Section 380.221

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 380

Effective - 28 Aug 1992   

  380.221.  Missouri mutual companies may elect to come under this law — procedure — farmers' mutuals to operate under this law — exemption from examination, certain agents. — 1.  Any company operating under the provisions of sections 380.011 to 380.151 may avail itself of the rights, powers, privileges, obligations and immunities conferred by sections 380.201 to 380.591 by appropriate resolution to operate under sections 380.201 to 380.591 adopted by its board of directors and filed with the director of the department of commerce and insurance.

  2.  Whenever any company shall elect to come under the provisions of sections 380.201 to 380.591, the secretary of state shall transfer to the director of the department of commerce and insurance for custody all records and papers filed in the office of the secretary of state by such company.  The secretary of state, however, shall retain in his office duplicate copies of all such records and papers.

  3.  Upon receipt of the records and papers from the secretary of state, the director shall determine whether or not the company complies with sections 380.201 to 380.591 and any other applicable laws.  If the director determines that the company is in compliance with the law, he shall issue a certificate of authority to commence business to the company, and thereafter such company shall be fully subject to and governed by the provisions of sections 380.201 to 380.591 and shall be entitled to avail itself of those provisions.

  4.  All companies formerly operating under sections 380.580 to 380.840 shall operate under sections 380.201 to 380.591.

  5.  Any company operating under the provisions of sections 380.011 to 380.151 which elects to come under the provisions of sections 380.201 to 380.601 within thirty days of January 1, 1985, may have all of the company's agents which have been agents for one year or more on the date of this election licensed to sell the same lines of insurance which the company is authorized to write under sections 380.011 to 380.151 without the necessity of those agents taking an examination as provided in section 375.018.  Any company requesting this exemption shall file a list of all agents eligible for the exemption, verified under oath by the president of the company.

  6.  Any mutual insurance company operating under the provisions of chapter 379, and doing insurance business only in this state, and which was formerly organized under this chapter, may elect to come under the provisions of sections 380.201 to 380.591 on or before December 31, 1992.  To so elect, such company shall adopt an appropriate amendment to its articles of incorporation under sections 375.201 to 375.226 and apply for an amended certificate of authority.  Upon the approval of the amendment to the articles and the filing of the application for an amended certificate of authority, the director shall issue an amended certificate of authority recognizing the company as an extended Missouri mutual company.

­­--------

(L. 1984 H.B. 1498, A.L. 1992 H.B. 1574)