379.125. Reinsurance. - Missouri Statutes

Reinsurance.

379.125. Any company or association, other than life,organized under the provisions of chapter 379 may cause itself tobe wholly or partially reinsured against any loss arising fromany risk which it may have undertaken, and in like manner mayreinsure or guarantee any other corporation doing the same kindof business as itself, against loss arising from any risks thatshall have been or may be undertaken by such corporation, or mayjoin with any such corporation in any such risk, and may make andenter into all manner of contracts relating to such reinsuranceand joint insurance, and the terms upon which the same shall beconducted; provided, however, any company reinsuring the whole ofany single risk or risks the same being a substantial portion ofall risks insured by the company shall be subject to theprovisions of section 375.241, RSMo.

(RSMo 1939 § 5927, A.L. 1967 p. 516)

Prior revisions: 1929 § 5816; 1919 § 6226; 1909 § 7017

(1958) Where each of two insurance policies covering the same loss contained provision that when insured had other insurance, the insurance provided by the policy was excess insurance over the other insurance, such provisions are mutually repugnant and are to be disregarded. Arditi v. Mass. Bonding & Ins. Co. (Mo.), 315 S.W.2d 736.

(1962) In garnishment proceeding by judgment creditor of insured against reinsurer of automobile liability policy, where superintendent of insurance as receiver of insolvent original insurer was a party and claimed money payable under reinsurance contract, held that under reinsurance contract indemnity against liability was provided and judgment creditor could recover from reinsurer as third party beneficiary. First National Bank of Kansas City v. Higgins (Mo.), 357 S.W.2d 139.