Acceptance of regular life insurance law by assessment companies--pastcontracts not affected.
377.170. 1. Any domestic life or accident insurance corporation,company or association existing or doing business in this state under sections377.010 to 377.190, providing for insurance on the assessment plan, may, by amajority vote of its directors or trustees, accept the provisions of sections376.010 to 376.670, RSMo, and amend its articles of incorporation and itsbylaws to conform to said sections, the same as if it had originally beenincorporated thereunder, and shall submit a record of the proceedings of itsboard of trustees together with the amended articles to the attorney generalfor his examination and approval of the legal form thereof, and shall filesuch amended articles in the office of the secretary of state, and a certifiedcopy of the same in the office of the director of the department of insurance,financial institutions and professional registration of the state of Missouri,and deposit with said director such securities as may be required ofcorporations originally incorporated under sections 376.010 to 376.670, RSMo.
2. Insurance corporations, companies and associations complying with theprovisions of this section shall thereafter enjoy and exercise all of therights and privileges accorded by law to companies originally incorporatedunder sections 376.010 to 376.670, RSMo.
3. Compliance with this section shall in no wise annul, modify or changeany of the existing contracts or obligations of the corporation, and any andall such contracts and liabilities shall continue in force and effect the sameas if such corporation had not reincorporated under the provisions of thissection, but all contracts and policies made subsequent to the compliance withthe provisions of this section shall be interpreted and construed under theprovisions of sections 376.010 to 376.670, RSMo.
4. Compliance with the provisions of this section shall in no wiseprejudice, impede or impair any pending action, proceeding or rightspreviously acquired.
Acceptance of regular life insurance law by assessment companies--pastcontracts not affected.
377.170. 1. Any domestic life or accident insurance corporation,company or association existing or doing business in this state under sections377.010 to 377.190, providing for insurance on the assessment plan, may, by amajority vote of its directors or trustees, accept the provisions of sections376.010 to 376.670, RSMo, and amend its articles of incorporation and itsbylaws to conform to said sections, the same as if it had originally beenincorporated thereunder, and shall submit a record of the proceedings of itsboard of trustees together with the amended articles to the attorney generalfor his examination and approval of the legal form thereof, and shall filesuch amended articles in the office of the secretary of state, and a certifiedcopy of the same in the office of the director of the department of insurance,financial institutions and professional registration of the state of Missouri,and deposit with said director such securities as may be required ofcorporations originally incorporated under sections 376.010 to 376.670, RSMo.
2. Insurance corporations, companies and associations complying with theprovisions of this section shall thereafter enjoy and exercise all of therights and privileges accorded by law to companies originally incorporatedunder sections 376.010 to 376.670, RSMo.
3. Compliance with this section shall in no wise annul, modify or changeany of the existing contracts or obligations of the corporation, and any andall such contracts and liabilities shall continue in force and effect the sameas if such corporation had not reincorporated under the provisions of thissection, but all contracts and policies made subsequent to the compliance withthe provisions of this section shall be interpreted and construed under theprovisions of sections 376.010 to 376.670, RSMo.
4. Compliance with the provisions of this section shall in no wiseprejudice, impede or impair any pending action, proceeding or rightspreviously acquired.
Acceptance of regular life insurance law by assessment companies--pastcontracts not affected.
377.170. 1. Any domestic life or accident insurance corporation,company or association existing or doing business in this state under sections377.010 to 377.190, providing for insurance on the assessment plan, may, by amajority vote of its directors or trustees, accept the provisions of sections376.010 to 376.670, RSMo, and amend its articles of incorporation and itsbylaws to conform to said sections, the same as if it had originally beenincorporated thereunder, and shall submit a record of the proceedings of itsboard of trustees together with the amended articles to the attorney generalfor his examination and approval of the legal form thereof, and shall filesuch amended articles in the office of the secretary of state, and a certifiedcopy of the same in the office of the director of the department of insurance,financial institutions and professional registration of the state of Missouri,and deposit with said director such securities as may be required ofcorporations originally incorporated under sections 376.010 to 376.670, RSMo.
2. Insurance corporations, companies and associations complying with theprovisions of this section shall thereafter enjoy and exercise all of therights and privileges accorded by law to companies originally incorporatedunder sections 376.010 to 376.670, RSMo.
3. Compliance with this section shall in no wise annul, modify or changeany of the existing contracts or obligations of the corporation, and any andall such contracts and liabilities shall continue in force and effect the sameas if such corporation had not reincorporated under the provisions of thissection, but all contracts and policies made subsequent to the compliance withthe provisions of this section shall be interpreted and construed under theprovisions of sections 376.010 to 376.670, RSMo.
4. Compliance with the provisions of this section shall in no wiseprejudice, impede or impair any pending action, proceeding or rightspreviously acquired.
