287.370. Compensation in lieu of insurance, how provided. - Missouri Statutes

Compensation in lieu of insurance, how provided.

287.370. Any employer or group of employers may enter into or continueany agreement with his or their employees to provide a system of compensationbenefits or insurance in lieu of the compensation and insurance provided bythis chapter. Such substitute system and insurance shall be subject to theapproval of the director of the department of insurance, financialinstitutions and professional registration and shall not be approved by himunless they confer benefits upon injured employees or their dependents atleast equivalent to the benefits provided by this chapter, nor if they requirecontributions from employees, unless they confer benefits in addition to thoseprovided under this chapter at least commensurate with such contribution.Appeals shall lie to the commission from any decision, award or order made byor under such substitute system. Such substitute system and insurance may beterminated by the director of the department of insurance, financialinstitutions and professional registration on reasonable notice and hearing tothe interested parties, if it shall appear that the same is not fairlyadministered, or if its operation shall disclose latent defects threateningits solvency or if for any other substantial reason it fails to accomplish thepurposes of this chapter; and in this case the director of the department ofinsurance, financial institutions and professional registration shalldetermine upon the proper distribution of all remaining assets, if any,subject to the right of any party in interest to have such action reviewed bya court of competent jurisdiction.

(RSMo 1939 § 3721)

Prior revision: 1929 § 3331