reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 377 - Assessment Plan and Stipulated Premium Plan Life Insurance › Section 377.380 - Annual report.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 377
• Effective - 28 Aug 1939
377.380. Annual report. —
The annual business of each and every corporation, company or association transacting business under the provisions of sections 377.200 to 377.460 shall close on the thirty-first day of December of each year, and it shall, within sixty days thereafter, prepare and file in the office of the director or other officer having supervision of insurance matters, a detailed statement, made upon blanks furnished by the department of commerce and insurance, and verified under oath by the president and secretary of the company or association, giving all information in detail that the department of commerce and insurance may require, so that its true financial condition may be known.
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(RSMo 1939 § 5889)
Prior revisions: 1929 § 5778; 1919 § 6188; 1909 § 6982
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 377 - Assessment Plan and Stipulated Premium Plan Life Insurance › Section 377.400 - Reinsurance and reinstatement.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 377
• Effective - 28 Aug 1939
377.400. Reinsurance and reinstatement. —
No stipulated premium life insurance company or association organized under sections 377.200 to 377.460 shall consolidate with another company or transfer or reinsure its risks with any other company or association or assume or reinstate the whole or any part of the risks of any other company or association, except with the approval of a majority of the policy or stockholders present and voting at a regular or special meeting duly called; provided, however, that any such company may reinsure a fractional part of any single risk, but no such insurance shall in any manner release the company or association from its obligation under contract with the policyholder. All such reinsurance shall be reported annually to the director of the department of commerce and insurance.
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(RSMo 1939 § 5881)
Prior revisions: 1929 § 5770; 1919 § 6180; 1909 § 6974
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 377 - Assessment Plan and Stipulated Premium Plan Life Insurance › Section 377.420 - Retaliatory section.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 377
• Effective - 28 Aug 1939
377.420. Retaliatory section. —
When any state, territory or foreign country shall impose any obligations upon any such corporation of this state, or their agents transacting business in such other state, territory or foreign country, the like obligations are hereby imposed upon similar corporations of such other state, territory or foreign country, their agents or representatives transacting business in this state; and such corporation, company, association or society of such other state, territory or foreign country, and its agents and representatives shall pay all licenses, fees or penalties to, and make deposits with the director of insurance imposed by the laws of such other state, territory or foreign country upon any corporation of this state doing business therein; and in case of failure to pay the same, the director shall refuse the certificate of authority herein provided for or cancel such certificate, if one shall have been previously issued.
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(RSMo 1939 § 5890)
Prior revisions: 1929 § 5779; 1919 § 6189; 1909 § 6983
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 377 - Assessment Plan and Stipulated Premium Plan Life Insurance › Section 377.430 - Requirements for foreign corporations — tax on premiums.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 377
• Effective - 28 Aug 1939
377.430. Requirements for foreign corporations — tax on premiums. —
1. No foreign corporation, company, association or society shall be authorized to transact any business authorized by sections 377.200 to 377.460 within this state, unless it furnish evidence satisfactory to the director of the department of commerce and insurance that it has a reserve or emergency fund equal in amount to that required by sections 377.200 to 377.460, and the same is held for the benefit of policyholders only, and invested as required by the insurance laws of its home state.
2. Neither shall any foreign corporation, company, association or society be authorized to do business in this state under sections 377.200 to 377.460, unless it collects in advance for the benefit of its policyholders a net premium equal to at least that provided for by the terms of sections 377.200 to 377.460; provided, that all such foreign corporations shall annually pay a tax on the gross premiums received in this state on account of business done in the state at the rate of one percent per annum, which shall be in lieu of all other taxes as herein otherwise provided; said tax shall be levied and collected as is provided for in the collection of taxes on other insurance companies.
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(RSMo 1939 § 5890)
Prior revisions: 1929 § 5779; 1919 § 6189; 1909 § 6983
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 377 - Assessment Plan and Stipulated Premium Plan Life Insurance › Section 377.450 - Acceptance of provisions of regular life law — not to affect past contracts.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 377
• Effective - 28 Aug 1939
377.450. Acceptance of provisions of regular life law — not to affect past contracts. —
1. Any domestic life or accident insurance corporation, company or association existing or doing business in this state under the stipulated premium plan law, may, by a majority vote of its directors or trustees, accept the provisions of sections 376.010 to 376.670 and amend its articles of incorporation and its bylaws to conform to said law, the same as if it had originally been incorporated thereunder, and shall submit a record of the proceedings of its board of trustees, together with the amended articles, to the attorney general for his examination and approval of the legal form thereof, and shall file such amended articles in the office of the secretary of state and a certified copy of same in the office of the director of the department of commerce and insurance, and deposit with said director such securities as may be required of corporations originally incorporated under sections 376.010 to 376.670.
2. Insurance corporations, companies and associations complying with the provisions of this section shall thereafter enjoy and exercise all of the rights and privileges accorded by law to companies originally incorporated under sections 376.010 to 376.670.
3. Compliance with this section shall in no wise annul, modify or change any of the existing contracts or obligations of the corporation, and any and all such contracts and liabilities shall continue in force and effect the same as if such corporation had not reincorporated under the provisions of this section; compliance with the provisions of this section shall in no way prejudice, impede or impair any pending action, proceeding or rights previously acquired.
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(RSMo 1939 § 5887)
Prior revisions: 1929 § 5776; 1919 § 6186; 1909 § 6980
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 377 - Assessment Plan and Stipulated Premium Plan Life Insurance › Section 377.460 - Penalty for false statements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 377
• Effective - 28 Aug 1939
377.460. Penalty for false statements. —
Any solicitor, agent, examining physician or other person who shall make a false or fraudulent statement or misrepresentation in or with reference to any application for insurance, or for the purpose of obtaining any money or benefit in any corporation doing business under sections 377.200 to 377.460, shall be guilty of a misdemeanor, and upon conviction, shall be punished by a fine of not less than one hundred dollars nor more than five hundred dollars, or by imprisonment in the county jail for not less than thirty days nor more than one year, or by both such fine and imprisonment, at the discretion of the court; and any person who shall make a false statement of any material fact or thing in a sworn statement as to the death or disability of a certificate holder in any such corporation, for the purpose of procuring payment of a benefit named in the certificate of such holder, shall be guilty of perjury and shall be proceeded against and punished as provided by the statutes of this state in relation to the crime of perjury; and any person who shall make any false or fraudulent statement or misrepresentation with reference to any corporation, company or association transacting business under the provisions of sections 377.200 to 377.460 shall be guilty of a misdemeanor, and upon conviction, shall be punished by a fine of not less than one hundred dollars nor more than five hundred dollars, or imprisonment in the county jail for not less than thirty days nor more than one year, or both such fine and imprisonment, at the discretion of the court.
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(RSMo 1939 § 5884)
Prior revisions: 1929 § 5773; 1919 § 6183; 1909 § 6977
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.601 - Fraternal benefit society, defined.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.601. Fraternal benefit society, defined. —
Any incorporated society, order or supreme lodge, without capital stock, including one exempted under the provisions of subdivision (1) of subsection 1 of section 378.640
*
whether incorporated or not, conducted solely for the benefit of its members and their beneficiaries and not for profit, operated on a lodge system with ritualistic form of work, having a representative form of government, and which provides benefits in accordance with this chapter, is hereby declared to be a fraternal benefit society.
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(L. 1992 S.B. 831)
Effective 1-01-93
*Section "378.637" appears in original rolls.
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.602 - Lodge system, requirements — children's wages permitted, limitation.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.602. Lodge system, requirements — children's wages permitted, limitation. —
1. A society is operating on the lodge system if it has a supreme governing body and subordinate lodges into which members are elected, initiated or admitted in accordance with its laws, rules and ritual. Subordinate lodges shall be required by the laws of the society to hold regular meetings periodically in furtherance of the purposes of the society.
2. A society may, at its option, organize and operate lodges for children under the minimum age for adult membership. Membership and initiation in local lodges shall not be required of such children, nor shall they have a voice or vote in the management of the society.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.603 - Representative form of government, requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.603. Representative form of government, requirements. —
A society has a representative form of government when:
(1) It has a supreme governing body constituted in one of the following ways:
(a) The supreme governing body is an assembly composed of delegates elected directly by the members or at intermediate assemblies or conventions of members or their representatives, together with other delegates as may be prescribed in the society's laws. A society may provide for election of delegates by mail. The elected delegates shall constitute a majority in number and shall not have less than two-thirds of the votes and not less than the number of votes required to amend the society's laws. The assembly shall be elected and shall meet at least once every four years and shall elect a board of directors to conduct the business of the society between meetings of the assembly. Vacancies on the board of directors between elections may be filled in the manner prescribed by the society's laws;
(b) The supreme governing body is a board composed of persons elected by the members, either directly or by their representatives in intermediate assemblies, and any other persons prescribed in the society's laws. A society may provide for election of the board by mail. Each term of a board member may not exceed four years. Vacancies on the board between elections may be filled in the manner prescribed by the society's laws. Those persons elected to the board shall constitute a majority in number and not less than the number of votes required to amend the society's laws. A person filling the unexpired term of an elected board member shall be considered to be an elected member. The board shall meet at least quarterly to conduct the business of the society;
(2) The officers of the society are elected either by the supreme governing body or by the board of directors;
(3) Only benefit members are eligible for election to the supreme governing body and the board of directors;
(4) Each voting member shall have one vote and no vote may be cast by proxy.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.604 - Definitions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.604. Definitions. —
As used in this chapter, the following terms shall mean:
(1)
"Benefit contract"
, the agreement for provision of benefits authorized by section 378.616, as that agreement is described in subsection 1 of section 378.619;
(2)
"Benefit member"
, an adult member who is designated by the laws or rules of the society to be a benefit member under a benefit contract;
(3)
"Certificate"
, the document issued as written evidence of the benefit contract;
(4)
"Director"
, the director of the department of commerce and insurance;
(5)
"Laws"
, the society's articles of incorporation, constitution and bylaws, however designated;
(6)
"Lodge"
, subordinate member units of the society, known as camps, courts, councils, branches or by any other designation;
(7)
"Premiums"
, premiums, rates, dues or other required contributions by whatever name known, which are payable under the certificate;
(8)
"Rules"
, all rules, regulations or resolutions adopted by the supreme governing body or board of directors which are intended to have general application to the members of the society;
(9)
"Society"
, a fraternal benefit society, unless otherwise indicated.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.605 - Operation, purpose — laws and rules, power to adopt.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
• Effective - 01 Jan 1993, see footnote
378.605. Operation, purpose — laws and rules, power to adopt. —
1. A society shall operate for the benefit of members and their beneficiaries by:
(1) Providing benefits as specified in section 378.616; and
(2) Operating for one or more social, intellectual, educational, charitable, benevolent, moral, fraternal, patriotic or religious purposes for the benefit of its members, which may also be extended to others. Such purposes may be carried out directly by the society, or indirectly through subsidiary corporations or affiliated organizations.
2. Every society shall have the power to adopt laws and rules for the government of the society, the admission of its members and the management of its affairs. It shall have the power to change, alter, add to or amend such laws and rules and shall have such other powers as are necessary and incidental to carrying into effect the objects and purposes of the society.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.606 - Laws and rules, requirements — membership rights nonassignable.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.606. Laws and rules, requirements — membership rights nonassignable. —
1. A society shall specify in its laws or rules:
(1) Eligibility standards for each and every class of membership, provided that if benefits are provided on the lives of children, the minimum age for adult membership shall be set at not less than age fifteen and not greater than age twenty-one;
(2) The process for admission to membership for each membership class; and
(3) The rights and privileges of each membership class, provided that only benefit members shall have the right to vote on the management of the insurance affairs of the society.
2. A society may also admit social members who shall have no voice or vote in the management of the insurance affairs of the society.
3. Membership rights in the society are personal to the member and are not assignable.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.607 - Principal office, meetings, location — official publication, annual statement, requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.607. Principal office, meetings, location — official publication, annual statement, requirements. —
1. The principal office of any domestic society shall be located in this state. The meetings of its supreme governing body may be held in any state, district, province or territory wherein such society has at least one subordinate lodge, or in such other location as determined by the supreme governing body, and all business transacted at such meetings shall be as valid in all respects as if such meetings were held in this state. The minutes of the proceedings of the supreme governing body and of the board of directors shall be in the English language.
2. (1) A society may provide in its laws for an official publication in which any notice, report or statement required by law to be given to members, including notice of election, may be published. Such required reports, notices and statements shall be printed conspicuously in the publication. If the records of a society show that two or more members have the same mailing address, an official publication mailed to one member is deemed to be mailed to all members at the same address unless a member requests a separate copy.
(2) Not later than the first day of June of each year, a synopsis of the society's annual statement providing an explanation of the facts concerning the condition of the society thereby disclosed shall be printed and mailed to each benefit member of the society or, in lieu thereof, such synopsis may be published in the society's official publication.
3. A society may provide in its laws or rules for grievance or complaint procedures for members.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.609 - Waiver of laws, restriction on, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.609. Waiver of laws, restriction on, when. —
The laws of the society may provide that no subordinate body, nor any of its subordinate officers or members shall have the power or authority to waive any of the provisions of the laws of the society. Such provision shall be binding on the society and every member and beneficiary of a member.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.611 - Amendment of laws, procedures — amendments furnished to members.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.611. Amendment of laws, procedures — amendments furnished to members. —
1. A domestic society may amend its laws in accordance with the provisions thereof by action of its supreme governing body at any regular or special meeting thereof or, if its laws so provide, by referendum. Such referendum may be held in accordance with the provisions of its laws by the vote of the voting members of the society, by the vote of delegates or representatives of voting members or by the vote of local lodges. A society may provide for voting by mail. No amendment submitted for adoption by referendum shall be adopted unless, within six months from the date of submission thereof, a majority of the members voting shall have signified their consent to such amendment by one of the methods herein specified.
2. No amendment to the laws of any domestic society shall take effect unless approved by the director who shall approve such amendment if the director finds that it has been duly adopted and is not inconsistent with any requirement of the laws of this state or with the character, objects and purposes of the society. Unless the director shall disapprove any such amendment within sixty days after the filing of same, such amendment shall be considered approved. The approval or disapproval of the director shall be forwarded in writing, and mailed to the secretary or corresponding officer of the society at its principal office. In case the director disapproves such amendment, the reasons therefor shall be stated in such written notice.
3. Within ninety days from the approval thereof by the director, all such amendments, or a synopsis thereof, shall be furnished to all members of the society either by mail or by publication in full in the official publication of the society. The affidavit of any officer of the society or of anyone authorized by it to mail any amendments or synopsis thereof, stating facts which show that same have been duly addressed and mailed, shall be prima facie evidence that such amendments or synopsis thereof, have been furnished the addressees.
4. Every foreign or alien society authorized to do business in this state shall file with the director a duly certified copy of all amendments of, or additions to, its laws within ninety days after the enactment of same.
5. Printed copies of the laws as amended, certified by the secretary or corresponding officer of the society, shall be prima facie evidence of the legal adoption thereof.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.612 - Society may operate nonprofit organizations — may not own funeral home.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.612. Society may operate nonprofit organizations — may not own funeral home. —
1. A society may create, maintain and operate, or may establish organizations to operate not-for-profit institutions to further the purposes permitted by subdivision (1) of subsection 1 of section 378.605. Such institutions may furnish services free or at a reasonable charge. Any real or personal property owned, held, or leased by the society for this purpose shall be reported in every annual statement.
2. No society shall own or operate funeral homes or undertaking establishments.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.613 - Reinsurance agreements, allowed — limitations.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.613. Reinsurance agreements, allowed — limitations. —
1. A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer (other than another fraternal benefit society) having the power to make such reinsurance and authorized to do business in this state, or if not so authorized, one which is approved by the director, but no such society may reinsure substantially all of its insurance in force without the written permission of the director. It may take credit for the reserves on such ceded risks to the extent reinsured, but no credit shall be allowed as an admitted asset or as a deduction from liability, to a ceding society for reinsurance made, ceded, renewed, or otherwise becoming effective after January 1, 1993, unless the reinsurance is payable by the assuming insurer on the basis of the liability of the ceding society under the contract or contracts reinsured without diminution because of the insolvency of the ceding society. The provisions of section 375.246 shall also apply insofar as not in conflict herewith.
2. Notwithstanding the limitation in subsection 1 of this section, a society may reinsure the risks of another society in a consolidation or merger approved by the director under section 378.614.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.615 - Conversion to mutual life insurance company, allowed when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.615. Conversion to mutual life insurance company, allowed when. —
1. Any domestic fraternal benefit society may be converted and licensed as a mutual life insurance company by compliance with all the requirements of the insurance laws of this state for mutual life insurance companies. A plan of conversion shall be prepared in writing by the board of directors, setting forth in full the terms and conditions of conversion. The affirmative vote of two-thirds of all members of the supreme governing body at a regular or special meeting shall be necessary for the approval of such plan.
2. No such conversion shall take effect unless and until approved by the director, who may give such approval if the director finds that the proposed change is in conformity with the requirements of law and not prejudicial to the certificate holders of the society.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.616 - Benefits authorized — rules to specify allowable beneficiaries.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
• Effective - 01 Jan 1993, see footnote
378.616. Benefits authorized — rules to specify allowable beneficiaries. —
1. A society may provide the following contractual benefits in any form:
(1) Death benefits;
(2) Endowment benefits;
(3) Annuity benefits;
(4) Temporary or permanent disability benefits;
(5) Hospital, medical or nursing benefits; and
(6) Monument or tombstone benefits to the memory of deceased members; and
(7) Such other benefits as authorized for life insurers and which are not inconsistent with this chapter.
2. A society shall specify in its rules those persons who may be issued, or covered by, the contractual benefits in subsection 1 of this section, consistent with providing benefits to members and their dependents. A society may provide benefits on the lives of children under the minimum age for adult membership upon application of an adult person.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.617 - Change of beneficiary, allowed — funeral benefits, payment of, limitation — no beneficiary, effect.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.617. Change of beneficiary, allowed — funeral benefits, payment of, limitation — no beneficiary, effect. —
1. The owner of a benefit contract shall have the right at all times to change the beneficiary or beneficiaries in accordance with the laws or rules of the society unless the owner waives this right by specifically requesting in writing that the beneficiary designation be irrevocable. A society, through its laws or rules, may limit the scope of beneficiary designations and shall provide that no revocable beneficiary shall have or obtain any vested interest in the proceeds of any certificate until the certificate has become due and payable in conformity with the provisions of the benefit contract.
2. A society may make provision for the payment of funeral benefits to the extent of such portion of any payment under a certificate as might reasonably appear to be due to any person equitably entitled thereto by reason of having incurred expense occasioned by the burial of the member, provided the portion so paid shall not exceed the sum of one thousand dollars.
3. If, at the death of any person insured under a benefit contract, there is no lawful beneficiary to whom the proceeds shall be payable, the amount of such benefit, except to the extent that funeral benefits may be paid as hereinbefore provided, shall be payable to the personal representative of the deceased insured, provided that if the owner of the certificate is other than the insured, such proceeds shall be payable to such owner.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.620 - Cash surrender value of certificate, computation of.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.620. Cash surrender value of certificate, computation of. —
1. For certificates issued prior to one year after January 1, 1993, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or other option granted shall comply with the provisions of law applicable immediately prior to January 1, 1993.
2. For certificates issued on or after one year from January 1, 1993, for which reserves are computed on the Commissioner's 1941 Standard Ordinary Mortality Table, the Commissioner's 1941 Standard Industrial Table or the Commissioner's 1958 Standard Ordinary Mortality Table, or the Commissioner's 1980 Standard Mortality Table, or any more recent table made applicable to life insurers, every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or other option granted shall not be less than the corresponding amount ascertained in accordance with the laws of this state applicable to life insurers issuing policies containing like benefits based upon such tables.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.621 - Investment of funds.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.621. Investment of funds. —
A society shall invest its funds only in such investments as are authorized by the laws of this state for the investment of assets of life insurers and subject to the limitations thereon. Any foreign or alien society permitted or seeking to do business in this state which invests its funds in accordance with the laws of the state, district, territory, country or province in which it is incorporated, shall be held to meet the requirements of this section for the investment of funds.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.622 - Assets, use of — variable basis contracts, allowed when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.622. Assets, use of — variable basis contracts, allowed when. —
1. All assets shall be held, invested and disbursed for the use and benefit of the society and no member or beneficiary shall have or acquire individual rights therein or become entitled to any apportionment on the surrender of any part thereof, except as provided in the benefit contract.
2. A society may create, maintain, invest, disburse and apply any special fund or funds necessary to carry out any purpose permitted by the laws of such society.
3. A society may, pursuant to resolution of its supreme governing body, establish and operate one or more separate accounts and issue contracts on a variable basis, subject to the provisions of law regulating life insurers establishing such accounts and issuing such contracts. To the extent the society deems it necessary in order to comply with any applicable federal or state laws, or any rules issued thereunder, the society may adopt special procedures for the conduct of the business and affairs of a separate account, and may, for persons having beneficial interests therein, provide special voting and other rights, including without limitation special rights and procedures relating to investment policy, investment advisory services, selection of certified public accountants, and selection of a committee to manage the business and affairs of the account, and may issue contracts on a variable basis to which subsections 2 and 4 of section 378.619 shall not apply.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.623 - Application of law — exemption from insurance laws.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.623. Application of law — exemption from insurance laws. —
Except as herein provided, societies shall be governed by this chapter and shall be exempt from all other provisions of the insurance laws of this state, except chapters 374 and 375, not only in governmental relations with this state, but for every other purpose, and no law hereafter enacted shall apply to them, unless expressly designated therein. When any other law is applicable, it shall be construed in accordance with the fundamental nature of a fraternal benefit society. In the event of any conflict between such law and the provisions of this chapter, the latter shall prevail. The other law may, however, supplement or explain the provisions of this chapter, and the laws herein made applicable to fraternal benefit societies.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.624 - Taxation of societies, exemptions.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.624. Taxation of societies, exemptions. —
Every society organized or licensed under this chapter is hereby declared to be a charitable and benevolent institution, and all of its funds shall be exempt from all and every state, county, district, municipal and school tax other than taxes on real estate and office equipment.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.625 - Valuation of certificates, standards — reserves, excess permitted.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
• Effective - 01 Jan 1993, see footnote
378.625. Valuation of certificates, standards — reserves, excess permitted. —
1. Standards of valuation for certificates issued prior to one year after January 1, 1993, shall be those provided by the laws applicable immediately prior to January 1, 1993.
2. The minimum standards of valuation for certificates issued on or after one year from January 1, 1993, shall be based on the following tables:
(1) For certificates of life insurance the Commissioner's 1941 Standard Ordinary Mortality Table, the Commissioner's 1941 Standard Industrial Mortality Table, the Commissioner's 1958 Standard Ordinary Mortality Table, the Commissioner's 1980 Standard Ordinary Mortality Table or any more recent table made applicable to life insurers;
(2) For annuity and pure endowment certificates, for total and permanent disability benefits, for accidental death benefits and for noncancelable accident and health benefits such tables as are authorized for use by life insurers in this state.
­­All of the above shall be under valuation methods and standards, including interest assumptions, in accordance with the laws of this state applicable to life insurers issuing policies containing like benefits.
3. The director may, in his discretion, accept other standards for valuation if the director finds that the reserves produced thereby will not be less in the aggregate than reserves computed in accordance with the minimum valuation standard herein prescribed. The director may, in his discretion, vary the standards of mortality applicable to all benefit contracts on substandard lives or other extra hazardous lives by any society authorized to do business in this state.
4. Any society, with the consent of the insurance regulatory official of the state of domicile of the society and under such conditions, if any, which the director may impose, may establish and maintain reserves on its certificates in excess of the reserves required thereunder, but the contractual rights of any benefit member shall not be affected thereby.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.626 - Statement of financial condition, contents, filing — penalty.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.626. Statement of financial condition, contents, filing — penalty. —
1. Every society transacting business in this state shall annually, on or before the first day of March, unless for good cause shown such time has been extended by the director, file with the director a true statement of its financial condition, transactions and affairs for the preceding calendar year and pay the required fee for filing same. The statement shall be in general form and context as approved by the National Association of Insurance Commissioners for fraternal benefit societies and as supplemented by additional information required by the director.
2. As part of the annual statement herein required, each society shall, on or before the first day of March, file with the director a valuation of its certificates in force on December thirty-first last preceding, provided the director may, in his discretion for cause shown, extend the time for filing such valuation for not more than two calendar months. Such valuation shall be done in accordance with the standards specified in section 378.625. Such valuation and underlying date shall be certified by a qualified actuary or, at the expense of the society, verified by an actuary of the insurance regulatory agency of the state of domicile of the society.
3. A society neglecting to file the annual statement in the form and within the time provided by this section may be subject to a fine of one hundred dollars for each day during which such neglect continues, and its authority to do business in this state may be suspended by the director while such default continues.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.627 - Annual renewal required.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.627. Annual renewal required. —
Societies which are now authorized to transact business in this state, and all societies hereafter licensed, may continue such business until the first day of April next succeeding January 1, 1993. The authority of such societies, and all societies hereafter licensed, may thereafter be renewed annually, but in all cases to terminate on the succeeding April. However, a license so issued shall continue in full force and effect until the new license be issued or specifically refused. For each such license or renewal the society shall pay the director the required fee. A duly certified copy or duplicate of such license shall be prima facie evidence that the licensee is a fraternal benefit society within the meaning of this chapter.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.628 - Examination, director may conduct — expenses.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.628. Examination, director may conduct — expenses. —
1. The director, or any person he may appoint, may examine any domestic, foreign or alien society transacting or applying for admission to transact business in this state in the same manner as authorized for examination of domestic, foreign or alien insurers. Requirements of notice and an opportunity to respond before findings are made public as provided in the laws regulating insurers shall also be applicable to the examination of societies.
2. The expense of each examination and of each valuation, including compensation and actual expense of examiners, shall be paid by the society examined or whose certificates are valued, upon statements furnished by the director.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.629 - Foreign society to have license, requirements.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.629. Foreign society to have license, requirements. —
No foreign or alien society shall transact business in this state without a license issued by the director. Any such society desiring admission to this state shall comply substantially with the requirements and limitations of this chapter applicable to domestic societies. Any such society may be licensed to transact business in this state upon filing with the director:
(1) A duly certified copy of its chapters of incorporation;
(2) A copy of its bylaws, certified by its secretary or corresponding officer;
(3) A power of attorney to the director as prescribed in section 378.635;
(4) A statement of its business under oath of its president and secretary or corresponding officers in a form prescribed by the director, duly verified by an examination made by the insurance supervisory official of its home state or other state, territory, province or country, satisfactory to the director;
(5) Certification from the proper official of its home state, territory, province or country that the society is legally incorporated and licensed to transact business therein;
(6) Copies of its certificate forms;
(7) A showing that its assets are invested in accordance with the provisions of this chapter; and
(8) Such other information as the director may deem necessary.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.631 - Foreign society, director may enjoin business, when.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.631. Foreign society, director may enjoin business, when. —
1. When the director upon investigation finds that a foreign or alien society transacting or applying to transact business in this state:
(1) Has exceeded its powers;
(2) Has failed to comply with any of the provisions of this chapter;
(3) Is not fulfilling its contracts in good faith; or
(4) Is conducting its business fraudulently or in a manner hazardous to its members or creditors or the public,
­­the director shall notify the society of such deficiency or deficiencies and state in writing the reasons for his or her dissatisfaction. The director shall at once issue a written notice to the society requiring that the deficiency or deficiencies which exist are corrected. After such notice the society shall have a thirty-day period in which to comply with the director's request for correction, and if the society fails to comply, the director shall notify the society of such findings of noncompliance and require the society to show cause on a date named why its license should not be suspended, revoked or refused. If on such a date the society does not present good and sufficient reason why its authority to do business in this state should not be suspended, revoked or refused, the director may suspend or refuse the license of the society to do business in this state until satisfactory evidence is furnished to the director that such suspension or refusal should be withdrawn or the director may revoke the authority of the society to do business in this state.
2. Nothing contained in this section shall be taken or construed as preventing any such society from continuing in good faith all contracts made in this state during the time such society was legally authorized to transact business herein.
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(L. 1992 S.B. 831)
Effective 1-01-93
2023 Missouri Revised Statutes › Title XXIV - Business and Financial Institutions › Chapter 378 - Fraternal Benefit Societies › Section 378.632 - Injunction, who may file.

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 378
Effective - 01 Jan 1993, see footnote
378.632. Injunction, who may file. —
No application or petition for injunction against any domestic, foreign or alien society, or lodge thereof, shall be recognized in any court of this state unless made by the director.
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(L. 1992 S.B. 831)
Effective 1-01-93