Section 375.821

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 28 Aug 1967   

  375.821.  Conditions to be met for certificate of authority (foreign company). — 1.  Before a certificate of authority to transact business in this state shall be issued to a foreign insurance company, the company shall satisfy the director that:

  (1)  The company is duly organized under the laws of the state or country under whose laws it professes to be organized and authorized to do the business it is transacting or proposes to transact;

  (2)  Its name is not the same as or deceptively similar to the name of any insurance company organized or incorporated under the laws of the state of Missouri or of any foreign insurance company authorized to transact business in this state; provided that such company, by resolution of its board of directors, may adopt an assumed name for use in this state that is not deceptively similar;

  (3)  That the company is transacting and proposes to transact the kinds of business which a domestic company similarly organized may be authorized to transact under the laws of this state;

  (4)  That the company meets the financial requirements as relates to capital and surplus or other statutory fund as originally required for companies being incorporated or organized under the laws of this state to do the same kinds of business;

  (5)  That its funds are invested in accordance with the laws of its domicile;

  (6)  That the officers and operating personnel of the company are competent and trustworthy to transact the business of insurance in this state and that the transaction of business in this state would not be hazardous to the general public; and

  (7)  That the company has paid all of the fees and taxes as prescribed by the laws of this state.

  2.  Before issuing a certificate of authority to a foreign insurance company, the director may cause an examination to be made of the condition and affairs of the company.

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(L. 1967 p. 516)