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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 380

previous next Effective - 01 Jan 1985, see footnotebottom

  380.081.  Noncompliance — notice, content hearing — judicial review — failure to comply, director's powers. — 1.  If at any time the director of the department of commerce and insurance shall find that a Missouri mutual insurance company is not operating in compliance with the provisions of sections 380.011 to 380.151, he shall notify in writing the officers and directors of such fact.  The notice shall clearly set forth the director's belief, his reasons and his proposed action.  The director may, after a hearing held pursuant to the provisions of chapter 536, order the company to bring its operations into compliance.  Judicial review of the director's order may be sought as provided in chapter 536.

  2.  Refusal or neglect by any such company to comply with the requirements of the above order shall be sufficient cause for the institution of proceedings to wind up the affairs of the company.  The director may, in his discretion, institute proceedings to enjoin or restrain such company from the further prosecution of its business as provided in section 380.071.

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(L. 1984 H.B. 1498)

Effective 1-01-85


---- end of effective   01 Jan 1985 ----

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