Effective - 01 Jan 1985
380.021. Authority to do business on not-for-profit basis — property of members, authority to insure — limitation of area — reserve fund, and reinsurance requirements. — 1. All Missouri mutual insurance companies operating under the provisions of sections 380.011 to 380.151 shall be authorized to do the business of insurance on an assessable, mutual and not-for-profit basis. All such companies shall have authority to insure the property of their members from loss or damage caused by fire; lightning; tornado; windstorm; cyclone; hail; explosion; riot; riot attending a strike; civil commotion; aircraft; vehicles; smoke; physical damage to livestock; overturn or collision of farm machinery; theft; burglary; vandalism; malicious mischief; removal; breakage of glass; falling objects; weight of ice, snow or sleet; collapse of buildings; freezing, accidental discharge, leakage or overflow of water or steam; other damage caused by steam; and sudden and accidental injury from electrical currents. Nothing contained in these sections shall be construed as to allow any Missouri mutual insurance company to insure its members against loss to their motor vehicles, as defined in section 301.010, from any peril whatsoever or liability occasioned by the use of such motor vehicles, or to insure property pursuant to or in connection with a specific loan or other credit transaction.
2. All Missouri mutual insurance companies shall do business only in the county or counties in which they are organized or in adjoining counties. Any Missouri mutual insurance company may write insurance against loss or damage to the crops of their members from the perils enumerated in subsection 1 of this section in any and all counties of this state so long as the company maintains a reserve fund of at least three hundred thousand dollars and reinsurance sufficient to protect the financial stability of the company. The director of the department of commerce and insurance may require additional reinsurance if he deems it necessary to protect the policyholders of the company.
3. The corporation shall have all the powers, rights, privileges, duties and obligations of a corporation organized under chapter 355 except insofar as such provisions are inconsistent with the provisions of sections 380.011 to 380.151. Nothing herein shall be construed as prohibiting any Missouri mutual insurance company from distributing underwriting or investment gain to its members or from accumulating a reasonable reserve fund for the payment of losses and other expenses.
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(L. 1984 H.B. 1498)
Effective 1-01-85
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies
Section 380.005 - Definitions.
Section 380.011 - Classification as Missouri mutual insurance companies — new companies prohibited.
Section 380.031 - Exemption from insurance laws, exceptions.
Section 380.051 - Financial statement filed annually, fee.
Section 380.091 - Forms filed where — disapproval by director, notice, content — judicial review.
Section 380.101 - Policyholder in mutual to be member — eligibility — member's right to sue company.
Section 380.201 - Definitions.
Section 380.211 - New companies prohibited, when.
Section 380.231 - Company operations limited to Missouri.
Section 380.241 - Amendment to articles and bylaws, procedure — fee.
Section 380.261 - Kinds of insurance company may make.
Section 380.271 - Financial reinsurance requirements.
Section 380.281 - Mergers of certain mutual companies, procedure — merger plan, required contents.
Section 380.291 - Meeting to consider merger plan, notice — requirements.
Section 380.301 - Approval of merger plan, votes required.
Section 380.311 - Articles of merger, content — executed by corporate officers.
Section 380.331 - Certificate of merger issued, when — director and secretary of state's duties.
Section 380.341 - Merger effective when.
Section 380.351 - Certificate of merger returned to whom.
Section 380.361 - Surviving corporation after merger, rights and liabilities.
Section 380.371 - Powers of a company, generally.
Section 380.391 - Misuse of company assets for private gain, penalty.
Section 380.411 - Officers, how selected, tenure.
Section 380.421 - Membership in a company, eligibility.
Section 380.461 - Company may borrow to pay losses — assessment to pay loan.
Section 380.471 - Approved investments.
Section 380.482 - Annual statement of company.
Section 380.491 - Director to examine, when — expenses.
Section 380.501 - Company may dissolve — procedure.
Section 380.511 - Company exempt from insurance laws, exception.
Section 380.521 - License for agents — agencies and brokers.
Section 380.531 - Notices, how given.
Section 380.541 - Policy cancellation — exceptions.
Section 380.551 - Waiver of provision or defense, what constitutes — evidence.
Section 380.561 - Rules, authority for, procedure.
Section 380.571 - Violations, penalties.
Section 380.581 - Powers of company in general.
Section 380.591 - Suits against company commenced when — limitation.
Section 380.601 - Conversion to a mutual insurance company — procedure.
Section 380.651 - Provisions inapplicable to mutual companies.