377.230. Completion of organization.

MISSOURI STATUTES AND CODES

377.230. Completion of organization.

Completion of organization.

377.230. 1. No such corporation, company or association shall commencethe business of life insurance until at least two hundred persons, eligibleunder the proposed plan of organization, shall have subscribed, in writing, tobe insured therein in the aggregate amount of at least two hundred and fiftythousand dollars, and shall have each paid, in cash, the amount of one annualstipulated net premium for their age at entry on the amount of insuranceseverally subscribed for, and which shall be held in trust for the benefit ofthe members of said corporation or their beneficiaries; nor until the directorof the department of insurance, financial institutions and professionalregistration and attorney general shall have further certified that it hascomplied with the provisions of sections 377.200 to 377.460, and is authorizedto transact the business of insurance; provided, however, that everycorporation incorporating or reincorporating under the provisions of sections377.200 to 377.460 shall deposit with the director of the department ofinsurance, financial institutions and professional registration suchsecurities as are required by law to be deposited by insurance companies, thesum of five thousand dollars, before it shall commence business.

2. Said five thousand dollars shall be a part of the insurance fund andan asset of the corporation.

3. The securities deposited with the department of insurance, financialinstitutions and professional registration pursuant to this section shall beheld by the director in trust for the benefit and protection of and assecurity for the policyholders of such corporation, their legalrepresentatives and beneficiaries.