380.221. Missouri mutual companies may elect to come under this law--procedure--farmers' mutuals to operate under this law--exemption from examination, certain agents.

MISSOURI STATUTES AND CODES

380.221. Missouri mutual companies may elect to come under this law--procedure--farmers' mutuals to operate under this law--exemption from examination, certain agents.

Missouri mutual companies may elect to come under thislaw--procedure--farmers' mutuals to operate under thislaw--exemption from examination, certain agents.

380.221. 1. Any company operating under the provisions of sections380.011 to 380.151 may avail itself of the rights, powers, privileges,obligations and immunities conferred by sections 380.201 to 380.591 byappropriate resolution to operate under sections 380.201 to 380.591 adopted byits board of directors and filed with the director of the department ofinsurance, financial institutions and professional registration.

2. Whenever any company shall elect to come under the provisions ofsections 380.201 to 380.591, the secretary of state shall transfer to thedirector of the department of insurance, financial institutions andprofessional registration for custody all records and papers filed in theoffice of the secretary of state by such company. The secretary of state,however, shall retain in his office duplicate copies of all such records andpapers.

3. Upon receipt of the records and papers from the secretary of state,the director shall determine whether or not the company complies with sections380.201 to 380.591 and any other applicable laws. If the director determinesthat the company is in compliance with the law, he shall issue a certificateof authority to commence business to the company, and thereafter such companyshall be fully subject to and governed by the provisions of sections 380.201to 380.591 and shall be entitled to avail itself of those provisions.

4. All companies formerly operating under sections 380.580 to 380.840shall operate under sections 380.201 to 380.591.

5. Any company operating under the provisions of sections 380.011 to380.151 which elects to come under the provisions of sections 380.201 to380.601 within thirty days of January 1, 1985, may have all of the company'sagents which have been agents for one year or more on the date of thiselection licensed to sell the same lines of insurance which the company isauthorized to write under sections 380.011 to 380.151 without the necessity ofthose agents taking an examination as provided in section 375.018, RSMo. Anycompany requesting this exemption shall file a list of all agents eligible forthe exemption, verified under oath by the president of the company.

6. Any mutual insurance company operating under the provisions ofchapter 379, RSMo, and doing insurance business only in this state, and whichwas formerly organized under this chapter, may elect to come under theprovisions of sections 380.201 to 380.591 on or before December 31, 1992. Toso elect, such company shall adopt an appropriate amendment to its articles ofincorporation under sections 375.201 to 375.226, RSMo, and apply for anamended certificate of authority. Upon the approval of the amendment to thearticles and the filing of the application for an amended certificate ofauthority, the director shall issue an amended certificate of authorityrecognizing the company as an extended Missouri mutual company.