Section 375.740

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 28 Aug 1992   

  375.740.  Payment of expenses of proceedings. — 1.  In proceedings to enjoin, rehabilitate, dissolve, wind up or otherwise settle the affairs and dispose of the assets of insurers, the director shall receive no fees nor compensation for any services personally performed by him.

  2.  He shall have power and authority, however, in such cases, and through the course of the whole case, to employ the necessary legal counsel and assistance, and clerical and actuarial force.  The compensation of legal counsel and assistance, and clerical and actuarial force shall be fixed and all expenses of taking possession of the property of the insurer and the administration thereof shall be approved by the director, all subject to the approval of the court, and shall be paid out of the funds or assets of the insurer; provided, however, that the salaries of those persons employed by the director under this section together with the expenses of such employment, may be paid out of amount appropriated to the department of commerce and insurance; provided, further, that the amount paid out under this section for salaries and expenses from appropriated funds shall be repaid to the state treasury from any available funds or assets of the insurer.

  3.  The director shall keep a full account of all receipts and disbursements, and make report of the same to the court at least once in twelve months, and oftener if required by the court, and shall be responsible on his official bond for all assets coming into his possession.

  4.  The court may, in its discretion, require of the director a bond in addition to his official bond.

  5.  This section shall apply only to proceedings instituted prior to August 28, 1991.

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(RSMo 1939 § 6065, A.L. 1971 H.B. 82, A.L. 1992 H.B. 1574)

Prior revisions: 1929 § 5954; 1919 § 6362; 1909 § 7092

(1962) In action by superintendent, as receiver for company, against company's agents to recover unearned premiums collected but not remitted to company, and agent's commissions thereon, the court did not have authority to assess superintendent's attorney fees against defendants. Clay v. Independence Mutual Insurance Co. (Mo.), 359 S.W.2d 679.

(1963) Premium deposits to reciprocal for flood insurance held deductible as ordinary or necessary business expense for tax purpose. United States v. Weber Paper Company, 320 F.2d 199.