176.510. Types of risks that may be shared--association may reinsure risk. - Missouri Statutes

Types of risks that may be shared--association may reinsure risk.

176.510. 1. Any association organized under the provisionsof sections 176.500 to 176.540 may provide for the sharing of thefollowing risks of loss:

(1) All risks of physical loss or damage to a member of theassociation's real or personal property of every kind anddescription wherever located;

(2) All loss or damage to automobiles, wherever located,owned by a member of the association or on which a member of theassociation has an obligation to provide adequate insuranceagainst all risk of direct physical loss, including collision ofthe automobile with another object;

(3) All sums which a member of the association shall beobligated to pay by reason of the liability imposed upon themember of the association by law, or assumed by the member of theassociation under contract or agreement, for losses or damages,direct or consequential, including but not limited to bodilyinjury, property damage, errors and omissions and personalinjury, and expenses;

(4) Employee health and disability benefit programs;

(5) All loss caused by reason of theft, burglary, robbery,kidnapping, disappearance or destruction of any money orsecurities of any member of the association which may at any timebe, or believed by the member of the association to be, in orupon any premise occupied or used by the member or by any bank,trust company, or safe deposit company, or while in transit or inthe custody of the member of the association's officers oremployees;

(6) Any other risk for which a member of the association mayotherwise procure insurance, excepting that of life insurance anddealing in annuities.

2. Any association organized under the provisions ofsections 176.500 to 176.540 may cause itself to be wholly orpartially reinsured against any loss arising from any risk whichit may have undertaken, on such terms and to such extent as itmay deem proper from time to time.

3. Membership in any association organized under theprovisions of sections 176.500 to 176.540 shall be available to,and the coverage of any losses by such association shall beextended to, only those institutions qualifying under section176.500.

(L. 1986 H.B. 1387 § 3)