376.720. Association, created--accounts--director to supervise. - Missouri Statutes

Association, created--accounts--director to supervise.

376.720. 1. There is created a nonprofit legal entity tobe known as the "Missouri Life and Health Insurance GuarantyAssociation". All member insurers shall be and remain membersof the association as a condition of their authority to transactinsurance in this state. The association shall perform itsfunctions under the plan of operation established and approvedunder subsections 1 to 3 of section 376.740 and shall exerciseits powers through a board of directors established pursuant tosection 376.722. For purposes of administration and assessmentthe association shall maintain three accounts:

(1) The health insurance account;

(2) The life insurance account;

(3) The annuity account, excluding unallocated annuitycontracts.

2. The association shall come under the immediatesupervision of the director and shall be subject to theapplicable provisions of the insurance laws of this state.Meetings or records of the association may be opened to thepublic upon majority vote of the board of directors of theassociation.

(L. 1988 S.B. 430 § 5)