354.355. Injunctions, permanent or temporary, grounds, procedure--dissolution of corporation or rehabilitation, procedure. - Missouri Statutes

Injunctions, permanent or temporary, grounds, procedure--dissolutionof corporation or rehabilitation, procedure.

354.355. Whenever it shall appear to the director of the department ofinsurance, financial institutions and professional registration, from anyexamination made by himself, or from the report of a person or personsappointed by him, or from the statements of the corporation subject to theprovisions of sections 354.010 to 354.380, or from any knowledge orinformation in his possession

(1) That the corporation has refused to submit its books, papers,accounts or affairs to the reasonable inspection of the director or his deputyor his examiner; or

(2) That the corporation has, by contract of reinsurance or otherwise,transferred or attempted to transfer substantially its entire property orbusiness, or entered into any transaction, the effect of which is to mergesubstantially its entire property or business in the property or business ofany other corporation, association, society, order, partnership or individualwithout first having obtained the written approval of the director of thedepartment of insurance, financial institutions and professional registrationas provided by law; or

(3) That the corporation is found, after an examination, to be in suchcondition that its further transaction of business will be hazardous to itspolicyholders or to its creditors or to the public; or

(4) That the corporation has an officer who has refused to be examinedunder oath touching its affairs; or

(5) That the corporation has ceased to transact the business ofinsurance for a period of one year;

the director may institute a suit or proceedings in the circuit court in thecounty or city in which the corporation was organized or in which it has orlast had its principal or chief office or place of business or in the countyof Cole, to enjoin the corporation from further prosecution of its business,either temporarily or perpetually, or for a judgment dissolving thecorporation or for both; and after the entry of the decree or judgment, thecourt upon the motion of the director of the department of insurance,financial institutions and professional registration may order theliquidation, settlement and winding up of the affairs of such corporation orthe rehabilitation of the corporation as provided in section 354.140 togetherwith such other decrees and orders in connection therewith as the court shalldeem advisable.

(L. 1983 H.B. 127 § 354.355 subsec. 1)