379.650. Exchange of reciprocal or interinsurance contracts authorized--classes of insurance allowed. - Missouri Statutes

Exchange of reciprocal or interinsurance contracts authorized--classesof insurance allowed.

379.650. 1. Individuals, partnerships and corporations ofthis state, hereby designated subscribers, are hereby authorizedto exchange either assessable or nonassessable reciprocal orinterinsurance contracts with each other, or with individuals,partnerships and corporations of other states and countries,providing indemnity among themselves, for the purpose of makinginsurance regarding the following classes:

(1) Property which shall consist of insurance on thefollowing subclasses:

(a) Marine, inland marine, and transportation;

(b) Animals;

(c) All other real and personal property, intangible ortangible;

(2) Liability, which shall consist of insurance for thefollowing subclasses:

(a) Workers' compensation and employers' liability;

(b) Professional malpractice;

(c) Contractual liability;

(d) All other legal liability of the insured to another;

(3) Fidelity and surety;

(4) Accident and health, including death by accident;

(5) Miscellaneous, consisting of all other legitimate formsof insurance not described above but excluding life andannuities.

2. Subscribers exchanging assessable contracts shall not atthe same time exchange nonassessable contracts; and provided,further, that if an assessable contract is exchanged thesubscriber's agreement shall provide that a subscriber shall besubject to a contingent liability of at least one premiumdeposit.

(RSMo 1939 § 6078, A.L. 1957 p. 216, A.L. 1967 p. 516, A.L. 1989 S.B. 250)

Prior revisions: 1929 § 5966; 1919 § 6374