375.326. Automobiles as assets. - Missouri Statutes

Automobiles as assets.

375.326. 1. Notwithstanding any prohibitions orrestrictions contained in the statutes or otherwise, any stock,mutual, or reciprocal insurance company doing the business ofproperty and casualty business in this state may acquire bypurchase motor vehicles and thereafter may hold them as admittedassets for use in connection with the business of the company if:

(1) The aggregate cost of such motor vehicles shall be atleast twenty-five thousand dollars. Such aggregate cost shallnot exceed two percent of the admitted assets of the company, andsuch company shall have a minimum of three million dollars ofsurplus;

(2) The cost of each such motor vehicle shall be fullyamortized over a period not to exceed five years;

(3) The company has obtained in its name proper title orregistration from a governmental agency authorized by law orcustom to issue such title or registration.

2. Nothing in this section shall be construed to allowinsurers to declare motor vehicles to the extent such vehiclesare used for personal use and not used in furtherance ofactivities not necessary to the business of the insurer.

3. No insurance company domiciled in another state whichstate refuses to allow insurance companies domiciled in thisstate to declare on any statement to be filed in that state motorvehicles under the provisions of this section shall be allowed todeclare such amounts on statements filed in this state.

(L. 1979 S.B. 227 §§ 1, 2, 3)