Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

379.005. 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…

379.010. Number of incorporators required — classes of insurance — capital and surplus requirements, phase-in. — 1. Any number of persons, not less than thirteen in number, a majority of whom shall be citizens of this state, may associate and form a corporation, association or co…

379.011. Documents required for insurance transactions or proof of coverage by electronic means permitted, when, requirements — inapplicability — withdrawal of consent, no additional fees for paper records — discounts. — 1. As used in this section, the following terms mean: (1) "…

379.012. Insurance forms and endorsements may be available on insurer's website, when, requirements — rulemaking authority. — 1. In addition to and notwithstanding any other provisions or requirements of section 379.011 to the contrary, insurance policy forms and endorsements for…

379.017. Combined risk policies authorized — single premium may be lower than aggregate coverage rates. — Every insurance company licensed to do business in this state and authorized to make insurance on classes of insurance enumerated in subdivisions (1), (2) and (3) of subsecti…

379.025. Plans for formation of companies — name — prohibitions. — Corporations may be formed for the purpose of doing business mentioned in section 379.010, either on the stock or mutual plan; and every corporation so formed on the mutual plan shall have the word "mutual" affixe…

379.030. Declaration preliminary to organizing. — The persons mentioned in section 379.010 shall be designated as "incorporators", and any such incorporators desiring to form a company for the purpose of transacting the business mentioned in said section, upon either of the plans…

379.035. Articles of incorporation for stock companies. — When such incorporators propose to form a corporation for the purposes designated in section 379.010, on the joint stock plan, the articles of incorporation or association comprised in the declaration in section 379.030 sh…

379.040. Declaration, approval, filing — certificate of incorporation — subscription of stock. — Whenever the incorporators shall have filed the declaration required by section 379.030, and also proof of the publication therein required, by the affidavit of the publisher of the n…

379.050. Examination and certification of stocks, by whom. — Upon notification that the capital stock named in the charter has been subscribed, and the amounts required by section 379.010 to be paid in have been paid in as therein required, the director shall make an examination,…

379.055. Director to give certificate — to be filed — evidence. — When the corporators have fully complied with the requirements of section 379.050, and have transferred to and deposited with the director of the department of commerce and insurance the securities as required by s…

379.060. Charter of mutual companies. — When such incorporators propose to form a corporation for the purpose of doing business on the mutual plan, the charter comprised in the declaration mentioned in section 379.030 shall set forth: (1) The name assumed by such corporation, and…

379.065. Organization of corporation — procedure — fee. — Whenever the incorporators shall have filed the declaration required by section 379.030 and also proof of the publication therein required, by the affidavit of the publisher of the newspaper in which the publication was ma…

379.070. Director to examine subscriptions, policyholders' surplus. — Upon notification that subscriptions to the policyholders' surplus mentioned in section 379.065 have been made, and that the subscriptions therein mentioned have been received, the director shall make an examin…

379.075. Authority to commence business, when, how issued. — When the incorporators have fully complied with the requirements of sections 379.010 to 379.070 and the laws of this state governing the organization of private corporations, and such corporation has transferred to and …

379.080. Capital and surplus of stock or mutual company, investments authorized — violation, penalty. — 1. (1) The amount of the minimum capital required of a stock company to write the lines of business it proposes to transact or is transacting, or if the company is a mutual com…

379.082. Property and liability companies, assets — requirements, standards. — 1. Property or liability domestic insurers shall maintain assets which meet both the following requirements: (1) The assets shall be diversified both as to type and issue; and (2) The assets shall be r…

379.083. Insurer investment in investment pools permitted, when — limitations — custodial and pooling agreements. — 1. As used in this section, the following terms mean: (1) "Affiliate", as defined in section 382.010; (2) "Business entity", a corporation, limited liability compan…

379.085. Mutual companies doing fire and marine business, agreements and securities — violation, penalty. — 1. No company formed upon the mutual plan for the purpose of doing the fire and marine business designated in the first of the three classes of insurance named in section 3…

379.090. Premium notes, how payable. — 1. Every person who shall insure in such mutual company, whose premium is payable by note, shall, before he receives his policy, deposit with the company a note for such sum or sums of money as may be agreed upon for the premium, a part, not…

379.095. Assessment of premium notes. — 1. The board of directors of every mutual insurance company organized under the provisions of sections 379.010 to 379.160 shall have the power, as often as they shall deem it necessary in order to settle the losses insured against, and the …

379.098. Securities to be deposited by all companies, kind and amount. — No existing insurance company organized under any general or special law of this state, and transacting business of the character designated in this chapter, or any company organized under this chapter, shal…

379.100. Director to receive deposits. — The director of the department of commerce and insurance of the state shall receive the deposits and securities required by the provisions of sections 379.010 to 379.160 to be deposited with him, and shall furnish a certificate of such dep…

379.102. Unearned premium and loss reserves, maintained as liabilities. — Each company shall maintain as liabilities unearned premium and loss reserves. ­­-------- (L. 1989 S.B. 250)

379.105. Annual reports — contents. — 1. It shall be the duty of the president or vice president and secretary or a majority of the directors of every insurance company organized pursuant to sections 379.010 to 379.160, or the laws of this state, or of the United States or any ot…

379.108. Form of certificate to be filed with director — definitions — contents — standard forms — false or misleading information prohibited — applicability — fee — violations, effect of — rulemaking authority. — 1. As used in this section, the following terms shall mean: (1) "C…

379.110. Definitions. — As used in sections 379.110 to 379.120 the following words and terms mean: (1) "Insurer", any insurance company, association or exchange authorized to issue policies of automobile insurance in the state of Missouri; (2) "Nonpayment of premium", failure of …

379.112. Provisions of policy covered. — The provisions of sections 379.110 to 379.120 shall apply to that portion of policies of automobile insurance providing bodily injury and property damage liability, comprehensive, and collision coverages and to the provisions therein, if a…

379.114. Reasons for cancellation. — 1. Except as provided in sections 379.110 to 379.120, no insurer shall exercise its right to cancel a policy except for the following reasons: (1) Nonpayment of premium; or (2) The driver's license of the named insured has been under suspensio…

379.116. Refusal to insure or exclusion of named persons, when. — Any insurer may at any time refuse to write a policy of automobile insurance or may cancel or refuse to renew such a policy if the operator's or chauffeur's license of the applicant or named insured has been suspen…

379.118. Notice of cancellation and renewals, due when — reinstatement, when — exemption, when. — 1. If any insurer proposes to cancel or to refuse to renew a policy of automobile insurance delivered or issued for delivery in this state except at the request of the named insured …

379.120. Explanation of refusal to write a policy, how given, contents — exemption, when. — 1. If any insurer refuses to write a policy of automobile insurance, it shall, within thirty days after such refusal, send a written explanation of such refusal to the applicant at his las…

379.121. Definitions. — As used in sections 379.121 to 379.125, the following words and terms shall mean: (1) "Adverse underwriting decision", placement by an insurer or agent of a risk with a residual market mechanism, an unauthorized insurer or an insurer which specializes in s…

379.122. Refusal to issue policy based on the lack of prior motor vehicle coverage prohibited, when — military member protections, notification required. — 1. No insurer shall refuse to write a policy for an applicant or base an adverse underwriting decision, including but not li…

379.123. Violation deemed unfair trade practice. — Violation of section 379.122 shall be unfair trade practice as defined by sections 375.930 to 375.948 and shall be subject to all of the provisions and penalties provided by such sections. ­­-------- (L. 2001 S.B. 151) Transferre…

379.125. Reinsurance. — Any company or association, other than life, organized under the provisions of chapter 379 may cause itself to be wholly or partially reinsured against any loss arising from any risk which it may have undertaken, and in like manner may reinsure or guarante…

379.130. Insurance claims, percentage of fault not to be assigned based solely on operation of a motorcycle. — 1. When investigating an accident or settling an automobile insurance policy claim, no insurer, agent, producer, or claims adjuster of an insurer shall assign a percenta…

379.1300. Definitions. — As used in sections 379.1300 to 379.1351, the following terms shall mean: (1) "Affiliated company", any company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or…

379.1302. Licensure — prohibited acts — requirements for conducting business — application requirements. — 1. Any captive insurance company, when permitted by its articles of association, charter, or other organizational document, may apply to the director for a license to do any…

379.1304. Adoption of a name, deceptive practice. — No captive insurance company shall adopt a name that is the same, deceptively similar, or likely to be confused with or mistaken for any other existing business name registered in the state of Missouri. ­­-------- (L. 2007 S.B. …

379.1306. Capital and surplus requirements. — 1. No captive insurance company shall be issued a license unless it shall possess and thereafter maintain unimpaired paid-in capital and surplus of: (1) In the case of a pure captive insurance company, not less than two hundred fifty …

379.1308. Approval for payment of dividends required. — No captive insurance company shall pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the director. Approval of an ongoing plan for the payment of dividends or othe…

379.1310. Incorporation as a stock insurer permitted, when. — 1. A pure captive insurance company may be incorporated as a stock insurer with its capital divided into shares and held by the stockholders as a nonprofit corporation with one or more members, or as a manager-managed …

379.1312. Reports required. — 1. Captive insurance companies shall not be required to make any annual report except as provided in sections 379.1300 to 379.1351. 2. Prior to March first of each year, each captive insurance company shall submit to the director a report of its fina…

379.1314. Inspections, when. — 1. At least once every three years and whenever the director determines it to be prudent, the director shall personally, or by some competent person appointed by the director, visit each captive insurance company and thoroughly inspect and examine i…

379.1316. Suspension or revocation of licensure, when. — 1. The license of a captive insurance company may be suspended or revoked by the director for any of the following reasons: (1) Insolvency or impairment of capital or surplus; (2) Failure to meet the requirements of section…

379.1318. Investment requirements, compliance with. — 1. Association captive insurance companies shall comply with the investment requirements contained in chapter 375 and sections 379.080 and 379.082, as applicable. Investments of association captive insurance companies shall be…

379.1320. Reinsurance may be provided, when. — 1. Any captive insurance company may provide reinsurance, comprised in section 376.010 and subsection 1 of section 379.010, on risks ceded by any other insurer. 2. Any captive insurance company may take credit for the reinsurance of …

379.1322. Rating organizations, company not required to join. — No captive insurance company shall be required to join a rating organization. ­­-------- (L. 2007 S.B. 215)

379.1324. Prohibitions on joining or contributing to certain entities and funds. — No captive insurance company shall be permitted to join or contribute financially to any plan, pool, association, or guaranty, or insolvency fund in this state, nor shall any such captive insurance…