379.720. Deficiency how made up--net premium and deposit defined. - Missouri Statutes

Deficiency how made up--net premium and deposit defined.

379.720. 1. If at any time the amounts on hand are less than therequirements of sections 379.700 and 379.710, the subscribers or theirattorney for them shall make up the deficiency.

2. Where funds other than those which have accrued from premiums ordeposits of subscribers are supplied to make up a deficiency as hereinprovided for they shall be deposited and held for the benefit of subscribersunder such terms and conditions as the director of the department ofinsurance, financial institutions and professional registration may require solong as the deficiency exists, thereafter to be returned to the depositors.

3. "Net premiums" or "deposits" as used in this law shall be construedto mean the advance premiums or deposits made by subscribers after deductingtherefrom the amount for expenses specifically provided in the subscriber'sagreement.

(RSMo 1939 § 6083, A. 1949 H.B. 2092, A.L. 1967 p. 516)

Prior revisions: 1929 § 5971; 1919 § 6379