reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.051 - Producer held as trustee of money collected.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jan 2003, see footnote
375.051. Producer held as trustee of money collected. —
1. Any insurance producer who shall be appointed or who shall act on behalf of any insurance company within this state, or who shall, on behalf of any insurance company, solicit applications, deliver policies or renewal receipts and collect premiums thereon, or who shall receive or collect moneys from any source or on any account whatsoever, on behalf of any insurance company doing business in this state, shall be held responsible in a trust or fiduciary capacity to the company for any money so collected or received by him or her for the insurance company.
2. Any insurance producer who shall act on behalf of any applicant for insurance or insured within this state, or who shall, on behalf of any applicant for insurance or insured, seek to place insurance coverage, deliver policies or renewal receipts and collect premiums thereon, or who shall receive or collect moneys from any source or on any account whatsoever, shall be held responsible in a trust or fiduciary capacity to the applicant for insurance or insured for any money so collected or received by him or her.
3. Nothing in this section shall be construed to require any insurance producer to maintain a separate bank account or deposit for the funds of each payor, as long as the funds so held are reasonably ascertainable from the books of account and records of the insurance producer.
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(RSMo 1939 § 6018, A.L. 1955 p. 241, A.L. 1967 p. 516, A.L. 2001 S.B. 193)
Effective 1-01-03
(1954) This section does not cover situation where agent reports and remits all collections but falsely represents the identity of persons from whom collections are made. Trice v. Lancaster (A.), 270 S.W.2d 519.
(1962) Superintendent as receiver of company could recover from company's agents unearned premiums which they held on policies written prior to receivership and agents' commissions thereon, and agents' actions, subsequent to receivership but prior to receiving notice thereof, in canceling the policies and use of the unearned premiums to purchase insurance in another company was unlawful. Clay v. Independence Mutual Insurance Co. (Mo.), 359 S.W.2d 679.
(1963) This section does not limit civil liability of agent to account to insurer, and especially insurer's receiver, for only monies that agent has collected, and agent is liable to account also for monies that agent under his contract of employment should have collected, and to account to receiver for commissions on premiums unearned because of court order canceling all policies issued by insurer. Clay v. Eagle Reciprocal Exchange (Mo.), 368 S.W.2d 344.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.052 - Additional incidental fees — disclosure to applicant or insured.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 2001
375.052. Additional incidental fees — disclosure to applicant or insured. —
An insurer or insurance producer may charge additional incidental fees for premium installments, late payments, policy reinstatements, or other similar services specifically provided for by law or regulation. Such fees shall be disclosed to the applicant or insured in writing.
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(L. 2001 S.B. 193)
CROSS REFERENCE:
Incidental fees, additional, may be charged, when, disclosure to insured, 379.356
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.071 - Centralized producer license registry, participation in.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jan 2003, see footnote
375.071. Centralized producer license registry, participation in. —
1. The director may participate in a centralized producer license registry, in whole or in part, with any entity the director deems appropriate, including but not limited to the National Association of Insurance Commissioners, or any affiliates or subsidiaries such organization oversees, in which insurance producer licenses may be centrally or simultaneously effected for all states that require an insurance producer license and that participate in the centralized producer license registry.
2. If the director finds that participation in the centralized producer license registry is in the public interest, the director may adopt by rule any uniform standards and procedures consistent with this chapter as are necessary to participate in the registry, including the central collection of all fees for licenses that are processed through the registry.
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(L. 1961 p. 504 § 2, A.L. 1967 p. 516, A.L. 1984 S.B. 570, A.L. 2001 S.B. 193)
Effective 1-01-03
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.076 - No consideration for unlicensed persons.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jan 2003, see footnote
375.076. No consideration for unlicensed persons. —
1. An insurance company or insurance producer shall not pay a commission, service fee, brokerage or other valuable consideration to a person for selling, soliciting or negotiating insurance in this state if that person is required to be licensed and is not so licensed.
2. A person shall not accept a commission, service fee, brokerage or other valuable consideration for selling, soliciting or negotiating insurance in this state if that person is required to be licensed and is not so licensed.
3. Renewal or other deferred commissions may be paid to a person for selling, soliciting or negotiating insurance in this state if the person was required to be licensed at the time of the sale, solicitation or negotiation and was so licensed at that time.
4. An insurer or insurance producer may pay or assign commissions, service fees, brokerages or other valuable consideration to a business entity licensed as an insurance producer or to persons who do not sell, solicit or negotiate insurance in this state, unless the payment would violate subdivision (9) of section 375.936 or section 379.356. Under no circumstances may an insurer or insurance producer pay or assign commissions, service fees, brokerages or other valuable consideration to a person whose license is under suspension or revocation.
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(L. 1961 p. 504 §§ 3, 4, 5, 14, A.L. 1967 p. 516, A.L. 1981 S.B. 10, A.L. 1990 H.B. 1739, A.L. 2001 S.B. 193)
Effective 1-01-03
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.106 - Insurance producers, limitations on negotiated contracts.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jan 2003, see footnote
375.106. Insurance producers, limitations on negotiated contracts. —
Insurance producers acting on behalf of an applicant for insurance or insured shall negotiate contracts of insurance only with authorized domestic insurance companies, licensed insurance
*
producers, foreign insurance companies duly admitted to do business in this state, or with a duly licensed surplus lines broker.
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(L. 1961 p. 504 § 10, A.L. 1967 p. 516, A.L. 1981 S.B. 10, A.L. 2001 S.B. 193)
Effective 1-01-03
*Word "insurance" appears in original rolls.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.116 - Compensation of producer, regulations — not to receive pay from insured, exception.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jan 2003, see footnote
375.116. Compensation of producer, regulations — not to receive pay from insured, exception. —
1. An insurance company or insurance producer may pay money, commissions or brokerage, or give or allow anything of value, for or on account of negotiating contracts of insurance, or placing or soliciting or effecting contracts of insurance, to a duly licensed insurance producer.
2. Nothing in this chapter shall abridge or restrict the freedom of contract of insurance companies or insurance producers with reference to the amount of commissions or fees to be paid to the insurance producers and the payments are expressly authorized.
3. No insurance producer shall have any right to compensation other than commissions deductible from premiums on insurance policies or contracts from any applicant for insurance or insured for or on account of the negotiation or procurement of, or other service in connection with, any contract of insurance made or negotiated in this state or for any other services on account of insurance policies or contracts, including adjustment of claims arising therefrom, unless the right to compensation is based upon a written agreement between the insurance producer and the insured specifying or clearly defining the amount or extent of the compensation. Nothing contained in this section shall affect the right of any insurance producer to recover from the insured the amount of any premium or premiums for insurance effectuated by or through the insurance producer.
4. No insurance producer shall, in connection with the negotiation, procurement, issuance, delivery or transfer in this state of any contract of insurance made or negotiated in this state, directly or indirectly, charge or receive from the applicant for insurance or insured therein any greater sum than the rate of premium fixed therefor and shown on the policy by the insurance company, unless the insurance producer has a right to compensation for services created in the manner specified in subsection 3 of this section.
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(L. 1961 p. 504 § 12, A.L. 1967 p. 516, A.L. 2001 S.B. 193)
Effective 1-01-03
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.136 - Producer placing business with a nonadmitted company or nonresident is subject to chapter 384.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jan 2003, see footnote
375.136. Producer placing business with a nonadmitted company or nonresident is subject to chapter 384. —
Any insurance producer placing business with a nonresident agent or producer of a nonadmitted insurance company or direct with a nonadmitted insurance company or nonresident broker or insurance producer shall be subject to the provisions of chapter 384.
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(L. 1967 p. 516, A.L. 1977 S.B. 274, A.L. 2001 S.B. 193)
Effective 1-01-03
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.143 - Rulemaking authority.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 2007
375.143. Rulemaking authority. —
In order to effectuate and aid in the interpretation of section 375.141, the director, under section 374.045, may adopt rules and regulations codifying professional standards of producer competency and trustworthiness in the handling of applications, premium funds, conflicts of interest, record keeping, supervision of others, and customer suitability.
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(L. 2007 S.B. 66)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.144 - Prohibited acts in connection with the offer, sale, solicitation, or negotiation of insurance.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 2005
375.144. Prohibited acts in connection with the offer, sale, solicitation, or negotiation of insurance. —
It is unlawful for any person, in connection with the offer, sale, solicitation or negotiation of insurance, directly or indirectly, to:
(1) Employ any deception, device, scheme, or artifice to defraud;
(2) As to any material fact, make or use any misrepresentation, concealment, or suppression;
(3) Engage in any pattern or practice of making any false statement of material fact; or
(4) Engage in any act, practice, or course of business which operates as a fraud or deceit upon any person.
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(L. 2005 H.B. 866)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.145 - Violations, penalties.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 2007
375.145. Violations, penalties. —
1. If the director determines that a person has engaged, is engaging in, or has taken a substantial step toward engaging in an act, practice or course of business constituting a violation of sections 375.012 to 375.144 or a rule adopted or order issued pursuant thereto, or that a person has materially aided or is materially aiding an act, practice, omission, or course of business constituting a violation of sections 375.012 to 375.144, or a rule adopted or order issued pursuant thereto, the director may issue such administrative orders as authorized under section 374.046. A violation of sections 375.012 to 375.142 is a level two violation under section 374.049. A violation of section 375.144 is a level four violation under 374.049.
2. If the director believes that a person has engaged, is engaging in, or has taken a substantial step toward engaging in an act, practice or course of business constituting a violation of this section or a rule adopted or order issued pursuant thereto, or that a person has materially aided or is materially aiding an act, practice, omission, or course of business constituting a violation of this section or a rule adopted or order issued pursuant thereto, the director may maintain a civil action for relief authorized under section 374.048. A violation of any of sections 375.012 to 375.142 is a level two violation under section 374.049. A violation of section 375.144 is a level four violation under 374.049.
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(L. 2007 S.B. 66)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.146 - Violation, penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 2005
375.146. Violation, penalty. —
1. Any person who knowingly employs, uses or engages in any act, scheme, device or practice in violation of section 375.144 with the purpose to defraud shall upon conviction be fined not more than one hundred thousand dollars and imprisoned not more than ten years, or both. In addition to any fine, imprisonment, or fine and imprisonment imposed, the court may order restitution to the victim in an amount equal to twice the losses due to such offense. If the offender holds a license under these sections, the court imposing sentence shall order the department of commerce and insurance to revoke such license.
2. Any person willfully violating any of the provisions of sections 375.012 to 375.141 is guilty of a class A misdemeanor and on conviction thereof, if the offender holds a license under these sections, the court imposing sentence shall order the department of commerce and insurance to revoke the license.
3. The director may refer such evidence as is available concerning violations of this chapter to the proper prosecuting attorney or circuit attorney who may, with or without reference, initiate the appropriate criminal proceedings.
4. Nothing in this section shall limit the power of the state to punish any person for any conduct that constitutes a crime in any other state statute.
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(L. 1961 p. 504 § 17, A.L. 1967 p. 516, A.L. 1981 S.B. 10, A.L. 2005 H.B. 866)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.147 - Managing general agents (MGA) — citation of law — definitions — law effective, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1999
375.147. Managing general agents (MGA) — citation of law — definitions — law effective, when. —
1. Sections 375.147 to 375.153 may be cited as the "Managing General Agents Act".
2. Sections 375.147 to 375.153 shall take effect on July 1, 1991. No insurer may continue to utilize the services of a managing general agent after June 30, 1991, unless such utilization is in compliance with sections 375.147 to 375.153.
3. As used in sections 375.147 to 375.153, the following words and phrases shall mean:
(1)
"Actuary"
, a person who is a member in good standing of the American Academy of Actuaries;
(2)
"Director"
, the director of the department of commerce and insurance;
(3)
"Insurer"
, any person, firm, association or corporation duly licensed in this state as an insurance company pursuant to section 375.161 or 375.791;
(4)
"Managing general agent"
or
"MGA"
, any person, firm, association or corporation who manages all or part of the insurance business of an insurer, including the management of a separate division, department or underwriting office, and acts as an agent for such insurer whether known as a managing general agent, manager or other similar term, who, with or without the authority, either separately or together with affiliates, produces, directly or indirectly, and underwrites an amount of gross direct written premiums equal to or more than five percent of the policyholder surplus as reported in the last annual statement of the insurer in any one quarter or year together with one or more of the following:
(a) Adjusts or pays claims in excess of an amount determined by the director. The threshold amount set by the director pursuant to this paragraph shall be applied equally to both domestic and foreign insurers; or
(b) Negotiates reinsurance on behalf of the insurer. Notwithstanding the above, the following persons shall not be considered as managing general agents for the purposes of sections 375.147 to 375.153:
a. An employee of the insurer;
b. A manager of the United States branch of an alien insurer;
c. An underwriting manager which, pursuant to contract, manages all the insurance operation of the insurer, is under common ownership or control with the insurer, subject to the provisions of chapter 382;
d. A person holding a valid certificate of registration as an administrator and acting solely as an "administrator" as defined in section 376.1075; or
e. The attorney authorized by and acting for the subscribers of a reciprocal insurer or interinsurance exchange under powers of attorney;
(5)
"Underwrite"
, the authority to accept or reject risk on behalf of the insurer.
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(L. 1990 H.B. 1739 §§ 5, 6, B, A.L. 1992 H.B. 1574, A.L. 1993 H.B. 709, A.L. 1999 H.B. 478)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.148 - Managing general agents must be licensed producers — risks located outside state — requirements — bond may be required, also errors and omissions policy.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jul 1991, see footnote
375.148. Managing general agents must be licensed producers — risks located outside state — requirements — bond may be required, also errors and omissions policy. —
1. No person, firm, association or corporation shall act in the capacity of a managing general agent with respect to risks located in this state for an insurer licensed in this state unless such person is a licensed producer in this state.
2. No person, firm, association or corporation shall act in the capacity of a managing general agent representing an insurer domiciled in this state with respect to risks located outside this state unless such person is licensed as a producer in this state pursuant to the provisions of sections 375.147 to 375.153. Such license may be a nonresident license.
3. The director may require a bond in an amount acceptable to him for the protection of the insurer.
4. The director may require the managing general agent to maintain an appropriate errors and omissions policy for the protection of any person, firm, association or corporation which may be affected by the activities of the managing general agent.
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(L. 1990 H.B. 1739 § 7)
Effective 7-01-91
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.150 - Duties of insurer — appointment of or termination of contract with managing general agent, notice to director, content.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jul 1991, 2 histories, see footnote
375.150. Duties of insurer — appointment of or termination of contract with managing general agent, notice to director, content. —
1. The insurer shall have on file an independent financial examination in a form acceptable to the director of each managing general agent with which it has done business.
2. If a managing general agent establishes loss reserves, the insurer shall annually obtain the opinion of an actuary attesting to the adequacy of loss reserves established for losses incurred and outstanding on business produced by the managing general agent. This requirement is in addition to any other required loss reserve certification.
3. The insurer shall periodically conduct an on-site review of the underwriting and claims processing operations of the managing general agent.
4. Binding authority for all reinsurance contracts or participation in insurance or reinsurance syndicates shall rest with an office of the insurer, who shall not be affiliated with the managing general agent.
5. Within thirty days of entering into or termination of a contract with a managing general agent, the insurer shall provide written notification of such appointment or termination to the director. Notices of appointment of a managing general agent shall include a statement of duties which the applicant is expected to perform on behalf of the insurer, the lines of insurance for which the applicant is to be authorized to act, and any other information the director may request.
6. An insurer quarterly shall review its books and records to determine if any producer has become, by operation of subdivision (4) of subsection 3 of section 375.147, a managing general agent as defined in that section. If the insurer determines that a producer has become a managing general agent pursuant to the above review, the insurer shall promptly notify the producer and the director of such determination and the insurer and producer must fully comply with the provisions of sections 375.147 to 375.153 within thirty days.
7. An insurer shall not appoint to its board of directors any
*
officer, director, employee or controlling shareholder of any of its managing general agents. This subsection shall not apply to relationships governed by the provisions of chapter 382.
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(L. 1990 H.B. 1739 § 9)
Effective 7-01-91
*Word "an" appears in original rolls.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.151 - Acts of managing general agent acts of insurer.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jul 1991, see footnote
375.151. Acts of managing general agent acts of insurer. —
The acts of the managing general agent are considered to be the acts of the insurer on whose behalf it is acting. A managing general agent may be examined as if it were the insurer.
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(L. 1990 H.B. 1739 § 10)
Effective 7-01-91
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.152 - Violations, penalties.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 2007
375.152. Violations, penalties. —
1. If the director determines that a person has engaged, is engaging in, or has taken a substantial step toward engaging in an act, practice or course of business constituting a violation of sections 375.147 to 375.153 or a rule adopted or order issued pursuant thereto, or that a person has materially aided or is materially aiding an act, practice, omission, or course of business constituting a violation of sections 375.147 to 375.153 or a rule adopted or order issued pursuant thereto, the director may issue such administrative orders as authorized under section 374.046. A violation of any of these sections is a level two violation under section 374.049.
2. If the director believes that a person has engaged, is engaging in, or has taken a substantial step toward engaging in an act, practice or course of business constituting a violation of sections 375.147 to 375.153 or a rule adopted or order issued pursuant thereto, or that a person has materially aided or is materially aiding an act, practice, omission, or course of business constituting a violation of sections 375.147 to 375.153 or a rule adopted or order issued pursuant thereto, the director may maintain a civil action for relief authorized under section 374.048. A violation under any of these sections is a level two violation under section 374.049. In addition to the relief available in this section, the director may also order the managing general agent to reimburse the insurer, the rehabilitator or liquidator of the insurer for any losses incurred by the insurer caused by a violation of sections 375.147 to 375.153 committed by the managing general agent.
3. Nothing contained in this section shall affect the right of the director to impose any other penalties provided for in the insurance law.
4. Nothing contained in sections 375.147 to 375.153 is intended to or shall in any manner limit or restrict the rights of policyholders, claimants and creditors.
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(L. 1990 H.B. 1739 § 11, A.L. 2007 S.B. 66)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.153 - Managing general agent, director's authority to promulgate rules.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jul 1991, see footnote
375.153. Managing general agent, director's authority to promulgate rules. —
The director may adopt reasonable rules and regulations for the implementation and administration of sections 375.147 to 375.153.
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(L. 1990 H.B. 1739 § 12)
Effective 7-01-91
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.158 - Insurer shall comply with all insurance laws before doing business — commissions paid, to whom.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 01 Jan 2003, see footnote
375.158. Insurer shall comply with all insurance laws before doing business — commissions paid, to whom. —
1. No insurer shall engage in the business of insurance in this state without first complying with all the provisions of the laws of this state governing the business of insurance.
2. No insurer organized or incorporated under the laws of this state shall undertake any business or risk except as provided by those laws. No insurer organized or incorporated by or under the laws of this state or any other state of the United States or any foreign government, transacting the business of life insurance, shall be permitted or allowed to take any other kind of risks except those connected with or pertaining to making assurance on the life of a human being and the granting, purchasing and disposing of annuities and endowments, and the making of insurance against accident and sickness to persons by life or health or life and health insurers as provided in sections 376.010 and 376.309.
3. No insurer doing business in this state shall pay any commission or other compensation to any person or entity for any services, as insurance producer, in obtaining in this state any contract of insurance except to a licensed insurance producer of the insurer and a licensed business entity insurance producer.
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(RSMo 1939 § 6004; L. 1965 p. 569, A.L. 1967 p. 516, A.L. 1993 H.B. 709, A.L. 2001 S.B. 193)
Effective 1-01-03
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.161 - Certificate to do business — when terminated.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1967
375.161. Certificate to do business — when terminated. —
No company shall transact in this state any insurance business unless it shall first procure from the director a certificate stating the requirements of the insurance laws of this state have been complied with authorizing it to do business, which certificate shall be renewed annually as of July first but which shall remain in full force and effect until renewed or refused by the director. Certificates in effect October 13, 1967, shall be extended to terminate on July 1, 1968, unless otherwise terminated, suspended or revoked.
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(RSMo 1939 § 6003, A.L. 1953 p. 233, A.L. 1967 p. 516)
(1974) Employer's payment directly to its employees of sickness and medical benefits does not constitute doing of "insurance business". State ex rel. Farmer v. Monsanto Co. (Mo.), 517 S.W.2d 129.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.163 - Director shall not authorize business if management of company is incompetent or untrustworthy.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1967
375.163. Director shall not authorize business if management of company is incompetent or untrustworthy. —
The director shall not grant or continue authority to transact insurance in this state as to any insurer or interinsurance exchange, one or more of the managing officers of which is found by him, after hearing, to be of known bad character or to be so incompetent or untrustworthy as to make the proposed operation hazardous to the insurance buying public; or which he has good reason to believe is affiliated directly or indirectly through ownership, control, reinsurance transactions or other insurance or business relations with any person or persons whose business operations are or have been detrimental to policyholders or stockholders or investors or creditors or
*
the public by illegal or fraudulent manipulation or dissipation of assets or of accounts, or of reinsurance of any insurance company or companies, or by similar injurious actions.
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(L. 1963 p. 485 § 1, A.L. 1967 p. 516)
* Word "of" appears in original rolls.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.164 - Management contracts, to be filed with director when requested — may examine records of company, to what extent — notice of management contract required.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1967
375.164. Management contracts, to be filed with director when requested — may examine records of company, to what extent — notice of management contract required. —
1. All agreements or contracts under which any person, organization or corporation enjoys in fact the exclusive or dominant right to manage or control any insurer doing business under any of the insurance laws of this state to the substantial exclusion of the board of directors, officers, attorney in fact or other lawful management shall be filed with the director on his request.
2. The director, for the purpose of ascertaining the assets, conditions and affairs of any insurer, may examine the books, records, documents and assets of any person having a contract or agreement as provided in subsection 1 to the extent necessary to determine the financial condition of the insurer. The failure or refusal of any such person to submit his books, papers, accounts, records or affairs to the reasonable inspection or examination of the director shall be grounds for the suspension or revocation of the certificate of authority of the insurer to do business in this state.
3. No agreement or contract as provided in subsection 1 shall operate to the financial detriment of the insurer in such manner as to endanger the financial stability of the insurer or otherwise be hazardous to the policyholders and creditors of the insurer.
4. On examination of any agreement or contract, if the director finds it violates the provisions of this section, he shall proceed in accordance with the provisions of section 374.046.
5. Any person, organization or corporation having a management contract as provided in subsection 1 hereof shall within five days of execution of such contract provide notice of such contract to the director of the department of commerce and insurance.
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(L. 1967 p. 516)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.166 - Expense of organization limited.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1967
375.166. Expense of organization limited. —
1. It shall be unlawful for any corporation organized under the laws of this state for the purpose of conducting an insurance business of any kind to pay more than ten percent of the total amount realized from the sale of its capital stock, whether in cash or notes, for the organization of the company.
2. In every case subscribers to the stock shall consent, in writing, to the payment of the organization expenses, which shall, in all cases, be paid out of the surplus funds of the corporation; the ten percent to include commissions paid to agents for the sale of stock, rent, clerk hire, literature and all other expenses of every kind and nature, and all obligations incurred, up to the time that application is made for a license to do an insurance business.
3. No officer of any company shall be permitted to draw any salary before the corporation is fully organized and licensed to do business.
4. Any corporation already organized under the laws of this state to engage in the business aforesaid may increase its capital stock for the purpose, in the manner and to the extent prescribed by law; subject, however, to the restrictions as to expenses incurred in the sale thereof, and the consent of the stock subscribers to the payment of such expenses as are herein specified.
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(RSMo 1939 § 6071, A.L. 1967 p. 516)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.169 - Violation of section 375.166 a misdemeanor, penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1967
375.169. Violation of section 375.166 a misdemeanor, penalty. —
Any officer, director, clerk, employee or agent of any company who receives or pays out, or orders the payment of any money, or incurs any obligation for the payment of money, in violation of the terms of section 375.166, shall be deemed guilty of a misdemeanor, and upon conviction thereof, shall be punished by a fine of not more than five hundred dollars, or by imprisonment in the county jail for a term of not more than six months, or by both the fine and imprisonment.
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(RSMo 1939 § 6072, A.L. 1967 p. 516)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.176 - Proceedings against promoters.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1967
375.176. Proceedings against promoters. —
1. Whenever it appears to the director of the department of commerce and insurance from any examination made by himself, or from the report of the person or persons appointed by him to make an examination, or from the statements of the company, or its officers or promoters, or from any knowledge or information in his possession that it would be hazardous to the public or to its stockholders for the company to proceed with its organization, the director may, if the company is a domestic corporation, institute proceedings in the circuit court of the county or city in which the company was organized, or in which it has, or last had, its principal or chief office or place of business, and enjoin the company from further proceeding with its organization, either temporarily or perpetually, or for an injunction or dissolution of the company and the settlement or winding up of its affairs or for any or all of these remedies combined and for such other decrees and relief as the court shall deem advisable.
2. In the event that the court appoints a receiver for any company, the director of the department of commerce and insurance may be appointed as receiver, or some person other than the director of the department of commerce and insurance may be appointed, in the discretion of the court.
3. The compensation paid to any receiver appointed, upon petition of the director of the department of commerce and insurance filed against any company under this section, shall, in all cases, be fair and reasonable, and when approved by the court, shall be paid out of any assets which may be in the hands of the receiver.
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(RSMo 1939 § 6076, A.L. 1967 p. 516)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.181 - Officers required of companies.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1967
375.181. Officers required of companies. —
1. Every insurance company organized under the laws of Missouri shall have a president and a secretary who shall be chosen by the directors, and such other officers as shall be prescribed by the bylaws of the corporation. Unless the bylaws otherwise provide, any two or more offices may be held by the same person except the offices of president and secretary.
2. All officers of the company, as between themselves and the corporation, shall have such authority and perform such duties in the management of the property and affairs of the corporation as may be provided in the bylaws, or, in the absence of such provision, as may be determined by resolution of the board of directors.
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(RSMo 1939 § 6016, A.L. 1967 p. 516)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.183 - Director to investigate incorporators, directors and proposed officers, approval withheld, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1967
375.183. Director to investigate incorporators, directors and proposed officers, approval withheld, when. —
The director shall not approve any declaration of organization or articles of incorporation or issue a certificate of authority to any company until he has found that there is no good reason to believe that the incorporators, directors and proposed officers are affiliated, directly or indirectly, through ownership, control, management, reinsurance transactions or other insurance or business relations with any person or persons known to have been involved in the improper manipulation of assets, accounts or reinsurance.
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(L. 1967 p. 516)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.186 - Seal and bylaws.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1967
375.186. Seal and bylaws. —
The corporators or directors of any insurance company organized under the laws of this state shall have power to adopt a seal, and to make such bylaws, not inconsistent with the constitution and laws of this state, as they may deem necessary for the regulation and management of its affairs.
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(RSMo 1939 § 6021, A.L. 1967 p. 516)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.191 - Voting by proxy.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1967
375.191. Voting by proxy. —
1. Every person legally entitled to vote at any election, or on any question relating to the management or business of any insurance company organized under the laws of this state, may cast his vote by proxy; but the proxy shall be a legal voter of the company, and the authority to cast the vote shall be in writing and shall state the name of the person authorized to cast the vote and the date of the meeting at which the vote shall be cast.
2. The director shall have power to adopt reasonable rules and regulations relative to the solicitation by domestic stock insurers of proxies, consent and authorization with respect to equity securities of the stock insurers.
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(RSMo 1939 § 6022, A.L. 1967 p. 516)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.196 - Adoption of same or misleadingly similar name prohibited.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1967
375.196. Adoption of same or misleadingly similar name prohibited. —
No insurance company formed under the laws of this state shall adopt the name of any existing company transacting insurance business in this state nor any name so similar thereto as to be calculated to mislead the public.
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(RSMo 1939 § 5802, A.L. 1967 p. 516)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.206 - Certificate of amendment, issuance, filing — director, duties — secretary of state, duties.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1967
375.206. Certificate of amendment, issuance, filing — director, duties — secretary of state, duties. —
Upon receipt by the director of the department of commerce and insurance of any certificate of amendment in triplicate, he shall file it if he finds that the certificate of amendment conforms to law and that the proceedings were regular, and that the same will not be prejudicial to the interest of the policyholders and, if the amendment increases or reduces the capital stock, that the condition and the assets of the company justify the increase or reduction. Keeping one of the copies as a permanent record, he shall issue his certificate of amendment and shall certify the same to the secretary of state, who shall affix his certificate of amendment to a copy thereof retaining the same as a permanent record and shall forward to the company his certificate of amendment. The secretary of state shall also forward to the director of the department of commerce and insurance a certified copy of his certificate of amendment.
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(L. 1967 p. 516)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.216 - Certificate of amendment effective, when — amendment not to affect any existing cause of action.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1967
375.216. Certificate of amendment effective, when — amendment not to affect any existing cause of action. —
1. Upon the issuance of the certificate by the secretary of state, the amendment shall become effective and the articles shall be deemed to be amended accordingly.
2. No amendment shall affect any existing cause of action in favor or against the insurance company or any pending suit in which the insurance company is a party, or the existing rights of persons other than the shareholders, members or other group of persons voting thereon or entitled to vote thereon; and, in the event the insurance company name is changed by amendment, no suit brought by or against the company under its former name shall be abated for that reason.
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(L. 1967 p. 516)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.221 - Certificate of amendment of articles, how executed, contents.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1967
375.221. Certificate of amendment of articles, how executed, contents. —
1. After the adoption of an amendment of the articles, a certificate of amendment shall be executed in triplicate by the insurance company by its president or vice president and its secretary or assistant secretary verified by one of the officers signing with corporate seal affixed. If the insurance company is a reciprocal or interinsurance exchange, the certificate of amendment shall be executed in a like manner by its attorney in fact.
2. The certificates of amendment shall be delivered to the director of the department of commerce and insurance and shall state:
(1) The name of the insurance company;
(2) The date of the adoption of the amendment by the shareholders, members or other group of persons entitled to vote on the amendment;
(3) The amendment adopted;
(4) The number of shares, members, or other group of persons entitled to vote, or if a mutual, the number of the members present either in person or by proxy entitled to vote;
(5) The number of shares, members, or other group of persons that voted for and against said amendment respectively;
(6) If the amendment effects a change in the number or par value of authorized shares, then a statement showing the number of shares and par value thereof previously authorized.
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(L. 1967 p. 516)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 375 - Provisions Applicable to All Insurance Companies › Section 375.226 - Restatement of charter, articles of incorporation or association, or declaration of organization, how made.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 375
• Effective - 28 Aug 1967
375.226. Restatement of charter, articles of incorporation or association, or declaration of organization, how made. —
1. Any insurance company organized or incorporated under the laws of this state may restate its charter, articles of incorporation or association, or declaration of organizing from time to time as may be desired in the same manner as provided in sections 375.201 through 375.221 pertaining to amendments.
2. In lieu of the certificate of amendment as set forth in section 375.206, the director and secretary of state shall issue a certificate of restated articles.
3. Upon the issuance of the certificate of restated articles by the secretary of state, the restated articles shall become effective and shall supersede the original articles and all amendments thereto.
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(L. 1967 p. 516)