Title XXIV — BUSINESS AND FINANCIAL INSTITUTIONS

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…

378.601. Fraternal benefit society, defined. — Any incorporated society, order or supreme lodge, without capital stock, including one exempted under the provisions of subdivision (1) of subsection 1 of section 378.640* whether incorporated or not, conducted solely for the benefit…

378.602. Lodge system, requirements — children's wages permitted, limitation. — 1. A society is operating on the lodge system if it has a supreme governing body and subordinate lodges into which members are elected, initiated or admitted in accordance with its laws, rules and rit…

378.603. Representative form of government, requirements. — A society has a representative form of government when: (1) It has a supreme governing body constituted in one of the following ways: (a) The supreme governing body is an assembly composed of delegates elected directly b…

378.604. Definitions. — As used in this chapter, the following terms shall mean: (1) "Benefit contract", the agreement for provision of benefits authorized by section 378.616, as that agreement is described in subsection 1 of section 378.619; (2) "Benefit member", an adult member…

378.605. Operation, purpose — laws and rules, power to adopt. — 1. A society shall operate for the benefit of members and their beneficiaries by: (1) Providing benefits as specified in section 378.616; and (2) Operating for one or more social, intellectual, educational, charitabl…

378.606. Laws and rules, requirements — membership rights nonassignable. — 1. A society shall specify in its laws or rules: (1) Eligibility standards for each and every class of membership, provided that if benefits are provided on the lives of children, the minimum age for adult…

378.607. Principal office, meetings, location — official publication, annual statement, requirements. — 1. The principal office of any domestic society shall be located in this state. The meetings of its supreme governing body may be held in any state, district, province or terri…

378.608. Liability, immunity from, when — indemnification, when — insurance, purchase of for officers allowed. — 1. The officers and members of the supreme governing body or any subordinate body of a society shall not be personally liable for any benefits provided by a society. 2…

378.609. Waiver of laws, restriction on, when. — The laws of the society may provide that no subordinate body, nor any of its subordinate officers or members shall have the power or authority to waive any of the provisions of the laws of the society. Such provision shall be bindi…

378.610. Organization of, how — articles of incorporation, contents — filing — membership requirements. — 1. A domestic society organized on or after January 1, 1993, shall be formed when seven or more citizens of the United States, a majority of whom are citizens of this state, …

378.611. Amendment of laws, procedures — amendments furnished to members. — 1. A domestic society may amend its laws in accordance with the provisions thereof by action of its supreme governing body at any regular or special meeting thereof or, if its laws so provide, by referend…

378.612. Society may operate nonprofit organizations — may not own funeral home. — 1. A society may create, maintain and operate, or may establish organizations to operate not-for-profit institutions to further the purposes permitted by subdivision (1) of subsection 1 of section …

378.613. Reinsurance agreements, allowed — limitations. — 1. A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer (other than another fraternal benefit society) having the power to make such reinsurance and author…

378.614. Merger or consolidation, allowed when — requirements — approval of director required — effects. — 1. A domestic society may consolidate or merge with any other society by complying with the provisions of this section. It shall file with the director: (1) A certified copy…

378.615. Conversion to mutual life insurance company, allowed when. — 1. Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of the insurance laws of this state for mutual life insurance c…

378.616. Benefits authorized — rules to specify allowable beneficiaries. — 1. A society may provide the following contractual benefits in any form: (1) Death benefits; (2) Endowment benefits; (3) Annuity benefits; (4) Temporary or permanent disability benefits; (5) Hospital, medi…

378.617. Change of beneficiary, allowed — funeral benefits, payment of, limitation — no beneficiary, effect. — 1. The owner of a benefit contract shall have the right at all times to change the beneficiary or beneficiaries in accordance with the laws or rules of the society unles…

378.619. Certificate of ownership, issued to owner, when, contents — life benefit contract, minor effects — impairment of class of certificates, effects — filing with director, when — minor, transfer of control of contract to, when. — 1. Every society authorized to do business in…

378.620. Cash surrender value of certificate, computation of. — 1. For certificates issued prior to one year after January 1, 1993, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or other option granted shall comply with the prov…

378.621. Investment of funds. — A society shall invest its funds only in such investments as are authorized by the laws of this state for the investment of assets of life insurers and subject to the limitations thereon. Any foreign or alien society permitted or seeking to do busi…

378.622. Assets, use of — variable basis contracts, allowed when. — 1. All assets shall be held, invested and disbursed for the use and benefit of the society and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment on t…

378.623. Application of law — exemption from insurance laws. — Except as herein provided, societies shall be governed by this chapter and shall be exempt from all other provisions of the insurance laws of this state, except chapters 374 and 375, not only in governmental relations…

378.624. Taxation of societies, exemptions. — Every society organized or licensed under this chapter is hereby declared to be a charitable and benevolent institution, and all of its funds shall be exempt from all and every state, county, district, municipal and school tax other t…

378.625. Valuation of certificates, standards — reserves, excess permitted. — 1. Standards of valuation for certificates issued prior to one year after January 1, 1993, shall be those provided by the laws applicable immediately prior to January 1, 1993. 2. The minimum standards o…

378.626. Statement of financial condition, contents, filing — penalty. — 1. Every society transacting business in this state shall annually, on or before the first day of March, unless for good cause shown such time has been extended by the director, file with the director a true…

378.627. Annual renewal required. — Societies which are now authorized to transact business in this state, and all societies hereafter licensed, may continue such business until the first day of April next succeeding January 1, 1993. The authority of such societies, and all socie…

378.628. Examination, director may conduct — expenses. — 1. The director, or any person he may appoint, may examine any domestic, foreign or alien society transacting or applying for admission to transact business in this state in the same manner as authorized for examination of …

378.629. Foreign society to have license, requirements. — No foreign or alien society shall transact business in this state without a license issued by the director. Any such society desiring admission to this state shall comply substantially with the requirements and limitations…

378.630. Powers of director to order changes, when — may enjoin further business, when, duration — liquidation, effect. — 1. When the director upon investigation finds that a domestic society: (1) Has exceeded its powers; (2) Has failed to comply with any provision of this chapte…

378.631. Foreign society, director may enjoin business, when. — 1. When the director upon investigation finds that a foreign or alien society transacting or applying to transact business in this state: (1) Has exceeded its powers; (2) Has failed to comply with any of the provisio…