Title XXIV, BUSINESS AND FINANCIAL INSTITUTIONS

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…

375.539. Hazardous operation, discontinuation determination, standards for — issuance of order by director, hearing procedure. — 1. The director of the department of commerce and insurance may deem an insurance company to be in such financial condition that its further transactio…

375.570. Manner of commencing proceedings — petition, contents. — 1. Terms used in sections 375.570 to 375.750 shall mean as defined in section 375.1152. 2. A formal delinquency proceeding, or seizure as described in section 375.1164, shall be commenced by filing a verified petit…

375.580. Issuance, service and return of process. — 1. If any order as described in section 375.640 or 375.1155 to be issued preliminarily to the summary hearing provided by section 375.600 is prayed for: (1) The petition shall be first presented ex parte to the court, which may …

375.600. Pleadings and proceedings, general procedures — summary hearing, purpose — effect of nonattendance by defendant. — 1. The pleadings and proceedings, insofar as not otherwise regulated by sections 375.570 to 375.750, 375.950 to 375.990 and 375.1150 to 375.1246, shall be a…

375.610. Hearing by the court, procedures — no continuances or discovery, exceptions. — 1. All pleadings shall be made up and filed at or before the day of the hearing, and the court shall, without the intervention of a jury, and without unnecessary delay, proceed to hear and det…

375.620. Referee or master to hear and report — exceptions, filed by either party. — 1. If the case is referred, the referee or master shall forthwith proceed to hear the same, and shall file his report within ten days after the conclusion of the testimony. 2. Any referee or mast…

375.630. Examinations and statements, evidentiary effect — case to be decided, when — appeals — attorney fees, paid how. — 1. In a hearing before the court, master or referee, certified copies of the statement made by the defendant, or of reports of examinations of the defendant …

375.640. Insurance director to take charge. — If the director shall apply, either at the time of or after the filing of the petition referred to in section 375.570, the court may, if the court deems it necessary, authorize him or a special deputy appointed for such purpose to tem…

375.650. Title of assets to vest in director — special deputy receiver, appointment, duties. — 1. Upon the rendition of a final judgment dissolving an insurer, or declaring it insolvent, all the general assets of such insurer shall vest in fee simple and absolutely in the directo…

375.660. Disposition of assets. — 1. If the court directs the director to liquidate, settle or wind up the affairs of the defendant, said director shall take immediate possession of the assets, books and papers of the defendant, and unless disposition of the assets of the defenda…

375.670. Allowance of demands — receiver to review claims against receivership. — 1. The court, upon the application of the receiver, shall establish claims procedures and shall limit and may extend the time for the presentation of claims against the receivership, and notice ther…

375.710. Conflict of interests — power of court — trustees. — In case of any conflict of interests on any matter, or concerning the enforcement or settlement of any conflicting claims between two or more insurers, the settlement and winding up of whose affairs shall be under the …

375.720. Penalty for failure or refusal to deliver assets to director. — 1. Whenever, by this chapter, or by any other law of this state, the director is authorized or required to take possession of any of the general assets of any insurer, it is unlawful for any person or compan…

375.740. Payment of expenses of proceedings. — 1. In proceedings to enjoin, rehabilitate, dissolve, wind up or otherwise settle the affairs and dispose of the assets of insurers, the director shall receive no fees nor compensation for any services personally performed by him. 2. …