375.500. Distribution of assets. - Missouri Statutes

Distribution of assets.

375.500. 1. Whenever any company has been or shall be adjudgedinsolvent, or shall be or has been dissolved, if a distribution of its assetsamong its policyholders and creditors is or shall be decreed, it shall be theduty of the director of the department of insurance, financial institutionsand professional registration to hold all securities on deposit for thebenefit of all policyholders in such company, whether the claims of suchpolicyholders are in judgment or not, to reduce such securities to money, andwhen so reduced, to apply the same, less the expenses herein provided for, tothe liquidation of policy claims pro rata; in case there should be any surplusafter the payment of all policy claims in full, such surplus shall become apart of the general assets of the company.

2. If the policy claimants are not paid in full out of the proceeds ofsaid securities, they shall be entitled to share in the distribution of itsgeneral assets for the remainder of their claims, as is provided by law, andas to said remainder shall not be charged with the amount received by them ontheir policy claims out of the proceeds of said securities; provided, however,that when said securities have been deposited to secure registered policies orannuity bonds, as provided by sections 375.010 to 375.920, the proceeds of thesecurities so deposited shall be first applied to the payment of theregistered policies and annuity bonds, for the security of which the same weredeposited.

(RSMo 1939 § 6048, A. 1949 H.B. 2092)

Prior revisions: 1929 § 5937; 1919 § 6345; 1909 § 7075