Section 375.891

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 28 Aug 1967   

  375.891.  Annual statement — reserves required, requirements in lieu of deposits (foreign company). — 1.  Every foreign insurance company incorporated by or organized under the laws of any other state of the United States or of any foreign government and doing business in this state shall file and make such annual statement showing the condition of its affairs, maintain reserves, and make deposits at such time and in such manner as an insurance company organized and incorporated under the laws of the state of Missouri and transacting similar kind of business.

  2.  In lieu of such deposit or part thereof in this state of such an insurance company, the company may file with the director the current certificate in proper form of the public official having supervision over insurers in any other state to the effect that a like deposit or part thereof of such insurer is being maintained in public custody or control pursuant to law in such state in trust for the protection of the insurer's policyholders or its policyholders and creditors.  If the company is authorized to transact in this state more than one kind of insurance for which a deposit is otherwise required under subsection 1, if the amount of the company's deposit so maintained in another state is not less than the aggregate amount of all such deposits so otherwise required in this state, the director shall accept a single certificate relative to such deposit in the other state without specification of the kind or kinds of insurance to which the same relates.  When satisfied by such certificate that such deposit or a part thereof has been made and is being so held, the director shall accept such certificate in lieu of the deposit or part thereof required to be made in this state under subsection 1 of this section.

  3.  Nothing herein shall prohibit the director of the department of commerce and insurance of the state of Missouri from requiring such supplemental and additional information, statements, deposits and reserves as he deems necessary for the protection of Missouri policyholders.

  4.  Nothing in these sections shall so be construed as to release any of the assets of any company from any liability arising against the company in this state.

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(L. 1967 p. 516)