379.098. Securities to be deposited by all companies, kind and amount. - Missouri Statutes

Securities to be deposited by all companies, kind and amount.

379.098. No existing insurance company organized under any general orspecial law of this state, and transacting business of the characterdesignated in this chapter, or any company organized under this chapter, shallcommence, continue, or carry on business until the company has transferred toand deposited with the director of the department of insurance, financialinstitutions and professional registration, for the security of itspolicyholders and creditors, bonds or treasury notes issued or guaranteed bythe United States, or bonds of the state of Missouri, or in bonds issued byany school district of the state of Missouri, or bonds of any politicalsubdivision of this state, and in all cases not to be received at a rate abovetheir par value, nor above their current market value, in the followingamounts:

(1) If a stock company, the amount of the minimum capital required of acompany to write the lines of business it proposes to or is transacting;

(2) If a mutual company or reciprocal or interinsurance exchange, anamount equal to the amount required to be deposited by a stock companytransacting the same kinds of business; provided, however, the depositrequired for a mutual company shall not exceed the amount of itspolicyholders' surplus as required by law.

(L. 1967 p. 516, A.L. 1989 S.B. 250)