375.163. Director shall not authorize business if management of company is incompetent or untrustworthy. - Missouri Statutes

Director shall not authorize business if management of company isincompetent or untrustworthy.

375.163. The director shall not grant or continue authorityto transact insurance in this state as to any insurer orinterinsurance exchange, one or more of the managing officers ofwhich is found by him, after hearing, to be of known badcharacter or to be so incompetent or untrustworthy as to make theproposed operation hazardous to the insurance buying public; orwhich he has good reason to believe is affiliated directly orindirectly through ownership, control, reinsurance transactionsor other insurance or business relations with any person orpersons whose business operations are or have been detrimental topolicyholders or stockholders or investors or creditors or* thepublic by illegal or fraudulent manipulation or dissipation ofassets or of accounts, or of reinsurance of any insurance companyor companies, or by similar injurious actions.

(L. 1963 p. 485 § 1, A.L. 1967 p. 516)

* Word "of" appears in original rolls.