377.120. Two-thirds majority to reinsure or transfer risks. - Missouri Statutes

Two-thirds majority to reinsure or transfer risks.

377.120. No corporation of this state, organized or doing business underthe provisions of sections 377.010 to 377.190, shall transfer its risks to orreinsure them in any other corporation, unless the contract of transfer orreinsurance is first submitted to and approved by a two-thirds vote of ameeting of the insured, called to consider the same, of which meeting awritten or printed notice shall be mailed to each policy or certificateholder, at least ten days before the day fixed for said meeting; and in casesaid transfer or reinsurance shall be approved, every policy or certificateholder of said corporation who shall file with the secretary thereof, withinfive days after said meeting, written notice of his preference to betransferred to some other corporation than that named in the contract, shallbe accorded all the rights and privileges in aid of such transfer as wouldhave been accorded under the terms of said contract had he been transferred tothe corporation named therein; but no such transfer shall be valid until theterms and conditions shall have been fully submitted to the director of thedepartment of insurance, financial institutions and professional registration,and have been approved by him.

(RSMo 1939 § 5859)

Prior revisions: 1929 § 5748; 1919 § 6158; 1909 § 6955