375.801. Renewal of certificate of authority, when--notice of refusal to renew (foreign company). - Missouri Statutes

Renewal of certificate of authority, when--notice of refusal to renew(foreign company).

375.801. 1. The director shall renew for one year the certificate ofauthority of a foreign insurance company on the first day of July of thecalendar year following the calendar year in which it is admitted to transactbusiness in this state and annually thereafter, upon application by thecompany and upon payment of the annual taxes and fees imposed by the laws ofthis state, if any, provided the director is satisfied that

(1) None of the facts specified in this chapter as grounds for revokinga certificate of authority exists; and

(2) The company is complying with the conditions for admission, exceptfor surplus requirements in excess of those which similar domestic companiestransacting the same kind or kinds of business are required to maintain.

2. Except in case of nonpayment of taxes, the director shall give noticeof his intention to refuse to renew the certificate of authority of a foreigncompany and the grounds therefor at least twenty days before the end of theterm for which the existing certificate was issued, and the company shall begiven an opportunity for a hearing before the end of the term.

(L. 1967 p. 516)