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
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.