§ 379.098 — Securities to be deposited by all companies, kind and amount.

Missouri § 379.098

• Jurisdiction: Missouri
• Title XXIV: BUSINESS AND FINANCIAL INSTITUTIONS
• Ch. 379: Insurance Other Than Life

Text

No existing insurance company organized under any general or special law of this state, and transacting business of the character designated in this chapter, or any company organized under this chapter, shall commence, continue, or carry on business until the company has transferred to and deposited with the director of the department of commerce and insurance, for the security of its policyholders and creditors, bonds or treasury notes issued or guaranteed by the United States, or bonds of the state of Missouri, or in bonds issued by any school district of the state of Missouri, or bonds of any political subdivision of this state, and in all cases not to be received at a rate above their par value, nor above their current market value, in the following amounts:

(1)  If a stock company, the amount of the minimum capital required of a company to write the lines of business it proposes to or is transacting;

(2)  If a mutual company or reciprocal or interinsurance exchange, an amount equal to the amount required to be deposited by a stock company transacting the same kinds of business; provided, however, the deposit required for a mutual company shall not exceed the amount of its policyholders' surplus as required by law.

Legislative History

(L. 1967 p. 516, A.L. 1989 S.B. 250)