376.290. Deposit and transfer of securities. - Missouri Statutes

Deposit and transfer of securities.

376.290. No existing company organized under any general or special lawof this state, and transacting business of the character designated in section376.010, nor any company organized under sections 376.010 to 376.670, shallcommence, continue or carry on business until the company has transferred toand deposited with the director of the department of insurance, financialinstitutions and professional registration, for the security of itspolicyholders, the sum of six hundred thousand dollars in notes or bondssecured by mortgages or deeds of trust of the description mentioned in section376.280, or bonds or treasury notes of the United States, or bonds of thestate of Missouri, or funded bonds of any county or municipal township of thisstate, and in all cases not to be received at a rate above their par value,nor above their current market value.

(RSMo 1939 § 5828, A.L. 1967 p. 516, A.L. 1982 S.B. 729)

Prior revisions: 1929 § 5717; 1919 § 6128; 1909 § 6922