374.040. Director — duties — administrative hearing commission law not applicable.

333 words·~2 min read·/mo/chapter-374/374-040

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

374.040. Director — duties — administrative hearing commission law not applicable. — 1. It shall be the duty of the director of the department of commerce and insurance to file in his office and safely keep all books and papers required by law to be filed therein, to issue certificates of authority to transact insurance business in this state to any companies who have fully complied with the laws of this state, and to issue such other certificates as are required by the laws of this state in the organization of insurance companies and the transaction of the business of insurance, and generally to do and perform with justice and impartiality all such duties as are or may be imposed upon him by the laws regulating the business of insurance in this state and to perform those duties imposed upon him in such a manner as to be in the best interests of and protect the general public, policyholders, insurance companies, and the officers, directors and stockholders thereof; and every director shall, upon retiring from office, deliver to his qualified successor the possession of his office, and all furniture, papers and property belonging to the same.

2. Notwithstanding the provisions of sections 621.015 to 621.198 , whenever the director of the department of commerce and insurance undertakes to issue, refuse, revoke or suspend the license or certificate of authority of an insurance company, fraternal benefit society, or reciprocal or interinsurance exchange, he shall proceed in accordance with the insurance laws of this state.

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(RSMo 1939 § 5790, A.L. 1967 p. 516)

Prior revisions: 1929 § 5680; 1919 § 6091; 1909 § 6885

CROSS REFERENCE:

Administrative hearing required on policy disapproval, 375.920

(1974)Disapproval of policy containing a "termination premium" was within power of director of insurance and termination penalty to be paid if insured cancelled within ten years discriminated against cancelling policyholder as opposed to policyholder who died within the same period. Survivor's Benefit Insurance Co. v. Farmer (Mo.), 514 S.W.2d 565.