375.891. Annual statement--reserves required, requirements in lieu of deposits (foreign company). - Missouri Statutes

Annual statement--reserves required, requirements in lieu of deposits(foreign company).

375.891. 1. Every foreign insurance company incorporated by ororganized under the laws of any other state of the United States or of anyforeign government and doing business in this state shall file and make suchannual statement showing the condition of its affairs, maintain reserves, andmake deposits at such time and in such manner as an insurance companyorganized and incorporated under the laws of the state of Missouri andtransacting similar kind of business.

2. In lieu of such deposit or part thereof in this state of such aninsurance company, the company may file with the director the currentcertificate in proper form of the public official having supervision overinsurers in any other state to the effect that a like deposit or part thereofof such insurer is being maintained in public custody or control pursuant tolaw in such state in trust for the protection of the insurer's policyholdersor its policyholders and creditors. If the company is authorized to transactin this state more than one kind of insurance for which a deposit is otherwiserequired under subsection 1, if the amount of the company's deposit somaintained in another state is not less than the aggregate amount of all suchdeposits so otherwise required in this state, the director shall accept asingle certificate relative to such deposit in the other state withoutspecification of the kind or kinds of insurance to which the same relates.When satisfied by such certificate that such deposit or a part thereof hasbeen made and is being so held, the director shall accept such certificate inlieu of the deposit or part thereof required to be made in this state undersubsection 1 of this section.

3. Nothing herein shall prohibit the director of the department ofinsurance, financial institutions and professional registration of the stateof Missouri from requiring such supplemental and additional information,statements, deposits and reserves as he deems necessary for the protection ofMissouri policyholders.

4. Nothing in these sections shall so be construed as to release any ofthe assets of any company from any liability arising against the company inthis state.

(L. 1967 p. 516)