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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.164.  Management contracts, to be filed with director when requested — may examine records of company, to what extent — notice of management contract required. — 1.  All agreements or contracts under which any person, organization or corporation enjoys in fact the exclusive or dominant right to manage or control any insurer doing business under any of the insurance laws of this state to the substantial exclusion of the board of directors, officers, attorney in fact or other lawful management shall be filed with the director on his request.

  2.  The director, for the purpose of ascertaining the assets, conditions and affairs of any insurer, may examine the books, records, documents and assets of any person having a contract or agreement as provided in subsection 1 to the extent necessary to determine the financial condition of the insurer.  The failure or refusal of any such person to submit his books, papers, accounts, records or affairs to the reasonable inspection or examination of the director shall be grounds for the suspension or revocation of the certificate of authority of the insurer to do business in this state.

  3.  No agreement or contract as provided in subsection 1 shall operate to the financial detriment of the insurer in such manner as to endanger the financial stability of the insurer or otherwise be hazardous to the policyholders and creditors of the insurer.

  4.  On examination of any agreement or contract, if the director finds it violates the provisions of this section, he shall proceed in accordance with the provisions of section 374.046.

  5.  Any person, organization or corporation having a management contract as provided in subsection 1 hereof shall within five days of execution of such contract provide notice of such contract to the director of the department of commerce and insurance.

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(L. 1967 p. 516)


< end of effective 28 Aug 1967 >

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