Number of incorporators required--classes of insurance--capital andsurplus requirements, phase-in.
379.010. 1. Any number of persons, not less than thirteenin number, a majority of whom shall be citizens of this state,may associate and form a corporation, association or company forthe purpose of making insurance regarding the following classes:
(1) Property, which shall consist of insurance on thefollowing subclasses:
(a) Marine, inland marine, and transportation;
(b) Animals;
(c) All other real and personal property, intangible ortangible;
(2) Liability, which shall consist of insurance for thefollowing subclasses:
(a) Workers' compensation and employers' liability;
(b) Professional malpractice;
(c) Contractual liability;
(d) All other legal liability of the insured to another;
(3) Fidelity and surety;
(4) Accident and health, including death by accident;
(5) Miscellaneous, consisting of all other legitimate formsof insurance not described above but excluding life andannuities.
2. No company shall commence business or make insurance onone of the classes of insurance named in subsection 1 of thissection unless, if it is a stock company, it has and maintains apaid in capital of at least eight hundred thousand dollars and asurplus of at least eight hundred thousand dollars or, if it is amutual company, it has and maintains a policyholders' surplus ofat least one million six hundred thousand dollars. No companyshall commence business or make insurance on more than one of theclasses of insurance enumerated in subsection 1 of this sectionunless, if it is a stock company, it has and maintains a paid incapital of at least one million two hundred thousand dollars anda surplus of not less than one million two hundred thousanddollars or, if it is a mutual company, it has and maintains apolicyholders' surplus of not less than two million four hundredthousand dollars.
3. Violation of any of the provisions of this section by aninsurer is grounds for the revocation of its certificate ofauthority by the director.
4. Notwithstanding any provision of this section, a mutualcompany licensed to do:
(1) More than one class of business in this state under thissection on July 1, 1987, which did not maintain an aggregateamount of at least two million four hundred thousand dollars aspolicyholders' surplus on December 31, 1986, may renew itslicense for business specified therein by maintaining anaggregate amount of at least one million six hundred thousanddollars as policyholders' surplus, if all other conditions havebeen met, until December 31, 1989, at which time the followingprovisions relating to minimum policyholders' surplus shall bemet:
(a) On and after December 31, 1989, one million eighthundred thousand dollars;
(b) On and after December 31, 1990, two million dollars;
(c) On and after December 31, 1991, two million two hundredthousand dollars;
(d) On and after December 31, 1992, two million four hundredthousand dollars;
(2) One class of business in this state under this sectionon July 1, 1987, which did not maintain an aggregate amount of atleast one million six hundred thousand dollars as apolicyholders' surplus on December 31, 1986, may renew itslicense for business specified therein by maintaining anaggregate amount of at least eight hundred thousand dollars as apolicyholders' surplus, if all other conditions have been met,until December 31, 1989, at which time the following provisionsrelating to policyholders' surplus shall be met:
(a) On and after December 31, 1989, one million dollars;
(b) On and after December 31, 1990, one million two hundredthousand dollars;
(c) On and after December 31, 1991, one million four hundredthousand dollars;
(d) On and after December 31, 1992, one million six hundredthousand dollars.
5. Notwithstanding any provision of this section, a stockcompany licensed to do:
(1) More than one class of business in this state under thissection on August 28, 1989, which did not have a fully paidcapital of at least one million two hundred thousand dollars anda surplus of at least one million two hundred thousand dollars onDecember 31, 1986, may renew its license for business specifiedtherein by maintaining a fully paid capital of at least eighthundred thousand dollars and a surplus of at least eight hundredthousand dollars, if all other conditions have been met, untilDecember 31, 1989, at which time the following provisionsrelating to minimum capital and surplus shall be met:
(a) On and after December 31, 1989, nine hundred thousanddollars capital, nine hundred thousand dollars surplus;
(b) On and after December 31, 1990, one million dollarscapital, one million dollars surplus;
(c) On and after December 31, 1991, one million one hundredthousand dollars capital, one million one hundred thousanddollars surplus;
(d) On and after December 31, 1992, one million two hundredthousand dollars capital, one million two hundred thousanddollars surplus.
(2) One class of business in this state under this sectionon July 1, 1987, which did not have a fully paid capital of atleast eight hundred thousand dollars and a surplus of at leasteight hundred thousand dollars on December 31, 1986, may renewits license for business specified therein by maintaining a fullypaid capital of not less than four hundred thousand dollars and asurplus of at least four hundred thousand dollars, if all otherconditions have been met, until December 31, 1989, at which timethe following provisions relating to minimum capital and surplusshall be met:
(a) On and after December 31, 1989, five hundred thousanddollars capital, five hundred thousand dollars surplus;
(b) On and after December 31, 1990, six hundred thousanddollars capital, six hundred thousand dollars surplus;
(c) On and after December 31, 1991, seven hundred thousanddollars capital, seven hundred thousand dollars surplus;
(d) On and after December 31, 1992, eight hundred thousanddollars capital, eight hundred thousand dollars surplus.
(RSMo 1939 § 5904, A.L. 1945 p. 1014, A.L. 1963 p. 485, A.L. 1967 p. 516, A.L. 1977 S.B. 368, A.L. 1987 H.B. 700, A.L. 1989 S.B. 250)
Number of incorporators required--classes of insurance--capital andsurplus requirements, phase-in.
379.010. 1. Any number of persons, not less than thirteenin number, a majority of whom shall be citizens of this state,may associate and form a corporation, association or company forthe purpose of making insurance regarding the following classes:
(1) Property, which shall consist of insurance on thefollowing subclasses:
(a) Marine, inland marine, and transportation;
(b) Animals;
(c) All other real and personal property, intangible ortangible;
(2) Liability, which shall consist of insurance for thefollowing subclasses:
(a) Workers' compensation and employers' liability;
(b) Professional malpractice;
(c) Contractual liability;
(d) All other legal liability of the insured to another;
(3) Fidelity and surety;
(4) Accident and health, including death by accident;
(5) Miscellaneous, consisting of all other legitimate formsof insurance not described above but excluding life andannuities.
2. No company shall commence business or make insurance onone of the classes of insurance named in subsection 1 of thissection unless, if it is a stock company, it has and maintains apaid in capital of at least eight hundred thousand dollars and asurplus of at least eight hundred thousand dollars or, if it is amutual company, it has and maintains a policyholders' surplus ofat least one million six hundred thousand dollars. No companyshall commence business or make insurance on more than one of theclasses of insurance enumerated in subsection 1 of this sectionunless, if it is a stock company, it has and maintains a paid incapital of at least one million two hundred thousand dollars anda surplus of not less than one million two hundred thousanddollars or, if it is a mutual company, it has and maintains apolicyholders' surplus of not less than two million four hundredthousand dollars.
3. Violation of any of the provisions of this section by aninsurer is grounds for the revocation of its certificate ofauthority by the director.
4. Notwithstanding any provision of this section, a mutualcompany licensed to do:
(1) More than one class of business in this state under thissection on July 1, 1987, which did not maintain an aggregateamount of at least two million four hundred thousand dollars aspolicyholders' surplus on December 31, 1986, may renew itslicense for business specified therein by maintaining anaggregate amount of at least one million six hundred thousanddollars as policyholders' surplus, if all other conditions havebeen met, until December 31, 1989, at which time the followingprovisions relating to minimum policyholders' surplus shall bemet:
(a) On and after December 31, 1989, one million eighthundred thousand dollars;
(b) On and after December 31, 1990, two million dollars;
(c) On and after December 31, 1991, two million two hundredthousand dollars;
(d) On and after December 31, 1992, two million four hundredthousand dollars;
(2) One class of business in this state under this sectionon July 1, 1987, which did not maintain an aggregate amount of atleast one million six hundred thousand dollars as apolicyholders' surplus on December 31, 1986, may renew itslicense for business specified therein by maintaining anaggregate amount of at least eight hundred thousand dollars as apolicyholders' surplus, if all other conditions have been met,until December 31, 1989, at which time the following provisionsrelating to policyholders' surplus shall be met:
(a) On and after December 31, 1989, one million dollars;
(b) On and after December 31, 1990, one million two hundredthousand dollars;
(c) On and after December 31, 1991, one million four hundredthousand dollars;
(d) On and after December 31, 1992, one million six hundredthousand dollars.
5. Notwithstanding any provision of this section, a stockcompany licensed to do:
(1) More than one class of business in this state under thissection on August 28, 1989, which did not have a fully paidcapital of at least one million two hundred thousand dollars anda surplus of at least one million two hundred thousand dollars onDecember 31, 1986, may renew its license for business specifiedtherein by maintaining a fully paid capital of at least eighthundred thousand dollars and a surplus of at least eight hundredthousand dollars, if all other conditions have been met, untilDecember 31, 1989, at which time the following provisionsrelating to minimum capital and surplus shall be met:
(a) On and after December 31, 1989, nine hundred thousanddollars capital, nine hundred thousand dollars surplus;
(b) On and after December 31, 1990, one million dollarscapital, one million dollars surplus;
(c) On and after December 31, 1991, one million one hundredthousand dollars capital, one million one hundred thousanddollars surplus;
(d) On and after December 31, 1992, one million two hundredthousand dollars capital, one million two hundred thousanddollars surplus.
(2) One class of business in this state under this sectionon July 1, 1987, which did not have a fully paid capital of atleast eight hundred thousand dollars and a surplus of at leasteight hundred thousand dollars on December 31, 1986, may renewits license for business specified therein by maintaining a fullypaid capital of not less than four hundred thousand dollars and asurplus of at least four hundred thousand dollars, if all otherconditions have been met, until December 31, 1989, at which timethe following provisions relating to minimum capital and surplusshall be met:
(a) On and after December 31, 1989, five hundred thousanddollars capital, five hundred thousand dollars surplus;
(b) On and after December 31, 1990, six hundred thousanddollars capital, six hundred thousand dollars surplus;
(c) On and after December 31, 1991, seven hundred thousanddollars capital, seven hundred thousand dollars surplus;
(d) On and after December 31, 1992, eight hundred thousanddollars capital, eight hundred thousand dollars surplus.
(RSMo 1939 § 5904, A.L. 1945 p. 1014, A.L. 1963 p. 485, A.L. 1967 p. 516, A.L. 1977 S.B. 368, A.L. 1987 H.B. 700, A.L. 1989 S.B. 250)
Number of incorporators required--classes of insurance--capital andsurplus requirements, phase-in.
379.010. 1. Any number of persons, not less than thirteenin number, a majority of whom shall be citizens of this state,may associate and form a corporation, association or company forthe purpose of making insurance regarding the following classes:
(1) Property, which shall consist of insurance on thefollowing subclasses:
(a) Marine, inland marine, and transportation;
(b) Animals;
(c) All other real and personal property, intangible ortangible;
(2) Liability, which shall consist of insurance for thefollowing subclasses:
(a) Workers' compensation and employers' liability;
(b) Professional malpractice;
(c) Contractual liability;
(d) All other legal liability of the insured to another;
(3) Fidelity and surety;
(4) Accident and health, including death by accident;
(5) Miscellaneous, consisting of all other legitimate formsof insurance not described above but excluding life andannuities.
2. No company shall commence business or make insurance onone of the classes of insurance named in subsection 1 of thissection unless, if it is a stock company, it has and maintains apaid in capital of at least eight hundred thousand dollars and asurplus of at least eight hundred thousand dollars or, if it is amutual company, it has and maintains a policyholders' surplus ofat least one million six hundred thousand dollars. No companyshall commence business or make insurance on more than one of theclasses of insurance enumerated in subsection 1 of this sectionunless, if it is a stock company, it has and maintains a paid incapital of at least one million two hundred thousand dollars anda surplus of not less than one million two hundred thousanddollars or, if it is a mutual company, it has and maintains apolicyholders' surplus of not less than two million four hundredthousand dollars.
3. Violation of any of the provisions of this section by aninsurer is grounds for the revocation of its certificate ofauthority by the director.
4. Notwithstanding any provision of this section, a mutualcompany licensed to do:
(1) More than one class of business in this state under thissection on July 1, 1987, which did not maintain an aggregateamount of at least two million four hundred thousand dollars aspolicyholders' surplus on December 31, 1986, may renew itslicense for business specified therein by maintaining anaggregate amount of at least one million six hundred thousanddollars as policyholders' surplus, if all other conditions havebeen met, until December 31, 1989, at which time the followingprovisions relating to minimum policyholders' surplus shall bemet:
(a) On and after December 31, 1989, one million eighthundred thousand dollars;
(b) On and after December 31, 1990, two million dollars;
(c) On and after December 31, 1991, two million two hundredthousand dollars;
(d) On and after December 31, 1992, two million four hundredthousand dollars;
(2) One class of business in this state under this sectionon July 1, 1987, which did not maintain an aggregate amount of atleast one million six hundred thousand dollars as apolicyholders' surplus on December 31, 1986, may renew itslicense for business specified therein by maintaining anaggregate amount of at least eight hundred thousand dollars as apolicyholders' surplus, if all other conditions have been met,until December 31, 1989, at which time the following provisionsrelating to policyholders' surplus shall be met:
(a) On and after December 31, 1989, one million dollars;
(b) On and after December 31, 1990, one million two hundredthousand dollars;
(c) On and after December 31, 1991, one million four hundredthousand dollars;
(d) On and after December 31, 1992, one million six hundredthousand dollars.
5. Notwithstanding any provision of this section, a stockcompany licensed to do:
(1) More than one class of business in this state under thissection on August 28, 1989, which did not have a fully paidcapital of at least one million two hundred thousand dollars anda surplus of at least one million two hundred thousand dollars onDecember 31, 1986, may renew its license for business specifiedtherein by maintaining a fully paid capital of at least eighthundred thousand dollars and a surplus of at least eight hundredthousand dollars, if all other conditions have been met, untilDecember 31, 1989, at which time the following provisionsrelating to minimum capital and surplus shall be met:
(a) On and after December 31, 1989, nine hundred thousanddollars capital, nine hundred thousand dollars surplus;
(b) On and after December 31, 1990, one million dollarscapital, one million dollars surplus;
(c) On and after December 31, 1991, one million one hundredthousand dollars capital, one million one hundred thousanddollars surplus;
(d) On and after December 31, 1992, one million two hundredthousand dollars capital, one million two hundred thousanddollars surplus.
(2) One class of business in this state under this sectionon July 1, 1987, which did not have a fully paid capital of atleast eight hundred thousand dollars and a surplus of at leasteight hundred thousand dollars on December 31, 1986, may renewits license for business specified therein by maintaining a fullypaid capital of not less than four hundred thousand dollars and asurplus of at least four hundred thousand dollars, if all otherconditions have been met, until December 31, 1989, at which timethe following provisions relating to minimum capital and surplusshall be met:
(a) On and after December 31, 1989, five hundred thousanddollars capital, five hundred thousand dollars surplus;
(b) On and after December 31, 1990, six hundred thousanddollars capital, six hundred thousand dollars surplus;
(c) On and after December 31, 1991, seven hundred thousanddollars capital, seven hundred thousand dollars surplus;
(d) On and after December 31, 1992, eight hundred thousanddollars capital, eight hundred thousand dollars surplus.
(RSMo 1939 § 5904, A.L. 1945 p. 1014, A.L. 1963 p. 485, A.L. 1967 p. 516, A.L. 1977 S.B. 368, A.L. 1987 H.B. 700, A.L. 1989 S.B. 250)
