Section 379.670

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 379

Effective - 28 Aug 1967   

  379.670.  Application for license, contents — requirements. — The subscribers so contracting among themselves shall, through their attorney, file with the director of the department of commerce and insurance of this state a declaration verified by the oath of the attorney setting forth:

  (1)  The name or title of the office at which the subscribers propose to exchange indemnity contracts.  The name or title shall not be so similar to any other name or title previously adopted by a similar organization or by any insurance corporation or association as in the opinion of the director of the department of commerce and insurance is calculated to result in confusion or deception;

  (2)  The kind or kinds of insurance to be effected or exchanged;

  (3)  A copy of the form of policy contract or agreement under or by which the insurance is to be effected or exchanged;

  (4)  A copy of the form of power of attorney or other authority of the attorney under which the insurance is to be effected or exchanged;

  (5)  The location of the offices from which the contracts or agreements are to be issued;

  (6)  That, except as to the kinds of insurance herein specifically mentioned in this subdivision, applications have been made for indemnity upon at least one hundred separate risks aggregating not less than one and one-half million dollars represented by executed contracts or bona fide applications to become concurrently effective.  In the case of employer's liability or workers' compensation insurance, applications shall have been made for indemnity upon at least one hundred separate risks covering a total payroll of not less than two and one-half million dollars as represented by executed contracts or bona fide applications to become concurrently effective.  In the case of automobile insurance, applications shall have been made for indemnity upon at least one thousand motor vehicles or for insurance aggregating not less than one and one-half million dollars represented by executed contracts or bona fide applications to become concurrently effective on any or all classes of automobile insurance effected by the subscribers through the attorney;

  (7)  That there is in the possession of the attorney and available for the payment of losses, assets conforming to the requirements of sections 379.700 and 379.710.

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(RSMo 1939 § 6080, A.L. 1967 p. 516)

Prior revisions: 1929 § 5968; 1919 § 6376