375.881. Revocation or suspension of certificate of authority, when (foreign company).

MISSOURI STATUTES AND CODES

375.881. Revocation or suspension of certificate of authority, when (foreign company).

Revocation or suspension of certificate of authority, when (foreigncompany).

375.881. The director may revoke or suspend the certificate ofauthority of a foreign insurance company under section 374.047, RSMo, orissue such administrative orders as appropriate under section 374.046,RSMo, whenever he finds that the company

(1) Is insolvent;

(2) Fails to comply with the requirements for admission in respect tocapital, the investment of its assets or the maintenance of deposits inthis or other state or fails to maintain the surplus which similar domesticcompanies transacting the same kinds of business are required to maintain;

(3) Is in such a financial condition that its further transaction ofbusiness in this state would be hazardous to policyholders and creditors inthis state and to the public;

(4) Has refused or neglected to pay a valid final judgment againstthe company within thirty days after the rendition of the judgment;

(5) Has refused to submit to the jurisdiction of a court of thisstate upon the grounds of diversity of citizenship in a cause of actionarising out of business transacted, acts done, or contracts made in thisstate by the foreign insurance company;

(6) Has violated any law of this state or has in this state violatedits charter or exceeded its corporate powers;

(7) Has refused to submit its books, papers, accounts, records, oraffairs to the reasonable inspection or examination of the director, hisactuaries, deputies or examiners;

(8) Has an officer who has refused upon reasonable demand to beexamined under oath touching its affairs;

(9) Fails to file its annual statement within thirty days after thedate when it is required by law to file the statement;

(10) Fails to file with the director a copy of an amendment to itscharter or articles of association within thirty days after the effectivedate of the amendment;

(11) Fails to file with the director copies of the agreement andcertificate of merger and the financial statements of the merged companies,if required, within thirty days after the effective date of the merger;

(12) Fails to pay any fees, taxes or charges prescribed by the lawsof this state within thirty days after they are due and payable; provided,however, that in case of objection or legal contest the company shall notbe required to pay the tax until thirty days after final disposition of theobjection or legal contest;

(13) Fails to file any report for the purpose of enabling thedirector to compute the taxes to be paid by the company within thirty daysafter the date when it is required by law to file the report;

(14) Has had its corporate existence dissolved or its certificate ofauthority revoked in the state or country in which it was organized;

(15) Has had all its risks reinsured in their entirety in anothercompany; or

(16) Has ceased to transact the business of insurance in this statefor a period of one year.