375.330. 1. No insurance company formed under the laws of this stateshall be permitted to purchase, hold or convey real estate, excepting for thepurpose and in the manner herein set forth, to wit:
(1) Such as shall be necessary for its accommodation in the transactionof its business; provided that before the purchase of real estate for any suchpurpose, the approval of the director of the department of insurance,financial institutions and professional registration must be first had andobtained, and except with the approval of the director, the value of such realestate, together with all appurtenances thereto, purchased for such purposeshall not exceed twenty percent of the insurance company's capital and surplusas shown by its last annual statement; or
(2) Such as shall have been mortgaged in good faith by way of securityfor loans previously contracted, or for moneys due; or
(3) Such as shall have been conveyed to it in satisfaction of debtscontracted in the course of its dealings; or
(4) Such as shall have been purchased at sales upon the judgments,decrees or mortgages obtained or made for such debts; or
(5) Such as shall be necessary and proper for carrying on its legitimatebusiness under the provisions of the Urban Redevelopment Corporations Act; or
(6) Such as shall have been acquired under the provisions of the UrbanRedevelopment Corporations Act permitting such company to purchase, own, holdor convey real estate; or
(7) Such real estate, or any interest therein, as may be acquired orheld by it by purchase, lease or otherwise, as an investment for theproduction of income, which real estate or interest therein may thereafter beheld, improved, developed, maintained, managed, leased, sold or conveyed by itas real estate necessary and proper for carrying on its legitimate business;or
(8) A reciprocal or interinsurance exchange may, in its own name,purchase, sell, mortgage, hold, encumber, lease, convey, or otherwise affectthe title to real property for the purposes and objects of the reciprocal orinterinsurance exchange. Such deeds, notes, mortgages or other documentsrelating to real property may be executed by the attorney in fact of thereciprocal or interinsurance exchange. This provision shall be retroactiveand shall apply to real estate owned or sold by a reciprocal insurer prior toAugust 28, 1990.
2. The investments acquired under subdivision (7) of subsection 1 ofthis section may be in either existing or new business or industrialproperties, or for new residential properties or new housing purposes.
3. Provided, no such insurance company shall invest more than tenpercent of its admitted assets, as shown by its last annual statementpreceding the date of acquisition, as filed with the director of thedepartment of insurance, financial institutions and professional registrationof the state of Missouri, in the total amount of real estate acquired undersubdivision (7) of subsection 1, nor more under subdivision (7) of subsection1 than one percent of its admitted assets or ten percent of its capital andsurplus, whichever is greater, in any one property, nor more under subdivision(7) of subsection 1 than one percent of its admitted assets or ten percent ofits capital and surplus, whichever is greater, in total properties leased orrented to any one individual, partnership or corporation.
4. It shall not be lawful for any company incorporated as aforesaid topurchase, hold or convey real estate in any other case or for any otherpurpose; and all such real estate acquired in payment of a debt, byforeclosure or otherwise, and real estate exchanged therefor, shall be soldand disposed of within ten years after such company shall have acquiredabsolute title to the same, unless the company owning such real estate orinterest therein shall elect to hold it pursuant to subdivision (7) ofsubsection 1.
5. The director of the department of insurance, financial institutionsand professional registration may, for good cause shown, extend the time forholding such real estate acquired in paying of a debt, by foreclosure orotherwise, and real estate exchanged therefor, and not held by the companyunder subdivision (7) of subsection 1, for such period as he may find to be tothe best interests of the policyholders of said company.
6. If a life insurance company depositing under section 376.170, RSMo,becomes the owner of real estate pursuant to this section, the company mayexecute its own deed for the real estate to the director of the department ofinsurance, financial institutions and professional registration, as trustee.The deed may be deposited with the director as proper security, under andaccording to the provisions of sections 376.010 to 376.670, RSMo, the value tobe subject to the approval of the director.
7. This section shall not apply to an insurer organized under chapter376, RSMo.
(RSMo 1939 § 6029, A.L. 1945 p. 1011, A.L. 1947 V. II p. 271, A.L. 1949 p. 302, A.L. 1957 p. 220, A.L. 1961 p. 168, A.L. 1979 S.B. 322, A.L. 1985 H.B. 823, A.L. 1990 H.B. 1739, A.L. 2002 H.B. 1568 merged with S.B. 1009, A.L. 2007 S.B. 66)
375.330. 1. No insurance company formed under the laws of this stateshall be permitted to purchase, hold or convey real estate, excepting for thepurpose and in the manner herein set forth, to wit:
(1) Such as shall be necessary for its accommodation in the transactionof its business; provided that before the purchase of real estate for any suchpurpose, the approval of the director of the department of insurance,financial institutions and professional registration must be first had andobtained, and except with the approval of the director, the value of such realestate, together with all appurtenances thereto, purchased for such purposeshall not exceed twenty percent of the insurance company's capital and surplusas shown by its last annual statement; or
(2) Such as shall have been mortgaged in good faith by way of securityfor loans previously contracted, or for moneys due; or
(3) Such as shall have been conveyed to it in satisfaction of debtscontracted in the course of its dealings; or
(4) Such as shall have been purchased at sales upon the judgments,decrees or mortgages obtained or made for such debts; or
(5) Such as shall be necessary and proper for carrying on its legitimatebusiness under the provisions of the Urban Redevelopment Corporations Act; or
(6) Such as shall have been acquired under the provisions of the UrbanRedevelopment Corporations Act permitting such company to purchase, own, holdor convey real estate; or
(7) Such real estate, or any interest therein, as may be acquired orheld by it by purchase, lease or otherwise, as an investment for theproduction of income, which real estate or interest therein may thereafter beheld, improved, developed, maintained, managed, leased, sold or conveyed by itas real estate necessary and proper for carrying on its legitimate business;or
(8) A reciprocal or interinsurance exchange may, in its own name,purchase, sell, mortgage, hold, encumber, lease, convey, or otherwise affectthe title to real property for the purposes and objects of the reciprocal orinterinsurance exchange. Such deeds, notes, mortgages or other documentsrelating to real property may be executed by the attorney in fact of thereciprocal or interinsurance exchange. This provision shall be retroactiveand shall apply to real estate owned or sold by a reciprocal insurer prior toAugust 28, 1990.
2. The investments acquired under subdivision (7) of subsection 1 ofthis section may be in either existing or new business or industrialproperties, or for new residential properties or new housing purposes.
3. Provided, no such insurance company shall invest more than tenpercent of its admitted assets, as shown by its last annual statementpreceding the date of acquisition, as filed with the director of thedepartment of insurance, financial institutions and professional registrationof the state of Missouri, in the total amount of real estate acquired undersubdivision (7) of subsection 1, nor more under subdivision (7) of subsection1 than one percent of its admitted assets or ten percent of its capital andsurplus, whichever is greater, in any one property, nor more under subdivision(7) of subsection 1 than one percent of its admitted assets or ten percent ofits capital and surplus, whichever is greater, in total properties leased orrented to any one individual, partnership or corporation.
4. It shall not be lawful for any company incorporated as aforesaid topurchase, hold or convey real estate in any other case or for any otherpurpose; and all such real estate acquired in payment of a debt, byforeclosure or otherwise, and real estate exchanged therefor, shall be soldand disposed of within ten years after such company shall have acquiredabsolute title to the same, unless the company owning such real estate orinterest therein shall elect to hold it pursuant to subdivision (7) ofsubsection 1.
5. The director of the department of insurance, financial institutionsand professional registration may, for good cause shown, extend the time forholding such real estate acquired in paying of a debt, by foreclosure orotherwise, and real estate exchanged therefor, and not held by the companyunder subdivision (7) of subsection 1, for such period as he may find to be tothe best interests of the policyholders of said company.
6. If a life insurance company depositing under section 376.170, RSMo,becomes the owner of real estate pursuant to this section, the company mayexecute its own deed for the real estate to the director of the department ofinsurance, financial institutions and professional registration, as trustee.The deed may be deposited with the director as proper security, under andaccording to the provisions of sections 376.010 to 376.670, RSMo, the value tobe subject to the approval of the director.
7. This section shall not apply to an insurer organized under chapter376, RSMo.
(RSMo 1939 § 6029, A.L. 1945 p. 1011, A.L. 1947 V. II p. 271, A.L. 1949 p. 302, A.L. 1957 p. 220, A.L. 1961 p. 168, A.L. 1979 S.B. 322, A.L. 1985 H.B. 823, A.L. 1990 H.B. 1739, A.L. 2002 H.B. 1568 merged with S.B. 1009, A.L. 2007 S.B. 66)
375.330. 1. No insurance company formed under the laws of this stateshall be permitted to purchase, hold or convey real estate, excepting for thepurpose and in the manner herein set forth, to wit:
(1) Such as shall be necessary for its accommodation in the transactionof its business; provided that before the purchase of real estate for any suchpurpose, the approval of the director of the department of insurance,financial institutions and professional registration must be first had andobtained, and except with the approval of the director, the value of such realestate, together with all appurtenances thereto, purchased for such purposeshall not exceed twenty percent of the insurance company's capital and surplusas shown by its last annual statement; or
(2) Such as shall have been mortgaged in good faith by way of securityfor loans previously contracted, or for moneys due; or
(3) Such as shall have been conveyed to it in satisfaction of debtscontracted in the course of its dealings; or
(4) Such as shall have been purchased at sales upon the judgments,decrees or mortgages obtained or made for such debts; or
(5) Such as shall be necessary and proper for carrying on its legitimatebusiness under the provisions of the Urban Redevelopment Corporations Act; or
(6) Such as shall have been acquired under the provisions of the UrbanRedevelopment Corporations Act permitting such company to purchase, own, holdor convey real estate; or
(7) Such real estate, or any interest therein, as may be acquired orheld by it by purchase, lease or otherwise, as an investment for theproduction of income, which real estate or interest therein may thereafter beheld, improved, developed, maintained, managed, leased, sold or conveyed by itas real estate necessary and proper for carrying on its legitimate business;or
(8) A reciprocal or interinsurance exchange may, in its own name,purchase, sell, mortgage, hold, encumber, lease, convey, or otherwise affectthe title to real property for the purposes and objects of the reciprocal orinterinsurance exchange. Such deeds, notes, mortgages or other documentsrelating to real property may be executed by the attorney in fact of thereciprocal or interinsurance exchange. This provision shall be retroactiveand shall apply to real estate owned or sold by a reciprocal insurer prior toAugust 28, 1990.
2. The investments acquired under subdivision (7) of subsection 1 ofthis section may be in either existing or new business or industrialproperties, or for new residential properties or new housing purposes.
3. Provided, no such insurance company shall invest more than tenpercent of its admitted assets, as shown by its last annual statementpreceding the date of acquisition, as filed with the director of thedepartment of insurance, financial institutions and professional registrationof the state of Missouri, in the total amount of real estate acquired undersubdivision (7) of subsection 1, nor more under subdivision (7) of subsection1 than one percent of its admitted assets or ten percent of its capital andsurplus, whichever is greater, in any one property, nor more under subdivision(7) of subsection 1 than one percent of its admitted assets or ten percent ofits capital and surplus, whichever is greater, in total properties leased orrented to any one individual, partnership or corporation.
4. It shall not be lawful for any company incorporated as aforesaid topurchase, hold or convey real estate in any other case or for any otherpurpose; and all such real estate acquired in payment of a debt, byforeclosure or otherwise, and real estate exchanged therefor, shall be soldand disposed of within ten years after such company shall have acquiredabsolute title to the same, unless the company owning such real estate orinterest therein shall elect to hold it pursuant to subdivision (7) ofsubsection 1.
5. The director of the department of insurance, financial institutionsand professional registration may, for good cause shown, extend the time forholding such real estate acquired in paying of a debt, by foreclosure orotherwise, and real estate exchanged therefor, and not held by the companyunder subdivision (7) of subsection 1, for such period as he may find to be tothe best interests of the policyholders of said company.
6. If a life insurance company depositing under section 376.170, RSMo,becomes the owner of real estate pursuant to this section, the company mayexecute its own deed for the real estate to the director of the department ofinsurance, financial institutions and professional registration, as trustee.The deed may be deposited with the director as proper security, under andaccording to the provisions of sections 376.010 to 376.670, RSMo, the value tobe subject to the approval of the director.
7. This section shall not apply to an insurer organized under chapter376, RSMo.
(RSMo 1939 § 6029, A.L. 1945 p. 1011, A.L. 1947 V. II p. 271, A.L. 1949 p. 302, A.L. 1957 p. 220, A.L. 1961 p. 168, A.L. 1979 S.B. 322, A.L. 1985 H.B. 823, A.L. 1990 H.B. 1739, A.L. 2002 H.B. 1568 merged with S.B. 1009, A.L. 2007 S.B. 66)
