377.120. Two-thirds majority to reinsure or transfer risks.

226 words·~1 min read·/mo/chapter-377/377-120

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377.120. Two-thirds majority to reinsure or transfer risks. — No corporation of this state, organized or doing business under the provisions of sections 377.010 to 377.190 , shall transfer its risks to or reinsure them in any other corporation, unless the contract of transfer or reinsurance is first submitted to and approved by a two-thirds vote of a meeting of the insured, called to consider the same, of which meeting a written or printed notice shall be mailed to each policy or certificate holder, at least ten days before the day fixed for said meeting; and in case said transfer or reinsurance shall be approved, every policy or certificate holder of said corporation who shall file with the secretary thereof, within five days after said meeting, written notice of his preference to be transferred to some other corporation than that named in the contract, shall be accorded all the rights and privileges in aid of such transfer as would have been accorded under the terms of said contract had he been transferred to the corporation named therein; but no such transfer shall be valid until the terms and conditions shall have been fully submitted to the director of the department of commerce and insurance, and have been approved by him.

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(RSMo 1939 § 5859)

Prior revisions: 1929 § 5748; 1919 § 6158; 1909 § 6955