Section 380.631

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 380

Effective - 28 Aug 2024   

  380.631.  Insolvency. — 1.  This section applies to any company operating under the provisions of this chapter.

  2.  Notwithstanding any provision of law to the contrary including, but not limited to, the definition of insolvent under section 375.1152, a company operating under the provisions of this chapter is insolvent as such term is used in sections 375.1150 to 375.1246, if it is unable to pay its obligations when they are due, or if its admitted assets do not exceed its liabilities plus the reserve fund or adequate guaranty fund required by section 380.021 or 380.271, as applicable.

  3.  Notwithstanding any provision of law to the contrary including, but not limited to, the specific exception under subdivision (1) of subsection 2 of section 375.1150, the provisions of sections 375.1150 to 375.1246 shall apply to all companies operating under the provisions of this chapter, except that such companies shall not be subject to sections 375.1160 to 375.1164.  Sections 375.570 to 375.750 shall apply to such proceedings.

  4.  Notwithstanding any provision of law to the contrary including, but not limited to, the definition of insolvent insurer under section 375.772, a company operating under the provisions of this chapter is an insolvent insurer as such term is used in sections 375.771 to 375.779, upon the entry of a final order of liquidation with a finding of insolvency by a court of competent jurisdiction under the applicable provisions of sections 375.1150 to 375.1246, unless such order of liquidation has been stayed or been the subject of a writ of supersedeas or other comparable order.

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(L. 2024 S.B. 1359)