375.821. Conditions to be met for certificate of authority (foreign company). - Missouri Statutes

Conditions to be met for certificate of authority (foreign company).

375.821. 1. Before a certificate of authority to transactbusiness in this state shall be issued to a foreign insurancecompany, the company shall satisfy the director that:

(1) The company is duly organized under the laws of thestate or country under whose laws it professes to be organizedand authorized to do the business it is transacting or proposesto transact;

(2) Its name is not the same as or deceptively similar tothe name of any insurance company organized or incorporated underthe laws of the state of Missouri or of any foreign insurancecompany authorized to transact business in this state; providedthat such company, by resolution of its board of directors, mayadopt an assumed name for use in this state that is notdeceptively similar;

(3) That the company is transacting and proposes to transactthe kinds of business which a domestic company similarlyorganized may be authorized to transact under the laws of thisstate;

(4) That the company meets the financial requirements asrelates to capital and surplus or other statutory fund asoriginally required for companies being incorporated or organizedunder the laws of this state to do the same kinds of business;

(5) That its funds are invested in accordance with the lawsof its domicile;

(6) That the officers and operating personnel of the companyare competent and trustworthy to transact the business ofinsurance in this state and that the transaction of business inthis state would not be hazardous to the general public; and

(7) That the company has paid all of the fees and taxes asprescribed by the laws of this state.

2. Before issuing a certificate of authority to a foreigninsurance company, the director may cause an examination to bemade of the condition and affairs of the company.

(L. 1967 p. 516)