Section 375.326

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 375

Effective - 28 Aug 1979   

  375.326.  Automobiles as assets. — 1.  Notwithstanding any prohibitions or restrictions contained in the statutes or otherwise, any stock, mutual, or reciprocal insurance company doing the business of property and casualty business in this state may acquire by purchase motor vehicles and thereafter may hold them as admitted assets for use in connection with the business of the company if:

  (1)  The aggregate cost of such motor vehicles shall be at least twenty-five thousand dollars.  Such aggregate cost shall not exceed two percent of the admitted assets of the company, and such company shall have a minimum of three million dollars of surplus;

  (2)  The cost of each such motor vehicle shall be fully amortized over a period not to exceed five years;

  (3)  The company has obtained in its name proper title or registration from a governmental agency authorized by law or custom to issue such title or registration.

  2.  Nothing in this section shall be construed to allow insurers to declare motor vehicles to the extent such vehicles are used for personal use and not used in furtherance of activities not necessary to the business of the insurer.

  3.  No insurance company domiciled in another state which state refuses to allow insurance companies domiciled in this state to declare on any statement to be filed in that state motor vehicles under the provisions of this section shall be allowed to declare such amounts on statements filed in this state.

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(L. 1979 S.B. 227 §§ 1, 2, 3)