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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.306.  Not to act for insolvent company — guarantee fund, where deposited — advertisements — penalty for violation. — 1.  It is unlawful for any person to act within this state as agent, producer, or otherwise, in receiving or procuring applications for insurance, or in any manner to aid in transacting the business referred to in this chapter for any company or association doing business in this state, unless the company is possessed of the amount of capital and of actual paid-up capital, or of premium notes, cash premiums or guarantee fund, of the kind, character and amounts required of companies organized under the provisions of this chapter.

  2.  The guarantee fund of companies other than those of this state shall be deposited with the proper officer of the state or country under the laws of which the company is organized, or with the director, in the manner provided by section 379.050 in regard to the making of such deposit by companies organized under this chapter.

  3.  Whenever any insurance company doing business in this state advertises its assets, either in any newspaper or periodical, or by any sign, circular, card, policy of insurance or certificate of renewal thereof, it shall, in the same connection, equally conspicuously advertise its liabilities, and the amount of its assets available for fire and life losses separately, the same to be determined in the manner required in making statement to the department, and all advertisements purporting to show the amount of capital of the company shall show only the amount of capital actually paid up in cash.

  4.  If the director determines that a person has engaged, is engaging in, or has taken a substantial step toward engaging in an act, practice or course of business constituting a violation of this section or a rule adopted or order issued pursuant thereto, or that a person has materially aided or is materially aiding an act, practice, omission, or course of business constituting a violation of this section or a rule adopted or order issued pursuant thereto, the director may issue such administrative orders as authorized under section 374.046.  A violation of this section is a level two violation under section 374.049.

  5.  If the director believes that a person has engaged, is engaging in, or has taken a substantial step toward engaging in an act, practice or course of business constituting a violation of this section or a rule adopted or order issued pursuant thereto, or that a person has materially aided or is materially aiding an act, practice, omission, or course of business constituting a violation of this section or a rule adopted or order issued pursuant thereto, the director may maintain a civil action for relief authorized under section 374.048.  A violation of this section is a level two violation under section 374.049.

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(RSMo 1939 § 6017, A.L. 1967 p. 516, A.L. 2007 S.B. 66)


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