Missouri Revised Statutes

Chapter 380
County, Town and Farmers' Mutual Property Insurance Companies

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Definitions.

380.005. As used in this chapter, unless otherwise clearly indicated by the context, the following words mean:

(1) "Department", the department of insurance, financial institutions and professional registration; and

(2) "Director", the director of the department of insurance, financial institutions and professional registration.

(L. 2008 S.B. 788)

Classification as Missouri mutual insurance companies--new companiesprohibited.

380.011. 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 state and operating under sections 380.009 to 380.270, 380.280 to 380.470 and 380.479 to 380.570, respectively, shall be known as Missouri mutual insurance companies and shall after January 1, 1985, operate under the provisions of sections 380.011 to 380.151. Only those county mutual insurance companies, town mutual insurance companies and farmers' mutual insurance companies possessing a certificate of incorporation from the secretary of state upon January 1, 1985, shall operate under sections 380.011 to 380.151, and no new companies shall be formed to operate under those sections of the Revised Statutes of Missouri.

2. All Missouri mutual insurance companies shall, within ninety days of January 1, 1985, file a registration statement with the director of the department of insurance, financial institutions and professional registration which shall contain the name of the company, the location and address of its principal office, the names and addresses of its officers and directors, and shall be accompanied by copies of its articles of incorporation and bylaws. The director shall compile and maintain a list of all companies registered and operating under the provisions of sections 380.011 to 380.151 and shall file this list with the secretary of state on or before May 1, 1985.

3. If any county mutual insurance company, town mutual insurance company or farmers' mutual insurance company possessing a certificate of incorporation from the secretary of state and operating under the provisions of sections 380.009 to 380.270, 380.280 to 380.470 or 380.479 to 380.570, respectively, fails to file the required registration statement with the director of the department of insurance, financial institutions and professional registration within ninety days of January 1, 1985, the secretary of state shall irrevocably forfeit the company's corporate charter.

(L. 1984 H.B. 1498)

Effective 1-1-85

Authority to do business on not-for-profit basis--property of members,authority to insure--limitation of area--reserve fund, andreinsurance requirements.

380.021. 1. All Missouri mutual insurance companies operating under the provisions of sections 380.011 to 380.151 shall be authorized to do the business of insurance on an assessable, mutual and not-for-profit basis. All such companies shall have authority to insure the property of their members from loss or damage caused by fire; lightning; tornado; windstorm; cyclone; hail; explosion; riot; riot attending a strike; civil commotion; aircraft; vehicles; smoke; physical damage to livestock; overturn or collision of farm machinery; theft; burglary; vandalism; malicious mischief; removal; breakage of glass; falling objects; weight of ice, snow or sleet; collapse of buildings; freezing, accidental discharge, leakage or overflow of water or steam; other damage caused by steam; and sudden and accidental injury from electrical currents. Nothing contained in these sections shall be construed as to allow any Missouri mutual insurance company to insure its members against loss to their motor vehicles, as defined in section 301.010, from any peril whatsoever or liability occasioned by the use of such motor vehicles, or to insure property pursuant to or in connection with a specific loan or other credit transaction.

2. All Missouri mutual insurance companies shall do business only in the county or counties in which they are organized or in adjoining counties. Any Missouri mutual insurance company may write insurance against loss or damage to the crops of their members from the perils enumerated in subsection 1 of this section in any and all counties of this state so long as the company maintains a reserve fund of at least three hundred thousand dollars and reinsurance sufficient to protect the financial stability of the company. The director of the department of insurance, financial institutions and professional registration may require additional reinsurance if he deems it necessary to protect the policyholders of the company.

3. The corporation shall have all the powers, rights, privileges, duties and obligations of a corporation organized under chapter 355 except insofar as such provisions are inconsistent with the provisions of sections 380.011 to 380.151. Nothing herein shall be construed as prohibiting any Missouri mutual insurance company from distributing underwriting or investment gain to its members or from accumulating a reasonable reserve fund for the payment of losses and other expenses.

(L. 1984 H.B. 1498)

Effective 1-1-85

Exemption from insurance laws, exceptions.

380.031. 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 are applicable to such Missouri mutual insurance companies.

(L. 1984 H.B. 1498)

Effective 1-1-85

Board of directors, election, qualifications, terms, officers--annualmeeting of company, held when, notice of requirements.

380.041. 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 in the company. The directors shall be elected by a majority vote of the members voting at the annual meeting of the members for a term of not less than one year nor more than three years. The directors shall elect from their number a president and vice president. The directors shall also select a secretary, treasurer and such additional officers as they may deem necessary, who may or may not be members of the company. The offices of secretary and treasurer may be occupied by one person.

2. Each Missouri mutual insurance company shall hold an annual meeting of its members on the date and time and at the place specified in its articles of incorporation; immediately thereafter, a separate meeting of the board of directors shall be held. If the articles of incorporation are silent as to the date, time and place of the annual meetings, those meetings shall be held on the first Monday in February and shall be held at the registered office of the corporation.

3. Notice of the annual meeting of the members shall be sent with or mailed with each policy, and shall be stamped or printed on the policy. Notice of the annual meeting shall also be published once a week for two weeks before the date of the meeting in some daily or weekly newspaper published in the county where the principal home office of the company is located.

(L. 1984 H.B. 1498)

Effective 1-1-85

Financial statement filed annually, fee.

380.051. 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 insurance, financial institutions and professional registration, verified by the affidavit of its president and secretary reporting the financial condition of the company for the preceding calendar year. The statement of financial condition shall provide such information and be in such form as may be prescribed by the director of the department of insurance, financial institutions and professional registration. Each company shall pay a fee of twenty-five dollars to the director of the department of insurance, financial institutions and professional registration at the time of filing the annual statement.

(L. 1984 H.B. 1498)

Effective 1-1-85

Examination by department, powers and duties--expenses--examination byCPA in lieu of department--refusal to comply, effect.

380.061. 1. It shall be the duty of the director of the department of insurance, financial institutions and professional registration or his duly appointed agents to make full and careful examination of the affairs of any company operating under the provisions of sections 380.011 to 380.151. The director shall examine such companies whenever, in his discretion, it is deemed necessary.

2. He or any of his duly appointed agents may compel the attendance before him, and may examine, under oath, the directors, officers, agents, employees, solicitors, attorneys or any other person, in reference to the condition, affairs, management of the business, or any matters relating thereto. He may administer oaths or affirmations, may summon and compel the attendance of witnesses, and may require and compel the production of records, books, papers, contracts or other documents, if necessary.

3. In every such examination, inquiry shall be made as to the nature and resources of the corporation generally, the mode of conducting and managing its affairs, the actions of its directors and the security provided its members.

4. The refusal of any such company to permit the examination of its affairs as provided in this section shall be sufficient cause for the institution of proceedings to wind up the affairs of the corporation as provided by section 380.071.

5. The expenses of such examination, as determined by the director of the department of insurance, financial institutions and professional registration, shall be paid by the company examined.

6. In lieu of an examination by the department of insurance, financial institutions and professional registration the director may accept, in a format acceptable to the director, a financial examination report of such company prepared by an independent certified public accountant.

(L. 1984 H.B. 1498)

Effective 1-1-85

Unsafe operation of business--reasonable time to remedy--failure toremedy, director's powers.

380.071. 1. If it appears to the director of the department of insurance, financial institutions and professional registration from a statement of any company filed pursuant to the provisions of section 380.051, or upon examination of any company made pursuant to the provisions of section 380.061, or from any other knowledge or information in his possession that such company is conducting its business in an unsafe manner or that its assets are insufficient to justify the continuance of business by such company, he shall send written notice of the situation to the officers and directors of the company.

2. Such officers and directors may, in the discretion of the director, be allowed a reasonable time in which to remedy the situation. If the officers and directors fail to remedy the situation after a reasonable time, or if at any time it shall appear to the director of the department of insurance, financial institutions and professional registration that the continued operation of the company would not be in the best interests of the policyholders, the director of the department of insurance, financial institutions and professional registration shall institute proceedings, in the circuit court in the city or county in which the company has its principal office, to enjoin or restrain the company from further prosecution of its business, either temporarily or permanently, and if the director seeks to enjoin or restrain the company permanently, he shall also institute proceedings to settle and wind up the affairs, and to liquidate and to dissolve the company.

(L. 1984 H.B. 1498)

Effective 1-1-85

Noncompliance--notice, content hearing--judicial review--failure tocomply, director's powers.

380.081. 1. If at any time the director of the department of insurance, financial institutions and professional registration shall find that a Missouri mutual insurance company is not operating in compliance with the provisions of sections 380.011 to 380.151, he shall notify in writing the officers and directors of such fact. The notice shall clearly set forth the director's belief, his reasons and his proposed action. The director may, after a hearing held pursuant to the provisions of chapter 536, order the company to bring its operations into compliance. Judicial review of the director's order may be sought as provided in chapter 536.

2. Refusal or neglect by any such company to comply with the requirements of the above order shall be sufficient cause for the institution of proceedings to wind up the affairs of the company. The director may, in his discretion, institute proceedings to enjoin or restrain such company from the further prosecution of its business as provided in section 380.071.

(L. 1984 H.B. 1498)

Effective 1-1-85

Forms filed where--disapproval by director, notice, content--judicialreview.

380.091. 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 insurance, financial institutions and professional registration. Those forms may be used upon filing unless disapproved by the director. The director may disapprove any form if it does not comply with the provisions of sections 380.011 to 380.151, or if it contains any provision which is deceptive, ambiguous or misleading. The company shall be notified in writing of any disapproval and the reasons therefor.

2. Any disapproval of a form by the director of the department of insurance, financial institutions and professional registration shall be subject to judicial review under the provisions of chapter 536.

(L. 1984 H.B. 1498)

Effective 1-1-85

Policyholder in mutual to be member--eligibility--member's right tosue company.

380.101. 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 and any member of any Missouri mutual insurance company may sue the company the same as if he were not a member thereof.

(L. 1984 H.B. 1498)

Effective 1-1-85

School district's real and personal property may be insured--procedurefor district to become member.

380.111. 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 of other members of the company. Any school district in this state may, by a two-thirds vote of the board of directors of the district, become a member of any Missouri mutual insurance company, and may insure the real and personal property of the school district in the company as in the case of other members thereof, and may, out of the incidental funds of the district, pay for such insurance and for all assessments lawfully made by the company as in the case of other members of the company.

(L. 1984 H.B. 1498)

Effective 1-1-85

Membership fee--business basis, how established--assessment ofmembers--reserve--return of deposits to members, when--liabilityof policyholder on termination of policy.

380.121. 1. Each Missouri mutual insurance company may require the payment of a membership fee, the amount of which is to be determined by the board of directors, before issuing any policy.

2. Missouri mutual insurance companies may do business upon the basis of assessments alone or may do business upon a premium plus assessment basis.

3. If a company chooses to do business on the basis of assessments alone, it shall require each member to deposit with the company, before the issuance of that member's policy, an amount equivalent to a defined percentage of the risk assumed by the company as a result of the issuance of that member's policy. The directors of the company shall determine this percentage.

4. If the company chooses to do business on a premium plus assessment basis, it may accept payment of the premium in full or may accept a promissory note in lieu of the premium. If a company chooses to accept a promissory note, it shall require each member, before the issuance of that member's policy, to pay ten percent of the total premium and provide a promissory note for the remaining balance. The promissory note shall be made payable, on demand, in whole or in part, when the directors of the company shall deem the additional money necessary for the payment of losses or other expenses.

5. Any Missouri mutual insurance company may assess its members in a manner determined by the company's articles and bylaws in anticipation of losses and expenses for the next two calendar years following the date of assessment, and may accumulate and maintain a reasonable reserve fund for the payment of losses and expenses.

6. The company shall return to its members that portion of the annual deposits or premiums which remain unconsumed after all losses and expenses are deducted or cancel those portions of any promissory notes which remain undemanded, consistent with maintaining an adequate reserve fund to pay losses and expenses in a manner determined by the company's articles and bylaws.

7. 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 liable to assessment for any obligations incurred by the company prior to such termination unless notice of such assessment be given within one year after such termination.

(L. 1984 H.B. 1498)

Effective 1-1-85

Loss or judgment against company, business basis to determineprocedure--failure to pay assessment, effect.

380.131. 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 operating solely on an assessment basis shall verify such loss, damage or judgment and shall assess each member an amount in proportion to the amount of risk such member has with the company. Failure to pay the assessment within thirty days of notification shall justify the company in cancelling a member's policy and returning a member's deposit after deducting the amount of the assessment owed.

2. If a company has chosen to operate on a premium plus assessment basis, it shall pay all losses and judgments from premiums received or amounts collected on promissory notes. The amount deducted from each member's premiums paid or demanded from each member's promissory note shall bear such relationship to the total loss as that member's total premium bears to the total premiums collected in the calendar year that the loss is incurred. If such funds are insufficient to cover the loss or judgment, the directors may assess each member in the same manner; but, there shall not be more than one assessment for losses in any calendar year. The directors may borrow sufficient funds to pay losses until such time as they may collect the assessment. Failure to pay any assessment within thirty days of notification shall justify the company in cancelling a member's policy.

(L. 1984 H.B. 1498)

Effective 1-1-85

Unsatisfied judgment against company, restraining order fortransaction of new business.

380.141. 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 380.011 to 380.151, from which no appeal is taken, or if an appeal is taken and no appeal bond is given as in other cases of appeals in civil procedure, and the judgment remains unsatisfied for sixty days after execution has been lawfully issued thereon, upon the filing of a petition for injunctive relief by the party in whose favor the judgment is rendered, in the court in which the judgment was rendered, the court shall issue an injunction restraining the company from the further transaction of any new business in this state until the judgment shall be fully satisfied.

(L. 1984 H.B. 1498)

Effective 1-1-85

Mutual companies may unite or transfer funds and engagements,procedure--creditor's rights not affected.

380.151. 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 corporate body, with or without any dissolution or division of the funds of either corporation; or any such corporation may transfer its engagements, funds and property to any other such corporation and upon such terms as may be agreed upon by three-fourths of the members of each of the bodies who are either present in person or by proxy at the meeting of the members convened for that purpose by notice, stating the object of the meeting, sent by first class mail to every member, and by a general notice, appearing daily at least one week or weekly at least two weeks in a newspaper published in the county where the principal home office of the company is located; but no such transfer shall prejudice any right of any creditor of any such corporation to have payment of his debt out of the assets and property thereof.

(L. 1984 H.B. 1498)

Effective 1-1-85

Definitions.

380.201. 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, to meet or defray anticipated needs of the company and/or to add to or restore the guaranty fund;

(2) "Director", the director of the department of insurance, financial institutions and professional registration of the state of Missouri;

(3) "Fee", the charge or that portion of such charge collected by the company which is used for or allocated to the payment of acquisition or survey costs;

(4) "Guaranty fund", accumulated assets in excess of accrued losses and expenses;

(5) "Initial charge", such charge or that portion of such charge not otherwise defined herein collected by the company before or at the time of the issuance or the renewal of the policy and used for, or allocated to, any purpose which the company deems desirable not prohibited by law;

(6) "Premium", a stipulated amount charged for a specified policy period, which the company is required to charge as a liability and maintain as an unearned premium reserve until the end of the specified policy period.

(L. 1984 H.B. 1498)

Effective 1-1-85

New companies prohibited, when.

380.211. 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 1-1-85

Missouri mutual companies may elect to come under thislaw--procedure--farmers' mutuals to operate under thislaw--exemption from examination, certain agents.

380.221. 1. Any company operating under the provisions of sections 380.011 to 380.151 may avail itself of the rights, powers, privileges, obligations and immunities conferred by sections 380.201 to 380.591 by appropriate resolution to operate under sections 380.201 to 380.591 adopted by its board of directors and filed with the director of the department of insurance, financial institutions and professional registration.

2. Whenever any company shall elect to come under the provisions of sections 380.201 to 380.591, the secretary of state shall transfer to the director of the department of insurance, financial institutions and professional registration for custody all records and papers filed in the office of the secretary of state by such company. The secretary of state, however, shall retain in his office duplicate copies of all such records and papers.

3. Upon receipt of the records and papers from the secretary of state, the director shall determine whether or not the company complies with sections 380.201 to 380.591 and any other applicable laws. If the director determines that the company is in compliance with the law, he shall issue a certificate of authority to commence business to the company, and thereafter such company shall be fully subject to and governed by the provisions of sections 380.201 to 380.591 and shall be entitled to avail itself of those provisions.

4. All companies formerly operating under sections 380.580 to 380.840 shall operate under sections 380.201 to 380.591.

5. Any company operating under the provisions of sections 380.011 to 380.151 which elects to come under the provisions of sections 380.201 to 380.601 within thirty days of January 1, 1985, may have all of the company's agents which have been agents for one year or more on the date of this election licensed to sell the same lines of insurance which the company is authorized to write under sections 380.011 to 380.151 without the necessity of those agents taking an examination as provided in section 375.018. Any company requesting this exemption shall file a list of all agents eligible for the exemption, verified under oath by the president of the company.

6. Any mutual insurance company operating under the provisions of chapter 379, and doing insurance business only in this state, and which was formerly organized under this chapter, may elect to come under the provisions of sections 380.201 to 380.591 on or before December 31, 1992. To so elect, such company shall adopt an appropriate amendment to its articles of incorporation under sections 375.201 to 375.226 and apply for an amended certificate of authority. Upon the approval of the amendment to the articles and the filing of the application for an amended certificate of authority, the director shall issue an amended certificate of authority recognizing the company as an extended Missouri mutual company.

(L. 1984 H.B. 1498, A.L. 1992 H.B. 1574)

Company operations limited to Missouri.

380.231. 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 be specified in its articles of incorporation and in the certificate of authority issued by the director.

2. All such companies must maintain a membership of at least one hundred members.

3. The name of any such company shall not be deceptively similar to any other insurance company authorized to do business in this state.

(L. 1984 H.B. 1498)

Effective 1-1-85

Amendment to articles and bylaws, procedure--fee.

380.241. 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. After the adoption of an amendment to the articles, a certificate of amendment shall be executed and filed with the director in conformance with section 375.221. Upon receipt of the amendment, the director shall follow the procedure set out in section 375.206. The amendment will become effective subject to section 375.216.

2. Bylaws may be amended as provided therein. All amendments to the bylaws shall be filed with the director. Such bylaws shall not be inconsistent with sections 380.201 to 380.591, any other applicable laws or the articles of incorporation.

3. A fee of ten dollars shall be imposed for each amendment to the articles of incorporation or bylaws filed.

(L. 1984 H.B. 1498)

Effective 1-1-85

Forms, filing and approval, fee--policy, requiredprovisions--disapproved, procedure.

380.251. 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 the director. Upon the filing of any form with the director, such form shall be deemed approved by the director. The director shall thereafter disapprove only those forms which are inconsistent with sections 380.201 to 380.591 or any other applicable law, and do not contain any provisions which are deceptive, ambiguous or misleading. The director must give written notification to the company of the approval or disapproval of any form. If a form is disapproved, the company filing the form may request a hearing before the director.

2. All policies shall have printed on them whether the policy is assessable and when and where the annual meeting will be held.

3. A fee of ten dollars shall be imposed for each form filed.

(L. 1984 H.B. 1498)

Effective 1-1-85

Kinds of insurance company may make.

380.261. 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 property including loss of rents, use and occupancy caused by (a) fire, smoke, smudge, lightning or other electrical disturbance, (b) collision with falling or moving bodies or vehicles, (c) riot, civil commotion and explosion whether fire ensues or not except explosion of steam boilers and the breaking of flywheels, (d) water entering through leaks or openings in buildings, or the bursting, breakage or leakage of sprinklers, pumps, water pipes, plumbing and all tanks, apparatus, conduits or containers designed to bring water into buildings or for its storage or utilization therein, or caused by the falling of a tank, tank platform or supports or against loss or damage from any cause to sprinklers, pumps, water pipes, plumbing, tanks, apparatus, conduits or containers, (e) death of or injury to livestock, (f) any or all risks of transportation including inland marine risks, (g) aircraft, vehicles, overturn or collision of farm machinery, theft, vandalism, malicious mischief and riot attending a strike;

(2) Windstorm: Insurance against loss or damage except to growing crops including loss of rents, use and occupancy and miscellaneous or consequential damage caused directly or indirectly by windstorm, cyclone, tornado, tempest, hail, frost, snow, ice, sleet, earthquake, flood, rain, drouth or other weather or climatic conditions, including excess or deficiency of moisture, rising of the waters of the ocean or its tributaries;

(3) Liability: Insurance against loss, or damage for which a member becomes legally liable to pay because of death or bodily injury to other persons and because of damage to or destruction of property of other persons, including loss of its use; additionally, medical payment coverage as provided in the standard homeowners policy;

(4) Crops: Insurance against loss or damage to growing crops and loss of rental value of land used in producing such crops or products caused by (a) windstorm, cyclone, tornado, tempest, hail, frost, snow, ice, sleet, fire, lightning or transportation; (b) earthquake, flood, rain, drouth or other weather or climatic conditions, including excess or deficiency of moisture, rising of the waters of the ocean or its tributaries, insects, vermin, disease, and any other hazard not prohibited by law to crop insurance;

(5) Other: Insurance permitted to be written under the provisions of subdivision (1) of subsection 1 of section 379.010; automobile insurance including medical payments coverage as a part thereof; insurance against personal injury, disablement, or death, resulting from traveling or general accident on land or water; to insure the fidelity of persons holding places of public and private trust; and also to receive on deposit and insure the safekeeping of books, papers, moneys, stocks, bonds and all other kinds of personal property.

(L. 1984 H.B. 1498, A.L. 1989 S.B. 250)

Financial reinsurance requirements.

380.271. 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 requirements:

(1) To make fire insurance as described in section 380.261, a company shall maintain a guaranty fund of not less than fifty thousand dollars or one-tenth of one percent of the net fire insurance in force, whichever is greater. Reinsurance sufficient to protect the financial stability of the company shall also be required. The director may require additional reinsurance if he deems it necessary to protect the policyholders of the company.

(2) To make windstorm insurance as described in section 380.261, a company shall maintain a guaranty fund of not less than fifty thousand dollars or one-tenth of one percent of the net wind insurance in force, whichever is greater. Reinsurance sufficient to protect the financial stability of the company shall also be required. The director may require additional reinsurance if he deems it necessary to protect the policyholders of the company.

(3) To make liability insurance as described in section 380.261, a company shall maintain a guaranty fund of not less than fifty thousand dollars or twenty-five percent of net premiums written less deductions for pro rata, quota-share or per-risk excess of loss reinsurances directly covering the company's casualty premiums or assessments, whichever is greater. Reinsurance sufficient to protect the financial stability of the company shall also be required. The director may require additional reinsurance if he deems it necessary to protect the policyholders of the company.

(4) To make crop insurance as described in section 380.261, a company shall maintain a guaranty fund of not less than fifty thousand dollars or one-half of one percent of the net crop insurance in force, whichever is greater. Reinsurance sufficient to protect the financial stability of the company shall also be required. The director may require additional reinsurance if he deems it necessary to protect the policyholders of the company.

(5) To make insurance as described in subdivision (5) of section 380.261, a company shall maintain a guaranty fund of not less than one million six hundred thousand dollars. Reinsurance sufficient to protect the financial stability of the company shall also be required. The director may require additional reinsurance if he deems it necessary to protect the policyholders of the company.

2. The financial requirements of this section are to be construed cumulatively except that a company shall be required to have a guaranty fund of not more than one million six hundred thousand dollars plus reinsurance.

(L. 1984 H.B. 1498, A.L. 1991 H.B. 592)

Mergers of certain mutual companies, procedure--merger plan, requiredcontents.

380.281. 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 380.011 to 380.151 may merge into a corporation operating under sections 380.201 to 380.591 in the following manner: The board of directors of each corporation shall approve a plan of merger and direct the submission of the plan to a vote at a meeting of its members. The plan of merger shall set forth:

(1) The names of the corporations proposing to merge, and the name of the corporation into which they propose to merge, which is herein designated as "the surviving corporation";

(2) The terms and conditions of the proposed merger and the mode of carrying it into effect;

(3) A statement of any changes in the articles of incorporation of the surviving corporation to be effected by the merger;

(4) Such other provisions with respect to the proposed merger as are deemed necessary or desirable.

(L. 1984 H.B. 1498)

Effective 1-1-85

Meeting to consider merger plan, notice--requirements.

380.291. 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 meeting is to consider the plan of merger, together with a copy or a summary of the plan of merger, shall be given to each member entitled to vote at the meeting within the time and in the manner provided in the company's articles for the giving of notice of meetings of members.

(L. 1984 H.B. 1498)

Effective 1-1-85

Approval of merger plan, votes required.

380.301. 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 of each of the corporations entitled to vote at such meeting.

(L. 1984 H.B. 1498)

Effective 1-1-85

Articles of merger, content--executed by corporate officers.

380.311. 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 shall be thereto affixed, attested by its secretary or an assistant secretary, and shall set forth:

(1) The plan of merger;

(2) As to each corporation, the number of members;

(3) As to each corporation, the number of members voting for and against such plan, respectively.

(L. 1984 H.B. 1498)

Effective 1-1-85

Director to review petition for merger--hearing to be held,when--procedure--costs.

380.321. 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, accompanied by the articles of merger, and praying for the approval or modification of the plan of merger.

2. The director shall review the petition and may waive any hearing if he finds the proposed merger does not prejudice the interests of the policyholders of the companies.

3. If the director deems it necessary, he shall issue an order of notice, requiring notice to be given, to the policyholders of the company, of the pendency of the petition, and the time and place at which the same will be heard, by publication of the order of notice in not less than two daily newspapers designated by the director, at least one of which shall be published in the city of Jefferson City, for at least once a week for two successive weeks on the same day of each week, the last notice appearing not more than five calendar days before the time appointed for the hearing upon the petition and any further notice which the director may require to be given by the petitioners.

4. At the time and place fixed in the notice, or at such time and place as shall be fixed by order of the director, or by recess from time to time or adjournment, the director shall proceed with the hearing, and may make such examination into the affairs and conditions of the companies as is proper. The director may summon and compel the attendance and testimony of witnesses and the production of books and papers at the hearing. Any policyholder or member of the company or companies or any member of the public with an interest may appear at the hearing and be heard in reference to the petition.

5. The director, if satisfied that the interests of the policyholders of the companies are properly protected, and that no reasonable objections exist thereto, may approve and authorize the proposed merger, or order such modification thereof as may seem best for the interests of the policyholders.

6. Expenses and costs incident to the proceeding under the provisions of this section shall be paid by the company or companies bringing the petition upon order of the director.

(L. 1984 H.B. 1498)

Effective 1-1-85

Certificate of merger issued, when--director and secretary of state'sduties.

380.331. 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 of state.

2. When all required taxes or fees have been paid, the secretary of state shall file the same keeping one copy as a permanent record and shall issue a certificate of merger and a certified copy of such certificate, to which he shall affix the other copy of such articles.

(L. 1984 H.B. 1498)

Effective 1-1-85

Merger effective when.

380.341. 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 1-1-85

Certificate of merger returned to whom.

380.351. 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 its representative.

(L. 1984 H.B. 1498)

Effective 1-1-85

Surviving corporation after merger, rights and liabilities.

380.361. 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 of all corporations parties to the plan of merger except the surviving corporation shall cease.

3. The surviving corporation shall have all the rights, privileges, immunities, and powers and shall be subject to all the duties and liabilities of a corporation organized under the provisions of sections 380.201 to 380.591.

4. The surviving corporation shall thereupon and thereafter possess all the rights, privileges, immunities and franchises, of a public as well as of a private nature, of each of the merging corporations; and all property, real, personal, and mixed, and all debts due on whatever account and all other choses in action, and all and every other interest, of or belonging to or due to each of the corporations so merged shall be taken and deemed to be transferred to and vested in the single corporation without further act or deed; and the title to any real estate, or any interest therein, under the laws of this state vested in any of the corporations shall not revert or be in any manner impaired by reason of the merger.

5. The surviving corporation shall thenceforth be responsible and liable for all the liabilities and obligations of each of the corporations so merged; and any claim existing or action or proceeding pending by or against any of the corporations may be prosecuted to judgment as if the merger had not taken place, or the surviving corporation may be substituted in its place. Neither the rights of creditors nor any liens upon the property of any of the corporations shall be impaired by the merger.

6. The articles of incorporation of the surviving corporation shall be deemed to be amended to the extent, if any, that changes in its articles are stated in the articles of merger.

(L. 1984 H.B. 1498)

Effective 1-1-85

Powers of a company, generally.

380.371. 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 of insurance or indemnity with any person, firm, public or private corporation, board, association or estate or any trustee or legal representative of the same; to cede reinsurance to and/or accept it from any company lawfully operating in this state or elsewhere; to participate with other insurance companies in pools or plans for reinsurance or catastrophe protection; to prescribe the qualifications and the manner and form of the admission or withdrawal of the members; to have and to use a common seal which may be changed or altered at pleasure; to be capable in its corporate name, or in the name of a trustee chosen by the board of directors, to take, purchase, lease, hold and dispose of real or personal property for carrying into effect the purpose of the corporation; to classify risks according to the hazards involved, to establish rates according to such classification and to make all lawful rules and regulations concerning the acceptability of any risk or risks, the hazards insured, the payments to be required, and the adjustment and payment of losses; to fix the compensation of its directors and officers and require bond for the faithful performance of their duties; to adopt or amend bylaws, policy and application forms not inconsistent with law or the provisions of the articles of incorporation, and to exercise all such other powers as may be necessary, proper or convenient to effect the purposes of such company.

(L. 1984 H.B. 1498)

Effective 1-1-85

Board of directors, election--terms--vacancies--annual meeting,quorum, voting rights.

380.381. 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 five directors each of whom shall be the owner of property insured in the company. Directors shall be elected by a majority vote of the members voting at the annual meeting of the members for a term of not less than one year nor more than seven years; however, the articles of incorporation may provide for the classification of directors into three groups the terms of which expire in different years. Vacancies in the board may be filled for the unexpired term by the remaining directors.

2. The annual meeting of the members of the company shall be held annually as provided in the articles of incorporation. A quorum shall consist of such number of members not less than eight as the articles of incorporation may provide. Each member of the company shall be entitled to one vote in all meetings of members. Votes by proxy may be received if the articles of incorporation so provide but only in accordance therewith.

(L. 1984 H.B. 1498) Effective 1-1-85

Misuse of company assets for private gain,penalty.

380.391. 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 employ, any of the money, funds or securities of the company for private profit or gain.

2. Any person who willfully engages in any act, practice, omission, or course of business in violation of this section is guilty of a class E felony.

3. The director may refer such evidence as is available concerning violations of this section to the proper prosecuting attorney, who with or without a criminal reference, or the attorney general under section 27.030, may institute the appropriate criminal proceedings.

4. Nothing in this section shall limit the power of the state to punish any person for any conduct that constitutes a crime in any other state statute.

(L. 1984 H.B. 1498, A.L. 2007 S.B. 66, A.L. 2014 S.B. 491)

Effective 1-01-17

Record of investigations of company operations bydirector--violations, duties of prosecutor or attorney general.

380.401. 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 operating under the provisions of sections 380.201 to 380.591 are invested or employed, and record the result of such inquiry or investigation in records kept in his office for the inspection of policyholders and public officials.

2. In the event of a violation of the provisions of section 380.391, the prosecuting attorney of the proper county, or the attorney general of this state shall proceed at once by information or indictment against the offenders.

(L. 1984 H.B. 1498)

Effective 1-1-85

Officers, how selected, tenure.

380.411. 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 treasurer and such additional officers as they may deem necessary, who may or may not be members of the company. The offices of secretary and treasurer may be occupied by one person. Unless otherwise provided in the articles of incorporation, the term of all of such officers shall be not less than one year nor more than three years and until their successors are elected or selected and qualified.

(L. 1984 H.B. 1498)

Effective 1-1-85

Membership in a company, eligibility.

380.421. 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 rights and privileges appertaining thereto. Any public corporation, private corporation or quasi-corporation, and any board, commission, estate or association owning property within the territory of such company may make application, enter into agreements for and hold policies in any such company.

2. Any officer, trustee, board member or legal representative of any such corporation, board, estate or association may be recognized as acting for or on its behalf for the purpose of such membership, but shall not be personally liable upon such contract of insurance, by reason of acting in such representative capacity.

(L. 1984 H.B. 1498)

Effective 1-1-85

Initial charge--guaranty fund to be maintained, how funded,purpose--policies providing for assessment ofmember--requirements.

380.431. 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 directors shall prescribe and shall collect a sufficient amount of money annually, or oftener, to enable it to pay losses and expenses, and, in accordance with the articles of incorporation and bylaws, to create and maintain a guaranty fund. The amount required shall be collected by assessments or through premiums charged by the company on such of its policies as the board of directors may prescribe. Members holding policies issued on the premium basis shall pay the stipulated premium at or before the time when the policy is issued and shall not be liable to assessment. Members holding policies not issued on the premium basis may be charged such advance assessment, payable at or before the time when the policy is issued as the board of directors may prescribe, but such members shall be liable to further assessment, if any shall be required, in accordance with the provisions of the company's articles of incorporation and sections 380.201 to 380.591. The terms and conditions of the assessment feature must be clearly disclosed in the policy.

2. The existence, maintenance and use of the guaranty fund shall be as provided in the articles of incorporation of the company. Such fund shall be available only for the payment of losses and expenses as the board of directors may deem necessary. The existence or maintenance of the fund shall not operate in any way to relieve any policyholder of any assessment or other obligation he may owe the company or which has been levied against him by the company. In the event the company be dissolved, the fund shall be treated in the same manner as any other asset of the company.

(L. 1984 H.B. 1498)

Effective 1-1-85

Liability of members--suspension of company liability duringdelinquency of members.

380.441. 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 rata share of the amount necessary to pay all losses and expenses incurred during the time for which his respective policy is in force, and to create and maintain such guaranty fund as may be deemed necessary by the directors of such company. A company may in its articles of incorporation or bylaws provide for the suspension of its liability for loss under any policy while an assessment payment is delinquent and the payment of such assessment shall reinstate such policy only from the date of the receipt of such payment but no deduction or credit shall be made in any assessment because of such suspension.

(L. 1984 H.B. 1498)

Effective 1-1-85

Policyholder not liable for obligations after termination ofpolicy--notice of assessment after termination.

380.451. 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 liable to assessment for any obligations incurred by the company prior to such termination unless notice of the assessment is given within one year after such termination.

(L. 1984 H.B. 1498)

Effective 1-1-85

Company may borrow to pay losses--assessment to pay loan.

380.461. 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 than twelve months after the incurring of the losses or expenses paid from the loan unless otherwise permitted by the director.

(L. 1984 H.B. 1498)

Effective 1-1-85

Approved investments.

380.471. 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 any city or town of this state, or in bonds issued by any county of this state for the improvement of highways, or in notes, bonds, debentures or other similar obligations issued by the federal land banks, federal intermediate credit banks, or banks for cooperatives or any other obligations issued pursuant to the provisions of an act of the Congress of the United States known as the Farm Credit Act of 1971, and acts amendatory thereto, or in bonds issued by building and loan funds, mutual investment fund, or in bonds or mortgages upon unencumbered real estate in this state or in any other state provided such real estate shall be worth at least twice the amount loaned thereon. The value of such real estate shall be determined by a valuation made under oath by two residents of the county where the real estate is located, and if buildings are considered as part of the value of such real estate, they shall be insured for the benefit of the mortgagee. To constitute a proper investment, county, city, town, school district, sanitary district or other political subdivision bonds or other evidence of indebtedness must be issued by authority of the law, and interest thereon must not be in default. Any company operating under sections 380.201 to 380.591 may also invest in certificates of deposit issued by any bank, savings and loan, or credit union, in an amount which is fully insured, and may loan or advance money to any other insurance company, provided that each such loan or advancement shall not exceed an amount equal to fifty percent of the average annual income of the borrowing company during the last five-year period. Any company may make such other investments as may be approved by the director.

(L. 1984 H.B. 1498, A.L. 1990 H.B. 1070)

Annual statement of company.

380.482. 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, showing the condition of the company as of the end of the calendar year ending on the thirty-first day of December next preceding. The annual statement shall be filed with the director on or before the first day of March in each year for the calendar year next preceding and shall be presented at the annual meeting of the company.

(L. 1984 H.B. 1498)

Effective 1-1-85

Director to examine, when--expenses.

380.491. 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 members, he shall cause the books and affairs of any company operating under the provisions of sections 380.201 to 380.591 to be examined and shall furnish a report of such examination to the company examined. If the company is conducting its affairs in a manner contrary to law and detrimental to the interests of the policyholders, the director shall take such action as shall best protect their interests. The expense of necessary examinations shall be paid by the company examined.

(L. 1984 H.B. 1498)

Effective 1-1-85

Company may dissolve--procedure.

380.501. 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. Thereupon it shall designate a committee of three members who shall on behalf of the company, within a time fixed in their designation or any extension thereof and under the supervision of the director, liquidate its assets, pay its debts and expenses, and divide any surplus among the existing members and those who were members within the preceding three years, as they may be entitled. Upon final settlement by such committee, it shall make a report of the proceedings had under the provisions of this section, which shall be signed by its members and filed with the director. If he approves the same, he shall transmit to such committee a certificate of his approval and thereupon the company shall be deemed dissolved and shall cease to exist under sections 380.201 to 380.591. The director shall certify the liquidation and dissolution to the secretary of state who shall rescind the corporation's charter.

(L. 1984 H.B. 1498)

Effective 1-1-85

Company exempt from insurance laws, exception.

380.511. 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 shall apply to any company operating under the provisions of sections 380.201 to 380.591 unless such law shall expressly declare that it is applicable to such company.

2. Any company operating under the provisions of sections 380.201 to 380.591* writing automobile insurance, however, shall be subject to the provisions of sections 375.445, 375.936 to 375.948, 379.110 to 379.120, 379.203, 303.170, 303.180, 303.200 and 303.210 with respect to said business.

(L. 1984 H.B. 1498)

Effective 1-1-85

*Section number "380.590" appears in original rolls.

License for agents--agencies and brokers.

380.521. 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 insurance except to an agent, agency or broker licensed by the department of insurance, financial institutions and professional registration of the state of Missouri.

2. Any insurance agent, agency or broker that acts as such in connection with the procurement of an insurance contract through a company organized or operating under the provisions of sections 380.201 to 380.591 shall be subject to the provisions of sections 375.012 to 375.146.

(L. 1984 H.B. 1498)

Effective 1-1-85

*Section numbers "380.200 to 380.590" appear in original rolls.

Notices, how given.

380.531. 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 deposited in the post office directed to him at his address as shown on the records of the company.

(L. 1984 H.B. 1498)

Effective 1-1-85

Policy cancellation--exceptions.

380.541. Any policy issued by a company operating under the provisions of sections 380.201 to 380.591 may be cancelled in whole or in part by the company upon giving five days' notice thereof to the policyholder as provided in the policy except automobile insurance policies whose cancellation and nonrenewal is governed by the provisions of sections 379.110 to 379.120.

(L. 1984 H.B. 1498)

Effective 1-1-85

Waiver of provision or defense, what constitutes--evidence.

380.551. No provision or condition of any insurance policy issued under the provisions of sections 380.201 to 380.591 and no right or defense of any company operating under the provisions of those sections shall be waived by such company or held to be waived by it, unless such provision, condition, right or defense is specifically waived by letter or other written or printed instrument purporting on its face that it is intended to be a waiver of such specified provision, condition, right or defense. The letter or other written or printed instrument, to be effective as a waiver, must bear the signature, not in facsimile, of an officer or other representative of the company authorized to execute such waivers. The letter or other written or printed instrument shall be the only admissible evidence of the waiver by the company of any such provision, condition, right or defense except that a specific admission under oath by a duly authorized officer or other duly authorized representative of the company that such letter or other written or printed instrument was intentionally delivered or deposited in the United States mail for the purpose of effecting such waiver may be received as evidence thereof.

(L. 1984 H.B. 1498)

Effective 1-1-85

Rules, authority for, procedure.

380.561. The director may promulgate such reasonable rules and regulations not inconsistent with the provisions of sections 380.201 to 380.591 to effectuate or aid in the interpretation of these sections. The procedure for promulgation of rules and regulations shall be in accordance with the provisions of chapter 536, and the director shall hold a public hearing before promulgating any rule or regulation. No rule or portion of a rule promulgated under the authority of this chapter shall become effective unless it has been promulgated pursuant to the provisions of section 536.024.

(L. 1984 H.B. 1498, A.L. 1993 S.B. 52, A.L. 1995 S.B. 3)

Violations, penalties.

380.571. 1. If the director determines that any person has engaged, is engaging in, or has taken a substantial step toward engaging in an act, practice or course of business constituting a violation of sections 380.201 to 380.611 or a rule adopted or order issued pursuant thereto, or that a person has materially aided or is materially aiding an act, practice, omission, or course of business constituting a violation of sections 380.201 to 380.611 or a rule adopted or order issued pursuant thereto, the director may issue such administrative orders as authorized under section 374.046. A violation of any of these sections is a level two violation under section 374.049, except a violation of section 380.391 is a level four violation under section 374.049. The director may also suspend or revoke the certificate of authority of such person for any willful violation.

2. If the director believes that a person has engaged, is engaging in, or has taken a substantial step toward engaging in an act, practice or course of business constituting a violation of sections 380.201 to 380.611 or a rule adopted or order issued pursuant thereto, or that a person has materially aided or is materially aiding an act, practice, omission, or course of business constituting a violation of sections 380.201 to 380.611 or a rule adopted or order issued pursuant thereto, the director may maintain a civil action for relief authorized under section 374.048. A violation of any of these sections is a level two violation under section 374.049, except a violation of section 380.391 is a level four violation under section 374.049.

(L. 1984 H.B. 1498, A.L. 2007 S.B. 66)

Powers of company in general.

380.581. Any company operating under the provisions of sections 380.201 to 380.591 shall have all the powers, rights, privileges and obligations of a corporation organized under the provisions of chapter 351 except insofar as such provisions are inconsistent with the provisions of sections 380.301 to 380.591.

(L. 1984 H.B. 1498)

Effective 1-1-85

Suits against company commenced when--limitation.

380.591. 1. No suit or action for any loss under an assessable policy shall be commenced until such loss becomes due in accordance with the policy, and in no event until sixty days have elapsed after proof of loss has been given the company. No such suit or action shall be sustainable in any court unless all the requirements of the policy have been complied with, nor unless commenced within twelve months next after the loss. The limitations permitted under the provisions of this section shall be clearly and prominently declared on the face page of any assessable policy.

2. Any action based upon a policy issued on a nonassessable basis shall be subject to the statutes of limitations applicable to a similar cause of action.

(L. 1984 H.B. 1498)

Effective 1-1-85

Conversion to a mutual insurance company--procedure.

380.601. Any Missouri mutual insurance company operating under the provisions of sections 380.011 to 380.151 or any company operating under the provisions of sections 380.201 to 380.591 may convert to a mutual insurance company in the manner provided in sections 379.585 to 379.625; but, for purposes of conversion under the provisions of this section, the assent otherwise required by the provisions of section 379.605 for such conversion need not exceed seventy-five percent of the members voting thereon, both in person and by proxy, at a meeting called for that purpose.

(L. 1984 H.B. 1498)

Effective 1-1-85

Sale of corporate charter, penalty--exclusive right to control acompany, approval by director, requirements.

380.611. 1. It is unlawful for any person to sell the corporate charter of a Missouri mutual insurance company operating under the provisions of sections 380.011 to 380.151 or operating under the provisions of sections 380.201 to 380.591. Any violation of this provision is a class A misdemeanor.

2. An agreement of contract under which any person, organization or corporation is granted the exclusive or dominant right to manage or control a Missouri mutual insurance company operating under the provisions of sections 380.011 to 380.151, or operating under the provisions of sections 380.201 to 380.591, shall be filed with and approved by the director of the department of insurance, financial institutions and professional registration. The director of the department of insurance, financial institutions and professional registration shall approve such agreements or contracts only if they are not detrimental to the policyholders of the company or the public.

(L. 1984 H.B. 1498)

Effective 1-1-85

Provisions inapplicable to mutual companies.

380.651. Nothing contained in this section and sections 375.1250 to 375.1275, sections 375.1280 to 375.1295, sections 376.1000 to 376.1045, and sections 376.1075 to 376.1095 shall apply to an insurance company formed and existing under the provisions of this chapter, dealing with county, town and farmers' mutual property insurance companies.

(L. 1993 H.B. 709 & 21)


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