Effective - 28 Aug 2007
377.200. Stipulated premium companies defined — penalty for unlawful use of term. — Any corporation, company or association issuing policies or certificates promising money or other benefits to a member or policyholder, or upon his decease to his legal representatives, or to beneficiaries designated by him, which money or benefit is derived from stipulated premiums collected in advance from its members or policyholders, and from interest and other accumulations and wherein the money or other benefits so realized is applied to or accumulated solely for the use and purposes of the corporation as herein specified, and for the necessary expenses of the corporation, and the prosecution and enlargement of its business, and which shall comply with all the provisions of sections 377.200 to 377.460, shall be deemed to be engaged in the business of life insurance upon the stipulated premium plan and shall be subject only to the provisions of sections 377.200 to 377.460, except that the provisions of chapters 374 and 375, and sections 376.291 to 376.330, 376.675, 376.770 to 376.795*, 376.500 to 376.510, and 376.590 to 376.600 shall be applicable. It shall be unlawful for any corporation, company or association not having complied with the provisions of sections 377.200 to 377.460 to use the term "stipulated premium" in its application or contracts, or to print or write the same in its policies or literature.
--------
(RSMo 1939 § 5873, A.L. 1949 p. 310, A.L. 1967 p. 516, A.L. 2007 S.B. 66)
Prior revisions: 1929 § 5762; 1919 § 6172; 1909 § 6966
*Section 376.795 was repealed by H.B. 262, 1967.
(1954) The supervisory powers of the director of insurance under chapter 375, RSMo and particularly §§ 375.560 and 375.640 relating to the power to take charge of and wind up the affairs of insurance companies apply to stipulated premium companies. Old Reliable Soc. v. Leggett, 364 Mo. 630, 265 S.W.2d 302.
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.