Missouri Revised Statutes
Chapter 380 - County, Town and Farmers' Mutual Property Insurance Companies
Section 380.061 - Examination by department, powers and duties — expenses — examination by CPA in lieu of department — refusal to comply, effect.

Effective - 01 Jan 1985
380.061. Examination by department, powers and duties — expenses — examination by CPA in lieu of department — refusal to comply, effect. — 1. It shall be the duty of the director of the department of commerce and insurance or his duly appointed agents to make full and careful examination of the affairs of any company operating under the provisions of sections 380.011 to 380.151. The director shall examine such companies whenever, in his discretion, it is deemed necessary.
2. He or any of his duly appointed agents may compel the attendance before him, and may examine, under oath, the directors, officers, agents, employees, solicitors, attorneys or any other person, in reference to the condition, affairs, management of the business, or any matters relating thereto. He may administer oaths or affirmations, may summon and compel the attendance of witnesses, and may require and compel the production of records, books, papers, contracts or other documents, if necessary.
3. In every such examination, inquiry shall be made as to the nature and resources of the corporation generally, the mode of conducting and managing its affairs, the actions of its directors and the security provided its members.
4. The refusal of any such company to permit the examination of its affairs as provided in this section shall be sufficient cause for the institution of proceedings to wind up the affairs of the corporation as provided by section 380.071.
5. The expenses of such examination, as determined by the director of the department of commerce and insurance, shall be paid by the company examined.
6. In lieu of an examination by the department of commerce and insurance the director may accept, in a format acceptable to the director, a financial examination report of such company prepared by an independent certified public accountant.
­­--------
(L. 1984 H.B. 1498)
Effective 1-01-85

<< Previous
Next >>

Structure Missouri Revised Statutes

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 380.021 - Authority to do business on not-for-profit basis — property of members, authority to insure — limitation of area — reserve fund, and reinsurance requirements.

Section 380.031 - Exemption from insurance laws, exceptions.

Section 380.041 - Board of directors, election, qualifications, terms, officers — annual meeting of company, held when, notice of requirements.

Section 380.051 - Financial statement filed annually, fee.

Section 380.061 - Examination by department, powers and duties — expenses — examination by CPA in lieu of department — refusal to comply, effect.

Section 380.071 - Unsafe operation of business — reasonable time to remedy — failure to remedy, director's powers.

Section 380.081 - Noncompliance — notice, content hearing — judicial review — failure to comply, director's powers.

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 380.111 - School district's real and personal property may be insured — procedure for district to become member.

Section 380.121 - Membership fee — business basis, how established — assessment of members — reserve — return of deposits to members, when — liability of policyholder on termination of policy.

Section 380.131 - Loss or judgment against company, business basis to determine procedure — failure to pay assessment, effect.

Section 380.141 - Unsatisfied judgment against company, restraining order for transaction of new business.

Section 380.151 - Mutual companies may unite or transfer funds and engagements, procedure — creditor's rights not affected.

Section 380.201 - Definitions.

Section 380.211 - New companies prohibited, when.

Section 380.221 - Missouri mutual companies may elect to come under this law — procedure — farmers' mutuals to operate under this law — exemption from examination, certain agents.

Section 380.231 - Company operations limited to Missouri.

Section 380.241 - Amendment to articles and bylaws, procedure — fee.

Section 380.251 - Forms, filing and approval, fee — policy, required provisions — disapproved, procedure.

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 380.321 - Director to review petition for merger — hearing to be held, when — procedure — costs.

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 380.381 - Board of directors, election — terms — vacancies — annual meeting, quorum, voting rights.

Section 380.391 - Misuse of company assets for private gain, penalty.

Section 380.401 - Record of investigations of company operations by director — violations, duties of prosecutor or attorney general.

Section 380.411 - Officers, how selected, tenure.

Section 380.421 - Membership in a company, eligibility.

Section 380.431 - Initial charge — guaranty fund to be maintained, how funded, purpose — policies providing for assessment of member — requirements.

Section 380.441 - Liability of members — suspension of company liability during delinquency of members.

Section 380.451 - Policyholder not liable for obligations after termination of policy — notice of assessment after termination.

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 380.611 - Sale of corporate charter, penalty — exclusive right to control a company, approval by director, requirements.

Section 380.651 - Provisions inapplicable to mutual companies.