354.280. Officers of corporation found to be of known bad character or incompetent--authority to transact business, effect. - Missouri Statutes

Officers of corporation found to be of known bad character orincompetent--authority to transact business, effect.

354.280. The director shall not grant or continue authority to transactinsurance in this state as to any corporation subject to the provisions ofsections 354.010 to 354.380, one or more of the managing officers of which isfound by him, after hearing, to be of known bad character or to be soincompetent or untrustworthy as to make the proposed operation hazardous tothe health services corporation's current or potential members; or which hehas good reason to believe is affiliated directly or indirectly throughownership, control, reinsurance transactions or other insurance or businessrelations with any person or persons whose business operations are or havebeen detrimental to policyholders, stockholders, investors, creditors, membersor the public by illegal or fraudulent manipulation or dissipation of assetsor accounts, or of reinsurance of any insurance company or companies, or bysimilar injurious actions.

(L. 1983 H.B. 127)