287.909. Administrator, duties of, bond required--immunity from liability, board and employees. - Missouri Statutes

Administrator, duties of, bond required--immunity from liability,board and employees.

287.909. 1. The administrator of the company shall act asthe company's chief executive officer. The administrator shallbe in charge of the day-to-day operations and management of thecompany.

2. Before entering the duties of office, the administratorshall give an official bond in an amount and with suretiesapproved by the board. The premium for the bond shall be paid bythe company.

3. The administrator or his designee shall be the custodianof the moneys of the company and all premiums, deposits or othermoneys paid thereto shall be deposited with a financialinstitution as designated by the administrator.

4. No board member, officer or employee of the company isliable in a private capacity for any act performed or obligationentered into when done in good faith, without intent to defraud,and in an official capacity in connection with theadministration, management or conduct of the company or affairsrelating to it.

(L. 1993 S.B. 251 § 5)