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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

  Chapter 375back to chapter 375

  375.861.  Foreign company survivor of merger, documents to be filed with director. — 1.  Whenever a foreign insurance company authorized to transact business in this state is the surviving company of a statutory merger permitted by the laws of the state or country under which it is organized, and the merger is not subject to the provisions of section 375.241, it shall forthwith file with the director:

  (1)  Copies of the agreement and certificate of merger duly authenticated by the proper officer of the state or country under the laws of which the statutory merger was effected; and

  (2)  If any of the companies party to the merger was not admitted to transact business in this state, a statement of the financial condition and business of each of the companies, as of the end of the preceding calendar year complying as to form, content and verification with the requirements for annual statements, or a financial statement as of such later date as the director may require.

  2.  It is not necessary for the surviving company to procure a new certificate of authority to transact business in this state nor an amended certificate unless the name of the company is changed thereby or unless the company desires to transact in this state kinds of business other than those which it is then authorized to transact.

  3.  Whenever a foreign insurance company authorized to transact business in this state is a party to a statutory merger and the company is not the surviving company, or if the foreign insurance company is a party to a consolidation, then the certificate of authority of the foreign company shall terminate upon the merger or consolidation, and the surviving company, if not previously authorized to transact business in this state, or the new company, in the case of consolidation, shall be subject to the same requirements for admission to transact business in this state as any other foreign company.

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(L. 1967 p. 516)


< end of effective 28 Aug 1967 >

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