379.1308. Approval for payment of dividends required. - Missouri Statutes

Approval for payment of dividends required.

379.1308. No captive insurance company shall pay a dividend out of,or other distribution with respect to, capital or surplus without the priorapproval of the director. Approval of an ongoing plan for the payment ofdividends or other distributions shall be conditioned upon the retention,at the time of each payment, of capital or surplus in excess of amountsspecified by or determined in accordance with formulas approved by thedirector. Notwithstanding the provisions of section 355.661, RSMo, acaptive insurance company organized under chapter 355, RSMo, may make suchdistributions as are in conformity with its purposes and approved by thedirector.

(L. 2007 S.B. 215)