377.430. Requirements for foreign corporations--tax on premiums. - Missouri Statutes

Requirements for foreign corporations--tax on premiums.

377.430. 1. No foreign corporation, company, association or societyshall be authorized to transact any business authorized by sections 377.200 to377.460 within this state, unless it furnish evidence satisfactory to thedirector of the department of insurance, financial institutions andprofessional registration that it has a reserve or emergency fund equal inamount to that required by sections 377.200 to 377.460, and the same is heldfor the benefit of policyholders only, and invested as required by theinsurance laws of its home state.

2. Neither shall any foreign corporation, company, association orsociety be authorized to do business in this state under sections 377.200 to377.460, unless it collects in advance for the benefit of its policyholders anet premium equal to at least that provided for by the terms of sections377.200 to 377.460; provided, that all such foreign corporations shallannually pay a tax on the gross premiums received in this state on account ofbusiness done in the state at the rate of one percent per annum, which shallbe in lieu of all other taxes as herein otherwise provided; said tax shall belevied and collected as is provided for in the collection of taxes on otherinsurance companies.

(RSMo 1939 § 5890)

Prior revisions: 1929 § 5779; 1919 § 6189; 1909 § 6983