376.280. Capital necessary to do business--how invested. - Missouri Statutes

Capital necessary to do business--how invested.

376.280. 1. No joint stock or stock and mutual company formed underthe provisions of sections 376.010 to 376.670, or the laws of this state,for any purpose mentioned in section 376.010, shall commence to do businessor issue policies unless upon an actual capital of at least six hundredthousand dollars and a surplus of at least six hundred thousand dollars,nor shall any such company commence to do any business unless the fullamount of capital stock and surplus named in its charter or articles ofassociation has been paid in and invested in such securities and inaccordance with all the provisions as is provided for in sections 376.291to 376.307, or as the same may be subsequently amended.

2. In order to continue writing new business, any stock companyorganized under the provisions of sections 376.010 to 376.670, or the lawsof this state, for any purpose mentioned in section 376.010, shall maintainan actual capital and surplus in the amount required to commence business.

3. Any other provision of this section notwithstanding, a joint stockor stock and mutual company licensed to do business in this state on August13, 1982, may renew its license for business specified therein untilDecember 31, 1984, by maintaining in lieu of the capital and surplusrequirements an actual capital and surplus of at least nine hundredthousand dollars.

4. No mutual company formed under the provisions of sections 376.010to 376.670, or of the laws of this state, shall commence or continue to doany business mentioned in section 376.010 until agreement, in writing, withsuch company shall have been entered into by not less than one hundredpersons for assurance upon their own lives, or the lives of other personsfor their benefit, nor until it shall have received premiums on the same incash, to an aggregate amount of not less than six hundred thousand dollarsand in addition shall have a surplus of six hundred thousand dollars;provided further, that nothing herein contained shall be so construed as toprohibit any such company from complying with the provisions of sections362.180 to 362.195, RSMo.

5. Any other provision of this section notwithstanding, a mutualcompany licensed to do business in this state on August 13, 1982, may renewits license for business specified therein until December 31, 1984, bymaintaining in lieu of the surplus requirement paid-in premiums in anaggregate amount of not less than nine hundred thousand dollars.

6. Violation of any of the provisions of this section by any insureris grounds for the revocation of its certificate of authority by thedirector.

(RSMo 1939 § 5826, A.L. 1963 p. 485, A.L. 1977 S.B. 368, A.L. 1982 S.B. 729, A.L. 2007 S.B. 66)

Prior revisions: 1929 § 5715; 1919 § 6126; 1909 § 6920