377.230. Completion of organization.
271 words·~1 min read·
/mo/chapter-377/377-230A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
377.230. Completion of organization. — 1. No such corporation, company or association shall commence the business of life insurance until at least two hundred persons, eligible under the proposed plan of organization, shall have subscribed, in writing, to be insured therein in the aggregate amount of at least two hundred and fifty thousand dollars, and shall have each paid, in cash, the amount of one annual stipulated net premium for their age at entry on the amount of insurance severally subscribed for, and which shall be held in trust for the benefit of the members of said corporation or their beneficiaries; nor until the director of the department of commerce and insurance and attorney general shall have further certified that it has complied with the provisions of sections 377.200 to 377.460 , and is authorized to transact the business of insurance; provided, however, that every corporation incorporating or reincorporating under the provisions of sections 377.200 to 377.460 shall deposit with the director of the department of commerce and insurance such securities as are required by law to be deposited by insurance companies, the sum of five thousand dollars, before it shall commence business.
2. Said five thousand dollars shall be a part of the insurance fund and an asset of the corporation.
3. The securities deposited with the department of commerce and insurance pursuant to this section shall be held by the director in trust for the benefit and protection of and as security for the policyholders of such corporation, their legal representatives and beneficiaries.
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(RSMo 1939 § 5872)
Prior revisions: 1929 § 5761; 1919 § 6171; 1909 § 6965