377.200. Stipulated premium companies defined--penalty for unlawful use of term. - Missouri Statutes

Stipulated premium companies defined--penalty for unlawful use ofterm.

377.200. Any corporation, company or association issuing policies orcertificates promising money or other benefits to a member or policyholder,or upon his decease to his legal representatives, or to beneficiariesdesignated by him, which money or benefit is derived from stipulatedpremiums collected in advance from its members or policyholders, and frominterest and other accumulations and wherein the money or other benefits sorealized is applied to or accumulated solely for the use and purposes ofthe corporation as herein specified, and for the necessary expenses of thecorporation, and the prosecution and enlargement of its business, and whichshall comply with all the provisions of sections 377.200 to 377.460, shallbe deemed to be engaged in the business of life insurance upon thestipulated premium plan and shall be subject only to the provisions ofsections 377.200 to 377.460, except that the provisions of chapters 374 and375, RSMo, and sections 376.291 to 376.330, 376.675, 376.770 to 376.795*,376.500 to 376.510, and 376.590 to 376.600, RSMo, shall be applicable. Itshall be unlawful for any corporation, company or association not havingcomplied with the provisions of sections 377.200 to 377.460 to use the term"stipulated premium" in its application or contracts, or to print or writethe same in its policies or literature.

(RSMo 1939 § 5873, A.L. 1949 p. 310, A.L. 1967 p. 516, A.L. 2007 S.B. 66)

Prior revisions: 1929 § 5762; 1919 § 6172; 1909 § 6966

*Section 376.795 was repealed by H.B. 262, 1967.

(1954) The supervisory powers of the director of insurance under chapter 375, RSMo and particularly §§ 375.560 and 375.640 relating to the power to take charge of and wind up the affairs of insurance companies apply to stipulated premium companies. Old Reliable Soc. v. Leggett, 364 Mo. 630, 265 S.W.2d 302.