380.611. Sale of corporate charter, penalty--exclusive right to control a company, approval by director, requirements. - Missouri Statutes

Sale of corporate charter, penalty--exclusive right to control acompany, approval by director, requirements.

380.611. 1. It is unlawful for any person to sell the corporate charterof a Missouri mutual insurance company operating under the provisions ofsections 380.011 to 380.151 or operating under the provisions of sections380.201 to 380.591. Any violation of this provision is a class A misdemeanor.

2. An agreement of contract under which any person, organization orcorporation is granted the exclusive or dominant right to manage or control aMissouri mutual insurance company operating under the provisions of sections380.011 to 380.151, or operating under the provisions of sections 380.201 to380.591, shall be filed with and approved by the director of the department ofinsurance, financial institutions and professional registration. The directorof the department of insurance, financial institutions and professionalregistration shall approve such agreements or contracts only if they are notdetrimental to the policyholders of the company or the public.

(L. 1984 H.B. 1498)

Effective 1-1-85