Effective - 28 Aug 1992
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. — 1. Any company operating under the provisions of sections 380.011 to 380.151 may avail itself of the rights, powers, privileges, obligations and immunities conferred by sections 380.201 to 380.591 by appropriate resolution to operate under sections 380.201 to 380.591 adopted by its board of directors and filed with the director of the department of commerce and insurance.
2. Whenever any company shall elect to come under the provisions of sections 380.201 to 380.591, the secretary of state shall transfer to the director of the department of commerce and insurance for custody all records and papers filed in the office of the secretary of state by such company. The secretary of state, however, shall retain in his office duplicate copies of all such records and papers.
3. Upon receipt of the records and papers from the secretary of state, the director shall determine whether or not the company complies with sections 380.201 to 380.591 and any other applicable laws. If the director determines that the company is in compliance with the law, he shall issue a certificate of authority to commence business to the company, and thereafter such company shall be fully subject to and governed by the provisions of sections 380.201 to 380.591 and shall be entitled to avail itself of those provisions.
4. All companies formerly operating under sections 380.580 to 380.840 shall operate under sections 380.201 to 380.591.
5. Any company operating under the provisions of sections 380.011 to 380.151 which elects to come under the provisions of sections 380.201 to 380.601 within thirty days of January 1, 1985, may have all of the company's agents which have been agents for one year or more on the date of this election licensed to sell the same lines of insurance which the company is authorized to write under sections 380.011 to 380.151 without the necessity of those agents taking an examination as provided in section 375.018. Any company requesting this exemption shall file a list of all agents eligible for the exemption, verified under oath by the president of the company.
6. Any mutual insurance company operating under the provisions of chapter 379, and doing insurance business only in this state, and which was formerly organized under this chapter, may elect to come under the provisions of sections 380.201 to 380.591 on or before December 31, 1992. To so elect, such company shall adopt an appropriate amendment to its articles of incorporation under sections 375.201 to 375.226 and apply for an amended certificate of authority. Upon the approval of the amendment to the articles and the filing of the application for an amended certificate of authority, the director shall issue an amended certificate of authority recognizing the company as an extended Missouri mutual company.
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(L. 1984 H.B. 1498, A.L. 1992 H.B. 1574)
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.