379.265. Assessments to meet reserve deficiencies. - Missouri Statutes

Assessments to meet reserve deficiencies.

379.265. Such company not possessed of assets at least equalto the unearned premium reserve and other liabilities shall makean assessment upon its members liable to assessment to providefor such deficiency, such assessment to be against each suchmember in proportion to such liability as expressed in hispolicy; provided, the director may, by written order, relieve thecompany from an assessment or other proceedings to restore suchassets during the time fixed in such order; and provided, thatany domestic company which shall be deficient in providing theunearned premium reserve required hereby may, notwithstandingsuch deficiency, come under this law on the condition that itshall each year thereafter reduce such deficiency at leastfifteen percent of the original amount thereof, and in such caseit may increase its assessments accordingly.

(RSMo 1939 § 5962)

Prior revisions: 1929 § 5851; 1919 § 6261