§ 380.371 — Powers of a company, generally.

Missouri § 380.371

• Jurisdiction: Missouri
• Title XXIV: BUSINESS AND FINANCIAL INSTITUTIONS
• Ch. 380: County, Town and Farmers' Mutual Property Insurance Companies

Text

Subject to the provisions of sections 380.201 to 380.591 every company operating hereunder shall have all the powers of a corporate body, including but not limited to the following:  To borrow money; to sue and be sued; to make contracts of insurance or indemnity with any person, firm, public or private corporation, board, association or estate or any trustee or legal representative of the same; to cede reinsurance to and/or accept it from any company lawfully operating in this state or elsewhere; to participate with other insurance companies in pools or plans for reinsurance or catastrophe protection; to prescribe the qualifications and the manner and form of the admission or withdrawal of the members; to have and to use a common seal which may be changed or altered at pleasure; to be capable in its corporate name, or in the name of a trustee chosen by the board of directors, to take, purchase, lease, hold and dispose of real or personal property for carrying into effect the purpose of the corporation; to classify risks according to the hazards involved, to establish rates according to such classification and to make all lawful rules and regulations concerning the acceptability of any risk or risks, the hazards insured, the payments to be required, and the adjustment and payment of losses; to fix the compensation of its directors and officers and require bond for the faithful performance of their duties; to adopt or amend bylaws, policy and application forms not inconsistent with law or the provisions of the articles of incorporation, and to exercise all such other powers as may be necessary, proper or convenient to effect the purposes of such company.

Legislative History

(L. 1984 H.B. 1498) Effective 1-01-85