Missouri Revised Statutes § 376.480 - Domestic companies may assume risks of foreign companies — duties of director
AI-assisted research summary: The director of commerce and insurance may handle certain deposits and register assumed policies when a Missouri life insurer takes over risks from another jurisdiction, and certain unauthorized securities must be sold within five years unless a certificate is obtained.
376.480. Domestic companies may assume risks of foreign companies — duties of director. — Whenever any life insurance company incorporated under the laws of this state assumes the risks, in whole or in part, of any life insurance company incorporated under the laws of any other state or the Dominion of Canada or any province thereof a deposit of any part of its capital stock, surplus, legal reserve or other funds on the policies so assumed, the director of the department of commerce and insurance is hereby authorized, in his discretion, to receive from such official such deposit pertaining to the policies so assumed or the capital stock, surplus, legal reserve or other funds assigned by such foreign company to such domestic company, and during the time that any such official of any other state or the Dominion of Canada or any province thereof retains or holds possession and custody of such deposit after their assignment to such domestic company, such director may treat such deposits so held by the officials of such other state or the Dominion of Canada or any province thereof the same as if they had been received by and were in the custody of such director, and may, in his discretion, register the policies so assumed and may or may not, during such time, require such domestic company to make or maintain with such department of commerce and insurance any additional deposit on account thereof; provided, that when any of the capital stock, surplus, legal reserve or other funds of any such foreign company is legally invested in securities not authorized by the laws of this state, such securities shall be sold and disposed of within five years as the director may direct, and such domestic company shall not hold such securities or carry same as part of its capital stock, surplus, legal reserve or other funds for a longer period unless it shall procure a certificate from such director that its interests will suffer materially by the forced sale thereof. (RSMo 1939 § 6034) Prior revision: 1929 § 5923