374.040. Director--duties--administrative hearing commission law not applicable. - Missouri Statutes

Director--duties--administrative hearing commission law notapplicable.

374.040. 1. It shall be the duty of the director of the department ofinsurance, financial institutions and professional registration to file in hisoffice and safely keep all books and papers required by law to be filedtherein, to issue certificates of authority to transact insurance business inthis state to any companies who have fully complied with the laws of thisstate, and to issue such other certificates as are required by the laws ofthis state in the organization of insurance companies and the transaction ofthe business of insurance, and generally to do and perform with justice andimpartiality all such duties as are or may be imposed upon him by the lawsregulating the business of insurance in this state and to perform those dutiesimposed upon him in such a manner as to be in the best interests of andprotect the general public, policyholders, insurance companies, and theofficers, directors and stockholders thereof; and every director shall, uponretiring from office, deliver to his qualified successor the possession of hisoffice, and all furniture, papers and property belonging to the same.

2. Notwithstanding the provisions of sections 621.015 to 621.198, RSMo,whenever the director of the department of insurance, financial institutionsand professional registration undertakes to issue, refuse, revoke or suspendthe license or certificate of authority of an insurance company, fraternalbenefit society, or reciprocal or interinsurance exchange, he shall proceed inaccordance with the insurance laws of this state.

(RSMo 1939 § 5790, A.L. 1967 p. 516)

Prior revisions: 1929 § 5680; 1919 § 6091; 1909 § 6885

CROSS REFERENCE:

Administrative hearing required on policy disapproval, RSMo 375.920

(1974) Disapproval of policy containing a "termination premium" was within power of director of insurance and termination penalty to be paid if insured cancelled within ten years discriminated against cancelling policyholder as opposed to policyholder who died within the same period. Survivor's Benefit Insurance Co. v. Farmer (Mo.), 514 S.W.2d 565.