Reacquisition and holding of own stock, when--approval of director,when--effect on assets and solvency.
375.350. 1. No insurance company shall, directly or indirectly,purchase or hold, either absolutely or as collateral, its own stock, after thesame has been once issued, without prior approval of the director of thedepartment of insurance, financial institutions and professional registration. The written application shall specify the number of shares offered, theirdescription, the price offered by the company, the book value of said sharesand any other pertinent information regarding the value of said shares. Acopy of said application shall be given to the seller prior to the filing ofsaid written application with the director of the department of insurance,financial institutions and professional registration. This section shall notprevent a company from buying its own stock, if the same shall be forfeitedand sold to the company for nonpayment of assessments thereon, in which caseit shall be treated and issued as part of the original stock. Any personwillfully making a false statement or representation in the applicationmentioned above shall be deemed guilty of a felony and be imprisoned for aperiod of not less than two years nor more than five years.
2. Notwithstanding the limitations set out in subsection 1 of thissection, an insurance company may purchase or otherwise acquire its own stock,after the same has once been issued, without prior approval of the director ofthe department of insurance, financial institutions and professionalregistration provided that:
(1) The insurance company does not thereby reduce its capital andsurplus below the minimums required by law for such company to continue to dobusiness; and
(2) The insurance company, within ten days after the end of anythree-month period in which it acquires more than five percent of any class ofits outstanding shares, files a report with the director of the department ofinsurance, financial institutions and professional registration showing:
(a) The date of such purchase;
(b) The class of stock purchased;
(c) The number of shares of each class so purchased;
(d) The aggregate price paid for such shares of each class so purchased;and
(e) The authorized capital, actual capital, and surplus of such companyimmediately prior to such purchase.
3. No shares which are or have been reacquired, purchased, pledged, orheld by an insurance company pursuant to subsection 1 or 2 of this sectionshall be considered an admitted asset, nor shall be considered in determiningthe solvency of any insurance company.
Reacquisition and holding of own stock, when--approval of director,when--effect on assets and solvency.
375.350. 1. No insurance company shall, directly or indirectly,purchase or hold, either absolutely or as collateral, its own stock, after thesame has been once issued, without prior approval of the director of thedepartment of insurance, financial institutions and professional registration. The written application shall specify the number of shares offered, theirdescription, the price offered by the company, the book value of said sharesand any other pertinent information regarding the value of said shares. Acopy of said application shall be given to the seller prior to the filing ofsaid written application with the director of the department of insurance,financial institutions and professional registration. This section shall notprevent a company from buying its own stock, if the same shall be forfeitedand sold to the company for nonpayment of assessments thereon, in which caseit shall be treated and issued as part of the original stock. Any personwillfully making a false statement or representation in the applicationmentioned above shall be deemed guilty of a felony and be imprisoned for aperiod of not less than two years nor more than five years.
2. Notwithstanding the limitations set out in subsection 1 of thissection, an insurance company may purchase or otherwise acquire its own stock,after the same has once been issued, without prior approval of the director ofthe department of insurance, financial institutions and professionalregistration provided that:
(1) The insurance company does not thereby reduce its capital andsurplus below the minimums required by law for such company to continue to dobusiness; and
(2) The insurance company, within ten days after the end of anythree-month period in which it acquires more than five percent of any class ofits outstanding shares, files a report with the director of the department ofinsurance, financial institutions and professional registration showing:
(a) The date of such purchase;
(b) The class of stock purchased;
(c) The number of shares of each class so purchased;
(d) The aggregate price paid for such shares of each class so purchased;and
(e) The authorized capital, actual capital, and surplus of such companyimmediately prior to such purchase.
3. No shares which are or have been reacquired, purchased, pledged, orheld by an insurance company pursuant to subsection 1 or 2 of this sectionshall be considered an admitted asset, nor shall be considered in determiningthe solvency of any insurance company.
Reacquisition and holding of own stock, when--approval of director,when--effect on assets and solvency.
375.350. 1. No insurance company shall, directly or indirectly,purchase or hold, either absolutely or as collateral, its own stock, after thesame has been once issued, without prior approval of the director of thedepartment of insurance, financial institutions and professional registration. The written application shall specify the number of shares offered, theirdescription, the price offered by the company, the book value of said sharesand any other pertinent information regarding the value of said shares. Acopy of said application shall be given to the seller prior to the filing ofsaid written application with the director of the department of insurance,financial institutions and professional registration. This section shall notprevent a company from buying its own stock, if the same shall be forfeitedand sold to the company for nonpayment of assessments thereon, in which caseit shall be treated and issued as part of the original stock. Any personwillfully making a false statement or representation in the applicationmentioned above shall be deemed guilty of a felony and be imprisoned for aperiod of not less than two years nor more than five years.
2. Notwithstanding the limitations set out in subsection 1 of thissection, an insurance company may purchase or otherwise acquire its own stock,after the same has once been issued, without prior approval of the director ofthe department of insurance, financial institutions and professionalregistration provided that:
(1) The insurance company does not thereby reduce its capital andsurplus below the minimums required by law for such company to continue to dobusiness; and
(2) The insurance company, within ten days after the end of anythree-month period in which it acquires more than five percent of any class ofits outstanding shares, files a report with the director of the department ofinsurance, financial institutions and professional registration showing:
(a) The date of such purchase;
(b) The class of stock purchased;
(c) The number of shares of each class so purchased;
(d) The aggregate price paid for such shares of each class so purchased;and
(e) The authorized capital, actual capital, and surplus of such companyimmediately prior to such purchase.
3. No shares which are or have been reacquired, purchased, pledged, orheld by an insurance company pursuant to subsection 1 or 2 of this sectionshall be considered an admitted asset, nor shall be considered in determiningthe solvency of any insurance company.
