377.400. Reinsurance and reinstatement. - Missouri Statutes

Reinsurance and reinstatement.

377.400. No stipulated premium life insurance company or associationorganized under sections 377.200 to 377.460 shall consolidate with anothercompany or transfer or reinsure its risks with any other company orassociation or assume or reinstate the whole or any part of the risks of anyother company or association, except with the approval of a majority of thepolicy or stockholders present and voting at a regular or special meeting dulycalled; provided, however, that any such company may reinsure a fractionalpart of any single risk, but no such insurance shall in any manner release thecompany or association from its obligation under contract with thepolicyholder. All such reinsurance shall be reported annually to the directorof the department of insurance, financial institutions and professionalregistration.

(RSMo 1939 § 5881)

Prior revisions: 1929 § 5770; 1919 § 6180; 1909 § 6974