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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

 Chapter 375

previous next Effective - 28 Aug 1989bottom

  375.901.  Foreign companies shall transact business through licensed agents and brokers. — 1.  Foreign companies admitted to do business in this state shall make contracts of insurance with persons in this state only by lawfully constituted and licensed agents and brokers.

  2.  Any insurance company who violates any provision of this section shall suffer a revocation of its authority by the director to do business in this state, in addition to the penalty prescribed in section 375.310, the revocation to be for the term of one year.

  3.  No countersignature of a resident agent or broker is required on policies or contracts for insurance solicited by nonresident agents or brokers licensed by this state, unless the state of residence of the nonresident agent or broker imposes a countersignature requirement on policies or contracts solicited by residents of this state.  If the state of residence of the nonresident agent or broker imposes such a countersignature requirement, then the policies or contracts solicited by the nonresident agent or broker in this state must be countersigned by a licensed agent or broker who is a legal resident of Missouri.

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(RSMo 1939 § 6013, A.L. 1961 p. 167, A.L. 1967 p. 516, A.L. 1981 S.B. 10, A.L. 1989 H.B. 615 & 563)


---- end of effective   28 Aug 1989 ----

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