Title XXIV, BUSINESS AND FINANCIAL INSTITUTIONS

380.005. 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…

380.011. Classification as Missouri mutual insurance companies — new companies prohibited. — 1. All county mutual insurance companies, all town mutual insurance companies and all farmers' mutual insurance companies possessing a certificate of incorporation from the secretary of s…

380.021. Authority to do business on not-for-profit basis — property of members, authority to insure — limitation of area — reserve fund, and reinsurance requirements. — 1. All Missouri mutual insurance companies operating under the provisions of sections 380.011 to 380.151 shall…

380.031. Exemption from insurance laws, exceptions. — Any Missouri mutual insurance company operating under the provisions of sections 380.011 to 380.151 shall be exempt from all provisions of other insurance laws of this state unless such laws shall expressly declare that they a…

380.041. Board of directors, election, qualifications, terms, officers — annual meeting of company, held when, notice of requirements. — 1. Each Missouri mutual insurance company shall elect a board of at least five directors, each of whom shall be the owner of property insurance…

380.051. Financial statement filed annually, fee. — Every such company shall, on or before the first day of March in each year, file a statement with the director of the department of commerce and insurance, verified by the affidavit of its president and secretary reporting the f…

380.061. Examination by department, powers and duties — expenses — examination by CPA in lieu of department — refusal to comply, effect. — 1. It shall be the duty of the director of the department of commerce and insurance or his duly appointed agents to make full and careful exa…

380.071. Unsafe operation of business — reasonable time to remedy — failure to remedy, director's powers. — 1. If it appears to the director of the department of commerce and insurance from a statement of any company filed pursuant to the provisions of section 380.051, or upon ex…

380.081. Noncompliance — notice, content hearing — judicial review — failure to comply, director's powers. — 1. If at any time the director of the department of commerce and insurance shall find that a Missouri mutual insurance company is not operating in compliance with the prov…

380.091. Forms filed where — disapproval by director, notice, content — judicial review. — 1. All Missouri mutual insurance companies shall file all applications, policy forms and all endorsements, riders or amendments thereto with the director of the department of commerce and i…

380.101. Policyholder in mutual to be member — eligibility — member's right to sue company. — Any person shall be eligible to apply for membership in a Missouri mutual insurance company. Each policyholder of a Missouri mutual insurance company shall be a member of such company an…

380.111. School district's real and personal property may be insured — procedure for district to become member. — All Missouri mutual insurance companies may accept as members any school district of this state, and may insure the real and personal property thereof as in the case …

380.121. Membership fee — business basis, how established — assessment of members — reserve — return of deposits to members, when — liability of policyholder on termination of policy. — 1. Each Missouri mutual insurance company may require the payment of a membership fee, the amo…

380.131. Loss or judgment against company, business basis to determine procedure — failure to pay assessment, effect. — 1. After receiving notice of any loss or damage to a member's property or after the rendition of any judgment against a company, the directors of a company oper…

380.141. Unsatisfied judgment against company, restraining order for transaction of new business. — Whenever any judgment is obtained in any of the courts of this state against any Missouri mutual insurance company doing business in this state under the provisions of sections 380…

380.151. Mutual companies may unite or transfer funds and engagements, procedure — creditor's rights not affected. — Any two or more Missouri mutual insurance companies operating under the provisions of sections 380.011 to 380.151 may unite and become incorporated in one corporat…

380.201. Definitions. — As used in sections 380.201 to 380.601, unless the context clearly indicates otherwise, the following terms mean: (1) "Assessment", the amount, or the policyholder's share of such amount, determined by the company to be necessary to pay accrued liabilities…

380.211. New companies prohibited, when. — No company shall be incorporated under the provisions of sections 380.201 to 380.601 after January 1, 1985. ­­-------- (L. 1984 H.B. 1498) Effective 1-01-85

380.221. Missouri mutual companies may elect to come under this law — procedure — farmers' mutuals to operate under this law — exemption from examination, certain agents. — 1. Any company operating under the provisions of sections 380.011 to 380.151 may avail itself of the rights…

380.231. Company operations limited to Missouri. — 1. Any company operating under the provisions of sections 380.201 to 380.591 may do business throughout the state of Missouri but may not do business outside this state. The counties the company proposes to do business in shall b…

380.241. Amendment to articles and bylaws, procedure — fee. — 1. The articles of incorporation may be amended by a two-thirds vote of the members voting at any meeting of members if members have been given not less than thirty days' notice of such meeting and proposed amendments.…

380.251. Forms, filing and approval, fee — policy, required provisions — disapproved, procedure. — 1. No company shall deliver or issue for delivery in this state a policy, or any endorsement or rider thereto, until a copy of the form shall have been filed with and approved by th…

380.261. Kinds of insurance company may make. — A company operating under the provisions of sections 380.201 to 380.591 may make any one or more of the following kinds of insurance as defined subject to the provisions of this law: (1) Fire: Insurance against loss or damage to pro…

380.271. Financial reinsurance requirements. — 1. In order to commence or continue writing the classes of insurance enumerated in section 380.261, any company operating under the provisions of sections 380.201 to 380.591 shall comply with the following financial and reinsurance r…

380.281. Mergers of certain mutual companies, procedure — merger plan, required contents. — Any two or more companies operating under the provisions of sections 380.201 to 380.591 may merge into one of the corporations; and companies operating under the provisions of sections 380…

380.291. Meeting to consider merger plan, notice — requirements. — The plan of merger shall be submitted to a vote at a meeting of the members which may be either an annual or a special meeting. Written or printed notice stating that the purpose, or one of the purposes, of the me…

380.301. Approval of merger plan, votes required. — At each such meeting a vote of the members entitled to vote thereat shall be taken on the proposed plan of merger. The plan of merger shall be approved upon receiving the affirmative vote of at least three-fourths of the members…

380.311. Articles of merger, content — executed by corporate officers. — Upon the approval of the members, articles of merger shall be executed in duplicate by each corporation by its president or a vice president, and verified by him, and the corporate seal of each corporation s…

380.321. Director to review petition for merger — hearing to be held, when — procedure — costs. — 1. Whenever two companies propose to merge under the provisions of section 380.281 and their membership has approved the plan of merger, a petition shall be presented to the director…

380.331. Certificate of merger issued, when — director and secretary of state's duties. — 1. Upon approval or modification of the plan of merger, the director shall certify a copy of his order of approval and two copies of the articles of merger and forward same to the secretary …

380.341. Merger effective when. — Upon the issuance of the certificate of merger by the secretary of state, the merger or consolidation shall be effected. ­­-------- (L. 1984 H.B. 1498) Effective 1-01-85

380.351. Certificate of merger returned to whom. — The certificate of merger and certified copy thereof, with a copy of the articles of merger affixed thereto by the secretary of state, shall be returned to the surviving corporation or new corporation, as the case may be, or to i…

380.361. Surviving corporation after merger, rights and liabilities. — 1. The several corporations parties to the plan of merger shall be a single corporation, which shall be that corporation designated in the plan of merger as the surviving corporation. 2. The separate existence…

380.371. Powers of a company, generally. — Subject to the provisions of sections 380.201 to 380.591 every company operating hereunder shall have all the powers of a corporate body, including but not limited to the following: To borrow money; to sue and be sued; to make contracts …

380.381. Board of directors, election — terms — vacancies — annual meeting, quorum, voting rights. — 1. The management of any company operating under the provisions of sections 380.201 to 380.591 shall be vested as provided in the articles of incorporation in a board of at least …

380.391. Misuse of company assets for private gain, penalty. — 1. It is unlawful for any officer, director, member, agent or employee of any company operating under the provisions of sections 380.201 to 380.611 to directly or indirectly use or employ, or permit others to use or e…

380.401. Record of investigations of company operations by director — violations, duties of prosecutor or attorney general. — 1. The director shall, as he may deem proper, make careful inquiry and investigation as to the manner in which the money, funds or securities of companies…

380.411. Officers, how selected, tenure. — Unless the articles of incorporation shall provide otherwise concerning the election of such officers, the directors shall elect from their number a president and a vice president. The directors shall also select a secretary and treasure…

380.421. Membership in a company, eligibility. — 1. Any person having a risk insurable under the provisions of sections 380.201 to 380.591 in the territory in which the company operates may become a member of such company by insuring therein, and shall be entitled to all the righ…

380.431. Initial charge — guaranty fund to be maintained, how funded, purpose — policies providing for assessment of member — requirements. — 1. A company operating under the provisions of sections 380.201 to 380.591 may collect such fee and/or initial charge as the board of dire…

380.441. Liability of members — suspension of company liability during delinquency of members. — Each member of any company operating under the provisions of sections 380.201 to 380.591 shall be liable in accordance with the terms of his insurance contract or policy for his pro r…

380.451. Policyholder not liable for obligations after termination of policy — notice of assessment after termination. — A policyholder shall not be liable to assessment for any losses or expenses incurred by the company subsequent to the termination of his policy nor shall he be…

380.461. Company may borrow to pay losses — assessment to pay loan. — The company may borrow money for the payment of accrued losses and expenses; but any sum necessary to pay the loan in full shall be included in the next assessment and the assessment shall be levied not later t…

380.471. Approved investments. — Any company operating under the provisions of sections 380.201 to 380.591 may invest in bonds of the United States, or of this state, or of any county, or of any municipality of this state, or in improvement bonds issued for street improvements in…

380.482. Annual statement of company. — Every company operating under sections 380.201 to 380.591, on or before the first day of March in each year, shall prepare an annual statement on a form prescribed by the director, verified by the affidavit of its president and secretary, s…

380.491. Director to examine, when — expenses. — If the director believes that a company may be conducting its affairs in a manner contrary to law or detrimental to the interests of the policyholders or if requested by resolution adopted at any special or annual meeting of its me…

380.501. Company may dissolve — procedure. — A company may at any meeting of members, due notice of the time, place and object of which shall have been given, by a vote of three-fourths or more of the members voting, voluntarily discontinue its operations and settle its affairs. …

380.511. Company exempt from insurance laws, exception. — 1. Any company operating under sections 380.201 to 380.591 shall be exempt from all provisions of other insurance laws of this state except as otherwise specifically designated in this chapter. No law hereafter passed shal…

380.521. License for agents — agencies and brokers. — 1. No company organized or operating under the provisions of sections 380.201 to 380.591* shall pay any commission or other compensation to any person for any services, as agent, in obtaining in this state any contract of insu…

380.531. Notices, how given. — Except as otherwise specifically provided in sections 380.201 to 380.591, notice for all purposes required by any provision of those sections shall consist of written or printed notice delivered to the insured or other person to be notified or depos…