sign and acknowledge the articles of association adopte…

379.545. Duty of director. — Said director, if satisfied that the said propositions for reorganization and extension and continuance of the corporate existence of the company under the general laws and articles of association have been duly adopted, and that the said articles of …

379.550. Board to accept certificate — file with secretary of state — fee — new board — notify director. — 1. Upon receiving the certificate and authority aforesaid, the board of directors shall by resolution accept the same, and shall file with the secretary of state a copy of s…

379.555. Examination of company and certificate to do business. — 1. If, upon examination made by him, the said director shall find that the company has been duly reorganized as provided by this chapter and that its capital is such as set forth in the articles of association, and…

379.560. Value of equitable interests of nonassenting stockholders or policyholders to be paid to them. — If the assent be obtained as provided in section 379.535, but there be any stockholders or policyholders who have not at such meeting given their assent to such propositions …

379.565. Suit in circuit court to determine value. — In such event, said company shall within six months after the time originally limited by law or its charter for the termination of its corporate existence file a petition in equity in the circuit court of the county where its p…

379.570. Publication of notice — proceedings. — 1. On the filing of said petition with the clerk of said court, it shall be the duty of said clerk to cause a notice to be published in some newspaper published in the county where the cause is pending, and if there is no newspaper …

379.575. Who may appear — proceedings, how governed. — 1. Any person interested in such company as a stockholder, if it be a stock company, or as a policyholder if it be a mutual company, or as a stockholder or a policyholder in its mutual department, at the time originally limit…

379.580. Costs — by whom paid. — All costs of such proceeding prior to and including the judgment and decree of the court, or, if the matter be referred, prior to and including the filing and approval of the referee's report, shall be paid by the petitioner, and the court, as to …

379.585. Company having special charter may accept general insurance laws. — Any insurance company, other than life, incorporated and organized under the laws of this state, and now doing business in this state, may surrender its charter, and accept in lieu of said charter the pr…

379.590. Content of articles of association. — When any such company desires to avail itself of the provisions of sections 379.585 to 379.625, the directors thereof shall draw up articles of association which shall set forth (1) The name of the company; (2) The place where the pr…

379.595. Additional requirements of articles of association. — 1. If such company be a stock company, then the articles of association shall set forth, in addition to the requirements of section 379.590, the amount of capital stock, the number of shares in which it shall have bee…

379.600. Special meeting to be called — notice. — After drafting the proposed articles of association, it shall be the duty of the directors of said company to call a special meeting, if a stock company, of its stockholders, if a mutual company, of its policyholders, or if a stoc…

379.605. Proposition to surrender to be voted on. — 1. At the time and place designated, the proposition as to the surrender of the charter, adoption of the general insurance statutes in lieu thereof, reorganization thereunder, increase of stock, if necessary, and adoption of the…

379.610. Acknowledgment and declaration to be made. — 1. If the assent is obtained as provided in section 379.605, the directors of the company, or a majority of them, or any five stockholders, or if a mutual company, any five policyholders, may sign and acknowledge the articles …

379.615. Duty of director. — Said director, if satisfied that the proposed surrender of the existing charter and substitution therefor of the articles of association have been duly adopted, and that the said articles of association are in conformity with the general insurance sta…

379.620. Acceptance by resolution of directors. — Upon receiving the certificate and authorization aforesaid, the board of directors shall, by resolution, accept the same, and shall file with the secretary of state a copy of said articles of association and of the certificate and…

379.625. Certificate to do business. — 1. If, upon examination made by him, the said director of the department of commerce and insurance shall find that the company has been duly reorganized as provided by this chapter, and that its assets, capital, premium notes and investments…

379.650. Exchange of reciprocal or interinsurance contracts authorized — classes of insurance allowed. — 1. Individuals, partnerships and corporations of this state, hereby designated subscribers, are hereby authorized to exchange either assessable or nonassessable reciprocal or …

379.660. Contracts to be executed through attorney in fact. — The contracts may be executed by an attorney in fact, herein designated attorney, duly authorized and acting for the subscribers, and the attorney may be a corporation. The office or offices of the attorney, herein def…

379.670. Application for license, contents — requirements. — The subscribers so contracting among themselves shall, through their attorney, file with the director of the department of commerce and insurance of this state a declaration verified by the oath of the attorney setting …

379.680. Service of process on director — method. — 1. Concurrently with the filing of the declaration provided for by the terms of section 379.670, the attorney shall file with the director of the department of commerce and insurance an instrument in writing, executed by him for…

379.690. Statement of condition and affairs may be required by director — restriction on liability of members. — There shall be filed with the director of the department of commerce and insurance of this state, by the attorney, a statement under the oath of the attorney, showing …

379.700. Reserves required. — There shall be maintained at all times assets in cash or securities authorized by the laws of the state in which the principal office of the attorney is located for the investment of similar funds of insurance companies doing the same kind of busines…

379.710. Surplus required — claim reserve fund — phase-in of requirements. — 1. In order to commence writing the business enumerated in only one subdivision of subsection 1 of section 379.650, a reciprocal or interinsurance exchange shall have as a surplus, in addition to other r…

379.720. Deficiency how made up — net premium and deposit defined. — 1. If at any time the amounts on hand are less than the requirements of sections 379.700 and 379.710, the subscribers or their attorney for them shall make up the deficiency. 2. Where funds other than those whic…

379.730. Annual statement of financial condition required. — 1. The attorney shall make an annual report to the director of the department of commerce and insurance for the calendar year, showing that the financial condition of affairs at the office where the contracts are issued…

379.740. Corporations generally empowered to become subscribers. — Any corporation now or hereafter organized under the laws of this state shall, in addition to the rights, powers and franchises specified in its articles of incorporation, have full power and authority to exchange…

379.750. Certificate of authority from director required — license may be revoked or suspended — renewal. — 1. Each attorney by whom or through whom are issued any policies of or contracts for indemnity of the character referred to in sections 379.650 to 379.790 shall procure fro…

379.770. Mergers or consolidation of reciprocal exchanges or interinsurers. — Two or more domestic reciprocal exchanges or interinsurers may merge or consolidate on affirmative vote of not less than two-thirds of the subscribers of each exchange or interinsurer who vote on the me…