Effective - 28 Aug 1939
377.030. Release of beneficiary fund — replacement — exemptions. — 1. On written application by the board of directors, the director of the department of commerce and insurance shall release to said company from the beneficiary fund the amount herein stated for the purpose of paying policy beneficiaries as provided later herein.
2. The board of directors shall certify the names of the beneficiaries and amounts in claims to the director of the department of commerce and insurance and that the money so released is for no other purpose than to pay the claims so certified.
3. However, the amount released from this fund by the said director shall not exceed twelve thousand dollars, which shall be used solely for the purpose of paying beneficiaries.
4. Such funds so released shall be replaced on deposit by the company within twelve months in four equal installments, in three, six, nine and twelve months from the date of release. The director of the department of commerce and insurance at his own discretion may extend time of replacement of said funds, if, in his judgment it is to the best interest of the policyholders.
5. This section and section 377.020 shall not apply to companies already incorporated and existing under the laws of the state of Missouri. Nothing in sections 377.010 to 377.190 shall prevent any such company or association from engaging in both life and casualty insurance and placing both a life and casualty clause in the same policy.
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(RSMo 1939 § 5857)
Prior revisions: 1929 § 5746; 1919 § 6156; 1909 § 6951
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 377 - Assessment Plan and Stipulated Premium Plan Life Insurance
Section 377.005 - Definitions.
Section 377.010 - Assessment plan insurance defined.
Section 377.020 - Incorporation of companies, procedure.
Section 377.030 - Release of beneficiary fund — replacement — exemptions.
Section 377.040 - Qualifications to do business.
Section 377.050 - Emergency fund — accumulation — purpose — replacement.
Section 377.060 - Policy to specify amount to be paid, when payable.
Section 377.070 - Effect of refusal to pay — duty of director.
Section 377.090 - Proceeds not liable for debts.
Section 377.100 - Statement of affairs.
Section 377.120 - Two-thirds majority to reinsure or transfer risks.
Section 377.150 - Retaliatory section.
Section 377.160 - Deposit for costs and expenses.
Section 377.180 - Not applicable to fraternal societies.
Section 377.190 - Penalty for false statement.
Section 377.199 - No companies formed under sections 377.200 to 377.460 after August 29, 1959.
Section 377.200 - Stipulated premium companies defined — penalty for unlawful use of term.
Section 377.210 - Organization — powers.
Section 377.220 - Articles of agreement — approval — filing — issuance of certificate.
Section 377.230 - Completion of organization.
Section 377.240 - Withdrawals of securities upon relinquishment of business.
Section 377.250 - Minimum premiums.
Section 377.260 - Emergency fund — extra premium — commutation of policies.
Section 377.270 - Limited payment policies — reserve — deposit.
Section 377.280 - Surrender values.
Section 377.290 - Distribution of surplus.
Section 377.300 - Policy to specify amount to be paid — effect of refusal to pay.
Section 377.320 - Policy incontestable after one year.
Section 377.330 - Proceeds not liable for debts.
Section 377.340 - Misrepresentations.
Section 377.350 - Copy of application.
Section 377.360 - Discriminations prohibited — duty of director and attorney general.
Section 377.370 - Personal liability.
Section 377.380 - Annual report.
Section 377.400 - Reinsurance and reinstatement.
Section 377.420 - Retaliatory section.
Section 377.430 - Requirements for foreign corporations — tax on premiums.
Section 377.450 - Acceptance of provisions of regular life law — not to affect past contracts.