375.740. 1. In proceedings to enjoin, rehabilitate, dissolve, wind upor otherwise settle the affairs and dispose of the assets of insurers, thedirector shall receive no fees nor compensation for any services personallyperformed by him.
2. He shall have power and authority, however, in such cases, andthrough the course of the whole case, to employ the necessary legal counseland assistance, and clerical and actuarial force. The compensation of legalcounsel and assistance, and clerical and actuarial force shall be fixed andall expenses of taking possession of the property of the insurer and theadministration thereof shall be approved by the director, all subject to theapproval of the court, and shall be paid out of the funds or assets of theinsurer; provided, however, that the salaries of those persons employed by thedirector under this section together with the expenses of such employment, maybe paid out of amount appropriated to the department of insurance, financialinstitutions and professional registration; provided, further, that the amountpaid out under this section for salaries and expenses from appropriated fundsshall be repaid to the state treasury from any available funds or assets ofthe insurer.
3. The director shall keep a full account of all receipts anddisbursements, and make report of the same to the court at least once intwelve months, and oftener if required by the court, and shall be responsibleon his official bond for all assets coming into his possession.
4. The court may, in its discretion, require of the director a bond inaddition to his official bond.
5. This section shall apply only to proceedings instituted prior toAugust 28, 1991.
(1962) In action by superintendent, as receiver for company, against company's agents to recover unearned premiums collected but not remitted to company, and agent's commissions thereon, the court did not have authority to assess superintendent's attorney fees against defendants. Clay v. Independence Mutual Insurance Co. (Mo.), 359 S.W.2d 679.
(1963) Premium deposits to reciprocal for flood insurance held deductible as ordinary or necessary business expense for tax purpose. United States v. Weber Paper Company, 320 F.2d 199.
375.740. 1. In proceedings to enjoin, rehabilitate, dissolve, wind upor otherwise settle the affairs and dispose of the assets of insurers, thedirector shall receive no fees nor compensation for any services personallyperformed by him.
2. He shall have power and authority, however, in such cases, andthrough the course of the whole case, to employ the necessary legal counseland assistance, and clerical and actuarial force. The compensation of legalcounsel and assistance, and clerical and actuarial force shall be fixed andall expenses of taking possession of the property of the insurer and theadministration thereof shall be approved by the director, all subject to theapproval of the court, and shall be paid out of the funds or assets of theinsurer; provided, however, that the salaries of those persons employed by thedirector under this section together with the expenses of such employment, maybe paid out of amount appropriated to the department of insurance, financialinstitutions and professional registration; provided, further, that the amountpaid out under this section for salaries and expenses from appropriated fundsshall be repaid to the state treasury from any available funds or assets ofthe insurer.
3. The director shall keep a full account of all receipts anddisbursements, and make report of the same to the court at least once intwelve months, and oftener if required by the court, and shall be responsibleon his official bond for all assets coming into his possession.
4. The court may, in its discretion, require of the director a bond inaddition to his official bond.
5. This section shall apply only to proceedings instituted prior toAugust 28, 1991.
(1962) In action by superintendent, as receiver for company, against company's agents to recover unearned premiums collected but not remitted to company, and agent's commissions thereon, the court did not have authority to assess superintendent's attorney fees against defendants. Clay v. Independence Mutual Insurance Co. (Mo.), 359 S.W.2d 679.
(1963) Premium deposits to reciprocal for flood insurance held deductible as ordinary or necessary business expense for tax purpose. United States v. Weber Paper Company, 320 F.2d 199.
375.740. 1. In proceedings to enjoin, rehabilitate, dissolve, wind upor otherwise settle the affairs and dispose of the assets of insurers, thedirector shall receive no fees nor compensation for any services personallyperformed by him.
2. He shall have power and authority, however, in such cases, andthrough the course of the whole case, to employ the necessary legal counseland assistance, and clerical and actuarial force. The compensation of legalcounsel and assistance, and clerical and actuarial force shall be fixed andall expenses of taking possession of the property of the insurer and theadministration thereof shall be approved by the director, all subject to theapproval of the court, and shall be paid out of the funds or assets of theinsurer; provided, however, that the salaries of those persons employed by thedirector under this section together with the expenses of such employment, maybe paid out of amount appropriated to the department of insurance, financialinstitutions and professional registration; provided, further, that the amountpaid out under this section for salaries and expenses from appropriated fundsshall be repaid to the state treasury from any available funds or assets ofthe insurer.
3. The director shall keep a full account of all receipts anddisbursements, and make report of the same to the court at least once intwelve months, and oftener if required by the court, and shall be responsibleon his official bond for all assets coming into his possession.
4. The court may, in its discretion, require of the director a bond inaddition to his official bond.
5. This section shall apply only to proceedings instituted prior toAugust 28, 1991.
(1962) In action by superintendent, as receiver for company, against company's agents to recover unearned premiums collected but not remitted to company, and agent's commissions thereon, the court did not have authority to assess superintendent's attorney fees against defendants. Clay v. Independence Mutual Insurance Co. (Mo.), 359 S.W.2d 679.
(1963) Premium deposits to reciprocal for flood insurance held deductible as ordinary or necessary business expense for tax purpose. United States v. Weber Paper Company, 320 F.2d 199.
