reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1855 - Coverage and premiums based on replacement cost value — determined how.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2023
379.1855. Coverage and premiums based on replacement cost value — determined how. —
1. Any lender-placed insurance coverage, and subsequent calculation of premium, should be based upon the replacement cost value of the property. Replacement cost value of the property shall be determined as follows:
(1) The dwelling coverage amount set forth in the most recent evidence of insurance coverage provided by the mortgagee ("last known coverage amount" or "LKCA"), if known to the lender or servicer;
(2) The insurer shall inquire of the insured at least once as to the LKCA, and if it is not able to obtain the LKCA from the insured or in another manner, the replacement cost value may be determined as set forth in subdivision (3) or (4) of this subsection;
(3) If the LKCA is unknown and cannot be obtained from the insured or in another manner, the replacement cost of the property serving as collateral as calculated by the insurer, unless the use of replacement cost for this purpose is prohibited by other law;
(4) If the LKCA is unknown and cannot be obtained from the insured or in another manner, and the replacement cost is not available or its use is prohibited, the unpaid principal balance of the mortgage loan.
2. In the event of a covered loss, any replacement cost coverage provided by an insurer in excess of the unpaid principal balance of the mortgage loan shall be paid to the mortgagor.
3. No insurer shall write lender-placed insurance for which the premium rate differs from that determined by the schedules of the insurer on file with the department of commerce and insurance as of the effective date of the policy.
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(L. 2023 S.B. 101)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1857 - Prohibited acts.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2023
379.1857. Prohibited acts. —
1. No insurer or insurance producer shall issue lender-placed insurance on mortgaged property if the insurer or insurance producer, or an affiliate of the insurer or insurance producer, owns, performs the servicing for, or owns the servicing right to, the mortgaged property.
2. No insurer or insurance producer shall compensate a lender, insurer, investor, or servicer, including through the payment of commissions, for lender-placed insurance policies issued by the insurer.
3. No insurer or insurance producer shall share lender-placed insurance premium or risk with the lender, investor, or servicer that obtained the lender-placed insurance.
4. No insurer or insurance producer shall offer contingent commissions, profit sharing, or other payments dependent on profitability or loss ratios to any person affiliated with a servicer or the insurer in connection with lender-placed insurance.
5. No insurer shall provide free or below-cost outsourced services to lenders, investors, or servicers, and no insurer shall outsource its own functions to lenders, insurance producers, investors, or servicers on an above-cost basis.
6. No insurer or insurance producer shall make any payments, including but not limited to the payment of expenses to a lender, insurer, investor, or servicer, for the purpose of securing lender-placed insurance business or related outsourced services.
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(L. 2023 S.B. 101)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1859 - Requirements not to be circumvented.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2023
379.1859. Requirements not to be circumvented. —
Nothing in sections 379.1850 to 379.1869 shall be construed to allow an insurance producer or an insurer solely underwriting lender-placed insurance to circumvent the requirements set forth within those sections. Any part of any requirements, limitations, or exclusions provided in sections 379.1850 to 379.1869 shall apply in any part to any insurer or insurance producer involved in lender-placed insurance.
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(L. 2023 S.B. 101)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1861 - Individual policy or certificate of insurance — delivery of — information to be included.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2023
379.1861. Individual policy or certificate of insurance — delivery of — information to be included. —
Lender-placed insurance shall be set forth in an individual policy or certificate of insurance. A copy of the individual policy, certificate of insurance, or other evidence of insurance coverage shall be mailed, first class mailed, or delivered in person to the last known address of the mortgagor, or delivered in accordance with sections 432.200 to 432.295. In addition to any information otherwise required by law, the individual policy or certificate of insurance coverage shall include the following information:
(1) The address and identification of the insured property;
(2) The coverage amount, or amounts if multiple coverages are provided;
(3) The effective date of the coverage;
(4) The term of coverage;
(5) The premium charge for the coverage;
(6) Contact information for filing a claim; and
(7) A complete description of the coverage provided.
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(L. 2023 S.B. 101)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1865 - Enforcement by department — no private cause of action.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2023
379.1865. Enforcement by department — no private cause of action. —
1. (1) The director of the department of commerce and insurance shall have authority to enforce the provisions of sections 379.1850 to 379.1869 as specified in chapter 374.
(2) A final order of the director enforcing sections 379.1850 to 379.1869 shall be subject to judicial review in accordance with the provisions of chapter 536 in the circuit court of Cole County.
(3) No order of the director enforcing sections 379.1850 to 379.1869 or order of a court to enforce the same shall in any way relieve or absolve any person affected by such order from any liability under any other laws of this state.
2. Nothing in sections 379.1850 to 379.1869 shall be construed to create or imply a private cause of action for violations of sections 379.1850 to 379.1869.
3. Nothing in sections 379.1850 to 379.1869 shall be construed to extinguish any mortgagor rights otherwise available under state, federal, or common law.
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(L. 2023 S.B. 101)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1867 - Violations, monetary penalty or sanction of license.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2023
379.1867. Violations, monetary penalty or sanction of license. —
An insurer that violates an order of the director while the order is in effect may, after notice and hearing and upon order of the director, be subject at the discretion of the director to either or both of the following:
(1) Payment of a monetary penalty of not more than one thousand dollars per violation, not to exceed an aggregate penalty of one hundred thousand dollars, unless the violation was committed flagrantly in a conscious disregard of sections 379.1850 to 379.1869, in which case the penalty shall not be more than twenty-five thousand dollars for each violation, not to exceed an aggregate penalty of two hundred fifty thousand dollars; or
(2) Suspension or revocation of the insurer's license.
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(L. 2023 S.B. 101)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 379 - Insurance Other Than Life › Section 379.1869 - Rulemaking authority.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 379
• Effective - 28 Aug 2023
379.1869. Rulemaking authority. —
The department of commerce and insurance may promulgate rules as necessary for the implementation of sections 379.1850 to 379.1869. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in this section shall become effective only if it complies with and is subject to all of the provisions of chapter 536 and, if applicable, section 536.028. This section and chapter 536 are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536 to review, to delay the effective date, or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 2023, shall be invalid and void.
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(L. 2023 S.B. 101)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.005 - Definitions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
Effective - 28 Aug 2008
380.005. Definitions. —
As used in this chapter, unless otherwise clearly indicated by the context, the following words mean:
(1)
"Department"
, the department of commerce and insurance; and
(2)
"Director"
, the director of the department of commerce and insurance.
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(L. 2008 S.B. 788)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.011 - Classification as Missouri mutual insurance companies — new companies prohibited.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.011. Classification as Missouri mutual insurance companies — new companies prohibited. —
1. All county mutual insurance companies, all town mutual insurance companies and all farmers' mutual insurance companies possessing a certificate of incorporation from the secretary of state and operating under sections 380.009 to 380.270, 380.280 to 380.470 and 380.479 to 380.570, respectively, shall be known as Missouri mutual insurance companies and shall after January 1, 1985, operate under the provisions of sections 380.011 to 380.151. Only those county mutual insurance companies, town mutual insurance companies and farmers' mutual insurance companies possessing a certificate of incorporation from the secretary of state upon January 1, 1985, shall operate under sections 380.011 to 380.151, and no new companies shall be formed to operate under those sections of the Revised Statutes of Missouri.
2. All Missouri mutual insurance companies shall, within ninety days of January 1, 1985, file a registration statement with the director of the department of commerce and insurance which shall contain the name of the company, the location and address of its principal office, the names and addresses of its officers and directors, and shall be accompanied by copies of its articles of incorporation and bylaws. The director shall compile and maintain a list of all companies registered and operating under the provisions of sections 380.011 to 380.151 and shall file this list with the secretary of state on or before May 1, 1985.
3. If any county mutual insurance company, town mutual insurance company or farmers' mutual insurance company possessing a certificate of incorporation from the secretary of state and operating under the provisions of sections 380.009 to 380.270, 380.280 to 380.470 or 380.479 to 380.570, respectively, fails to file the required registration statement with the director of the department of commerce and insurance within ninety days of January 1, 1985, the secretary of state shall irrevocably forfeit the company's corporate charter.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.021 - Authority to do business on not-for-profit basis — property of members, authority to insure — limitation of area — reserve fund, and reinsurance requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.021. Authority to do business on not-for-profit basis — property of members, authority to insure — limitation of area — reserve fund, and reinsurance requirements. —
1. All Missouri mutual insurance companies operating under the provisions of sections 380.011 to 380.151 shall be authorized to do the business of insurance on an assessable, mutual and not-for-profit basis. All such companies shall have authority to insure the property of their members from loss or damage caused by fire; lightning; tornado; windstorm; cyclone; hail; explosion; riot; riot attending a strike; civil commotion; aircraft; vehicles; smoke; physical damage to livestock; overturn or collision of farm machinery; theft; burglary; vandalism; malicious mischief; removal; breakage of glass; falling objects; weight of ice, snow or sleet; collapse of buildings; freezing, accidental discharge, leakage or overflow of water or steam; other damage caused by steam; and sudden and accidental injury from electrical currents. Nothing contained in these sections shall be construed as to allow any Missouri mutual insurance company to insure its members against loss to their motor vehicles, as defined in section 301.010, from any peril whatsoever or liability occasioned by the use of such motor vehicles, or to insure property pursuant to or in connection with a specific loan or other credit transaction.
2. All Missouri mutual insurance companies shall do business only in the county or counties in which they are organized or in adjoining counties. Any Missouri mutual insurance company may write insurance against loss or damage to the crops of their members from the perils enumerated in subsection 1 of this section in any and all counties of this state so long as the company maintains a reserve fund of at least three hundred thousand dollars and reinsurance sufficient to protect the financial stability of the company. The director of the department of commerce and insurance may require additional reinsurance if he deems it necessary to protect the policyholders of the company.
3. The corporation shall have all the powers, rights, privileges, duties and obligations of a corporation organized under chapter 355 except insofar as such provisions are inconsistent with the provisions of sections 380.011 to 380.151. Nothing herein shall be construed as prohibiting any Missouri mutual insurance company from distributing underwriting or investment gain to its members or from accumulating a reasonable reserve fund for the payment of losses and other expenses.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.031 - Exemption from insurance laws, exceptions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.031. Exemption from insurance laws, exceptions. —
Any Missouri mutual insurance company operating under the provisions of sections 380.011 to 380.151 shall be exempt from all provisions of other insurance laws of this state unless such laws shall expressly declare that they are applicable to such Missouri mutual insurance companies.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.041 - Board of directors, election, qualifications, terms, officers — annual meeting of company, held when, notice of requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.041. Board of directors, election, qualifications, terms, officers — annual meeting of company, held when, notice of requirements. —
1. Each Missouri mutual insurance company shall elect a board of at least five directors, each of whom shall be the owner of property insurance in the company. The directors shall be elected by a majority vote of the members voting at the annual meeting of the members for a term of not less than one year nor more than three years. The directors shall elect from their number a president and vice president. The directors shall also select a secretary, treasurer and such additional officers as they may deem necessary, who may or may not be members of the company. The offices of secretary and treasurer may be occupied by one person.
2. Each Missouri mutual insurance company shall hold an annual meeting of its members on the date and time and at the place specified in its articles of incorporation; immediately thereafter, a separate meeting of the board of directors shall be held. If the articles of incorporation are silent as to the date, time and place of the annual meetings, those meetings shall be held on the first Monday in February and shall be held at the registered office of the corporation.
3. Notice of the annual meeting of the members shall be sent with or mailed with each policy, and shall be stamped or printed on the policy. Notice of the annual meeting shall also be published once a week for two weeks before the date of the meeting in some daily or weekly newspaper published in the county where the principal home office of the company is located.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.051 - Financial statement filed annually, fee.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.051. Financial statement filed annually, fee. —
Every such company shall, on or before the first day of March in each year, file a statement with the director of the department of commerce and insurance, verified by the affidavit of its president and secretary reporting the financial condition of the company for the preceding calendar year. The statement of financial condition shall provide such information and be in such form as may be prescribed by the director of the department of commerce and insurance. Each company shall pay a fee of twenty-five dollars to the director of the department of commerce and insurance at the time of filing the annual statement.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.061 - Examination by department, powers and duties — expenses — examination by CPA in lieu of department — refusal to comply, effect.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.061. Examination by department, powers and duties — expenses — examination by CPA in lieu of department — refusal to comply, effect. —
1. It shall be the duty of the director of the department of commerce and insurance or his duly appointed agents to make full and careful examination of the affairs of any company operating under the provisions of sections 380.011 to 380.151. The director shall examine such companies whenever, in his discretion, it is deemed necessary.
2. He or any of his duly appointed agents may compel the attendance before him, and may examine, under oath, the directors, officers, agents, employees, solicitors, attorneys or any other person, in reference to the condition, affairs, management of the business, or any matters relating thereto. He may administer oaths or affirmations, may summon and compel the attendance of witnesses, and may require and compel the production of records, books, papers, contracts or other documents, if necessary.
3. In every such examination, inquiry shall be made as to the nature and resources of the corporation generally, the mode of conducting and managing its affairs, the actions of its directors and the security provided its members.
4. The refusal of any such company to permit the examination of its affairs as provided in this section shall be sufficient cause for the institution of proceedings to wind up the affairs of the corporation as provided by section 380.071.
5. The expenses of such examination, as determined by the director of the department of commerce and insurance, shall be paid by the company examined.
6. In lieu of an examination by the department of commerce and insurance the director may accept, in a format acceptable to the director, a financial examination report of such company prepared by an independent certified public accountant.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.071 - Unsafe operation of business — reasonable time to remedy — failure to remedy, director's powers.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.071. Unsafe operation of business — reasonable time to remedy — failure to remedy, director's powers. —
1. If it appears to the director of the department of commerce and insurance from a statement of any company filed pursuant to the provisions of section 380.051, or upon examination of any company made pursuant to the provisions of section 380.061, or from any other knowledge or information in his possession that such company is conducting its business in an unsafe manner or that its assets are insufficient to justify the continuance of business by such company, he shall send written notice of the situation to the officers and directors of the company.
2. Such officers and directors may, in the discretion of the director, be allowed a reasonable time in which to remedy the situation. If the officers and directors fail to remedy the situation after a reasonable time, or if at any time it shall appear to the director of the department of commerce and insurance that the continued operation of the company would not be in the best interests of the policyholders, the director of the department of commerce and insurance shall institute proceedings, in the circuit court in the city or county in which the company has its principal office, to enjoin or restrain the company from further prosecution of its business, either temporarily or permanently, and if the director seeks to enjoin or restrain the company permanently, he shall also institute proceedings to settle and wind up the affairs, and to liquidate and to dissolve the company.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.081 - Noncompliance — notice, content hearing — judicial review — failure to comply, director's powers.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.081. Noncompliance — notice, content hearing — judicial review — failure to comply, director's powers. —
1. If at any time the director of the department of commerce and insurance shall find that a Missouri mutual insurance company is not operating in compliance with the provisions of sections 380.011 to 380.151, he shall notify in writing the officers and directors of such fact. The notice shall clearly set forth the director's belief, his reasons and his proposed action. The director may, after a hearing held pursuant to the provisions of chapter 536, order the company to bring its operations into compliance. Judicial review of the director's order may be sought as provided in chapter 536.
2. Refusal or neglect by any such company to comply with the requirements of the above order shall be sufficient cause for the institution of proceedings to wind up the affairs of the company. The director may, in his discretion, institute proceedings to enjoin or restrain such company from the further prosecution of its business as provided in section 380.071.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.091 - Forms filed where — disapproval by director, notice, content — judicial review.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.091. Forms filed where — disapproval by director, notice, content — judicial review. —
1. All Missouri mutual insurance companies shall file all applications, policy forms and all endorsements, riders or amendments thereto with the director of the department of commerce and insurance. Those forms may be used upon filing unless disapproved by the director. The director may disapprove any form if it does not comply with the provisions of sections 380.011 to 380.151, or if it contains any provision which is deceptive, ambiguous or misleading. The company shall be notified in writing of any disapproval and the reasons therefor.
2. Any disapproval of a form by the director of the department of commerce and insurance shall be subject to judicial review under the provisions of chapter 536.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.101 - Policyholder in mutual to be member — eligibility — member's right to sue company.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.101. Policyholder in mutual to be member — eligibility — member's right to sue company. —
Any person shall be eligible to apply for membership in a Missouri mutual insurance company. Each policyholder of a Missouri mutual insurance company shall be a member of such company and any member of any Missouri mutual insurance company may sue the company the same as if he were not a member thereof.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.111 - School district's real and personal property may be insured — procedure for district to become member.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.111. School district's real and personal property may be insured — procedure for district to become member. —
All Missouri mutual insurance companies may accept as members any school district of this state, and may insure the real and personal property thereof as in the case of other members of the company. Any school district in this state may, by a two-thirds vote of the board of directors of the district, become a member of any Missouri mutual insurance company, and may insure the real and personal property of the school district in the company as in the case of other members thereof, and may, out of the incidental funds of the district, pay for such insurance and for all assessments lawfully made by the company as in the case of other members of the company.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.121 - Membership fee — business basis, how established — assessment of members — reserve — return of deposits to members, when — liability of policyholder on termination of policy.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.121. Membership fee — business basis, how established — assessment of members — reserve — return of deposits to members, when — liability of policyholder on termination of policy. —
1. Each Missouri mutual insurance company may require the payment of a membership fee, the amount of which is to be determined by the board of directors, before issuing any policy.
2. Missouri mutual insurance companies may do business upon the basis of assessments alone or may do business upon a premium plus assessment basis.
3. If a company chooses to do business on the basis of assessments alone, it shall require each member to deposit with the company, before the issuance of that member's policy, an amount equivalent to a defined percentage of the risk assumed by the company as a result of the issuance of that member's policy. The directors of the company shall determine this percentage.
4. If the company chooses to do business on a premium plus assessment basis, it may accept payment of the premium in full or may accept a promissory note in lieu of the premium. If a company chooses to accept a promissory note, it shall require each member, before the issuance of that member's policy, to pay ten percent of the total premium and provide a promissory note for the remaining balance. The promissory note shall be made payable, on demand, in whole or in part, when the directors of the company shall deem the additional money necessary for the payment of losses or other expenses.
5. Any Missouri mutual insurance company may assess its members in a manner determined by the company's articles and bylaws in anticipation of losses and expenses for the next two calendar years following the date of assessment, and may accumulate and maintain a reasonable reserve fund for the payment of losses and expenses.
6. The company shall return to its members that portion of the annual deposits or premiums which remain unconsumed after all losses and expenses are deducted or cancel those portions of any promissory notes which remain undemanded, consistent with maintaining an adequate reserve fund to pay losses and expenses in a manner determined by the company's articles and bylaws.
7. A policyholder shall not be liable to assessment for any losses or expenses incurred by the company subsequent to the termination of his policy nor shall he be liable to assessment for any obligations incurred by the company prior to such termination unless notice of such assessment be given within one year after such termination.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.131 - Loss or judgment against company, business basis to determine procedure — failure to pay assessment, effect.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.131. Loss or judgment against company, business basis to determine procedure — failure to pay assessment, effect. —
1. After receiving notice of any loss or damage to a member's property or after the rendition of any judgment against a company, the directors of a company operating solely on an assessment basis shall verify such loss, damage or judgment and shall assess each member an amount in proportion to the amount of risk such member has with the company. Failure to pay the assessment within thirty days of notification shall justify the company in cancelling a member's policy and returning a member's deposit after deducting the amount of the assessment owed.
2. If a company has chosen to operate on a premium plus assessment basis, it shall pay all losses and judgments from premiums received or amounts collected on promissory notes. The amount deducted from each member's premiums paid or demanded from each member's promissory note shall bear such relationship to the total loss as that member's total premium bears to the total premiums collected in the calendar year that the loss is incurred. If such funds are insufficient to cover the loss or judgment, the directors may assess each member in the same manner; but, there shall not be more than one assessment for losses in any calendar year. The directors may borrow sufficient funds to pay losses until such time as they may collect the assessment. Failure to pay any assessment within thirty days of notification shall justify the company in cancelling a member's policy.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.141 - Unsatisfied judgment against company, restraining order for transaction of new business.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.141. Unsatisfied judgment against company, restraining order for transaction of new business. —
Whenever any judgment is obtained in any of the courts of this state against any Missouri mutual insurance company doing business in this state under the provisions of sections 380.011 to 380.151, from which no appeal is taken, or if an appeal is taken and no appeal bond is given as in other cases of appeals in civil procedure, and the judgment remains unsatisfied for sixty days after execution has been lawfully issued thereon, upon the filing of a petition for injunctive relief by the party in whose favor the judgment is rendered, in the court in which the judgment was rendered, the court shall issue an injunction restraining the company from the further transaction of any new business in this state until the judgment shall be fully satisfied.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.151 - Mutual companies may unite or transfer funds and engagements, procedure — creditor's rights not affected.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.151. Mutual companies may unite or transfer funds and engagements, procedure — creditor's rights not affected. —
Any two or more Missouri mutual insurance companies operating under the provisions of sections 380.011 to 380.151 may unite and become incorporated in one corporate body, with or without any dissolution or division of the funds of either corporation; or any such corporation may transfer its engagements, funds and property to any other such corporation and upon such terms as may be agreed upon by three-fourths of the members of each of the bodies who are either present in person or by proxy at the meeting of the members convened for that purpose by notice, stating the object of the meeting, sent by first class mail to every member, and by a general notice, appearing daily at least one week or weekly at least two weeks in a newspaper published in the county where the principal home office of the company is located; but no such transfer shall prejudice any right of any creditor of any such corporation to have payment of his debt out of the assets and property thereof.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.201 - Definitions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.201. Definitions. —
As used in sections 380.201 to 380.601, unless the context clearly indicates otherwise, the following terms mean:
(1)
"Assessment"
, the amount, or the policyholder's share of such amount, determined by the company to be necessary to pay accrued liabilities, to meet or defray anticipated needs of the company and/or to add to or restore the guaranty fund;
(2)
"Director"
, the director of the department of commerce and insurance of the state of Missouri;
(3)
"Fee"
, the charge or that portion of such charge collected by the company which is used for or allocated to the payment of acquisition or survey costs;
(4)
"Guaranty fund"
, accumulated assets in excess of accrued losses and expenses;
(5)
"Initial charge"
, such charge or that portion of such charge not otherwise defined herein collected by the company before or at the time of the issuance or the renewal of the policy and used for, or allocated to, any purpose which the company deems desirable not prohibited by law;
(6)
"Premium"
, a stipulated amount charged for a specified policy period, which the company is required to charge as a liability and maintain as an unearned premium reserve until the end of the specified policy period.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.211 - New companies prohibited, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.211. New companies prohibited, when. —
No company shall be incorporated under the provisions of sections 380.201 to 380.601 after January 1, 1985.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.231 - Company operations limited to Missouri.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.231. Company operations limited to Missouri. —
1. Any company operating under the provisions of sections 380.201 to 380.591 may do business throughout the state of Missouri but may not do business outside this state. The counties the company proposes to do business in shall be specified in its articles of incorporation and in the certificate of authority issued by the director.
2. All such companies must maintain a membership of at least one hundred members.
3. The name of any such company shall not be deceptively similar to any other insurance company authorized to do business in this state.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.241 - Amendment to articles and bylaws, procedure — fee.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.241. Amendment to articles and bylaws, procedure — fee. —
1. The articles of incorporation may be amended by a two-thirds vote of the members voting at any meeting of members if members have been given not less than thirty days' notice of such meeting and proposed amendments. After the adoption of an amendment to the articles, a certificate of amendment shall be executed and filed with the director in conformance with section 375.221. Upon receipt of the amendment, the director shall follow the procedure set out in section 375.206. The amendment will become effective subject to section 375.216.
2. Bylaws may be amended as provided therein. All amendments to the bylaws shall be filed with the director. Such bylaws shall not be inconsistent with sections 380.201 to 380.591, any other applicable laws or the articles of incorporation.
3. A fee of ten dollars shall be imposed for each amendment to the articles of incorporation or bylaws filed.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.251 - Forms, filing and approval, fee — policy, required provisions — disapproved, procedure.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.251. Forms, filing and approval, fee — policy, required provisions — disapproved, procedure. —
1. No company shall deliver or issue for delivery in this state a policy, or any endorsement or rider thereto, until a copy of the form shall have been filed with and approved by the director. Upon the filing of any form with the director, such form shall be deemed approved by the director. The director shall thereafter disapprove only those forms which are inconsistent with sections 380.201 to 380.591 or any other applicable law, and do not contain any provisions which are deceptive, ambiguous or misleading. The director must give written notification to the company of the approval or disapproval of any form. If a form is disapproved, the company filing the form may request a hearing before the director.
2. All policies shall have printed on them whether the policy is assessable and when and where the annual meeting will be held.
3. A fee of ten dollars shall be imposed for each form filed.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.271 - Financial reinsurance requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 28 Aug 1991
380.271. Financial reinsurance requirements. —
1. In order to commence or continue writing the classes of insurance enumerated in section 380.261, any company operating under the provisions of sections 380.201 to 380.591 shall comply with the following financial and reinsurance requirements:
(1) To make fire insurance as described in section 380.261, a company shall maintain a guaranty fund of not less than fifty thousand dollars or one-tenth of one percent of the net fire insurance in force, whichever is greater. Reinsurance sufficient to protect the financial stability of the company shall also be required. The director may require additional reinsurance if he deems it necessary to protect the policyholders of the company.
(2) To make windstorm insurance as described in section 380.261, a company shall maintain a guaranty fund of not less than fifty thousand dollars or one-tenth of one percent of the net wind insurance in force, whichever is greater. Reinsurance sufficient to protect the financial stability of the company shall also be required. The director may require additional reinsurance if he deems it necessary to protect the policyholders of the company.
(3) To make liability insurance as described in section 380.261, a company shall maintain a guaranty fund of not less than fifty thousand dollars or twenty-five percent of net premiums written less deductions for pro rata, quota-share or per-risk excess of loss reinsurances directly covering the company's casualty premiums or assessments, whichever is greater. Reinsurance sufficient to protect the financial stability of the company shall also be required. The director may require additional reinsurance if he deems it necessary to protect the policyholders of the company.
(4) To make crop insurance as described in section 380.261, a company shall maintain a guaranty fund of not less than fifty thousand dollars or one-half of one percent of the net crop insurance in force, whichever is greater. Reinsurance sufficient to protect the financial stability of the company shall also be required. The director may require additional reinsurance if he deems it necessary to protect the policyholders of the company.
(5) To make insurance as described in subdivision (5) of section 380.261, a company shall maintain a guaranty fund of not less than one million six hundred thousand dollars. Reinsurance sufficient to protect the financial stability of the company shall also be required. The director may require additional reinsurance if he deems it necessary to protect the policyholders of the company.
2. The financial requirements of this section are to be construed cumulatively except that a company shall be required to have a guaranty fund of not more than one million six hundred thousand dollars plus reinsurance.
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(L. 1984 H.B. 1498, A.L. 1991 H.B. 592)
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.281 - Mergers of certain mutual companies, procedure — merger plan, required contents.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.281. Mergers of certain mutual companies, procedure — merger plan, required contents. —
Any two or more companies operating under the provisions of sections 380.201 to 380.591 may merge into one of the corporations; and companies operating under the provisions of sections 380.011 to 380.151 may merge into a corporation operating under sections 380.201 to 380.591 in the following manner: The board of directors of each corporation shall approve a plan of merger and direct the submission of the plan to a vote at a meeting of its members. The plan of merger shall set forth:
(1) The names of the corporations proposing to merge, and the name of the corporation into which they propose to merge, which is herein designated as "the surviving corporation";
(2) The terms and conditions of the proposed merger and the mode of carrying it into effect;
(3) A statement of any changes in the articles of incorporation of the surviving corporation to be effected by the merger;
(4) Such other provisions with respect to the proposed merger as are deemed necessary or desirable.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.291 - Meeting to consider merger plan, notice — requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.291. Meeting to consider merger plan, notice — requirements. —
The plan of merger shall be submitted to a vote at a meeting of the members which may be either an annual or a special meeting. Written or printed notice stating that the purpose, or one of the purposes, of the meeting is to consider the plan of merger, together with a copy or a summary of the plan of merger, shall be given to each member entitled to vote at the meeting within the time and in the manner provided in the company's articles for the giving of notice of meetings of members.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.301 - Approval of merger plan, votes required.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.301. Approval of merger plan, votes required. —
At each such meeting a vote of the members entitled to vote thereat shall be taken on the proposed plan of merger. The plan of merger shall be approved upon receiving the affirmative vote of at least three-fourths of the members of each of the corporations entitled to vote at such meeting.
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(L. 1984 H.B. 1498)
Effective 1-01-85
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies › Section 380.311 - Articles of merger, content — executed by corporate officers.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 380
• Effective - 01 Jan 1985, see footnote
380.311. Articles of merger, content — executed by corporate officers. —
Upon the approval of the members, articles of merger shall be executed in duplicate by each corporation by its president or a vice president, and verified by him, and the corporate seal of each corporation shall be thereto affixed, attested by its secretary or an assistant secretary, and shall set forth:
(1) The plan of merger;
(2) As to each corporation, the number of members;
(3) As to each corporation, the number of members voting for and against such plan, respectively.
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(L. 1984 H.B. 1498)
Effective 1-01-85