Capital and surplus of stock or mutual company, investmentsauthorized--violation, penalty.
379.080. 1. (1) The amount of the minimum capital required of a stockcompany to write the lines of business it proposes to transact or istransacting, or if the company is a mutual company an amount equal to theminimum capital required of a stock company transacting the same classes ofbusiness, shall be held in cash or invested in:
(a) Treasury notes or bonds of the United States;
(b) Bonds of the state of Missouri;
(c) Bonds issued by any school district of the state of Missouri;
(d) Bonds of any political subdivision of this state;
(2) The remainder of the capital, surplus or policyholders' surplus ofthese companies and their other assets may be invested, to the extent allowedby this or any other provision of law, in:
(a) The investments authorized by subdivision (1) of subsection 1 ofthis section;
(b) Loans safely secured by personal property collateral worth, at itscash market value, not less than twenty percent in excess of the amount loanedthereon;
(c) Stocks, bonds or evidences of indebtedness issued by corporationsorganized under the laws of this state, or of the United States or of anyother state;
(d) Bonds or other obligations issued by multinational development banksin which the United States is a member nation, including the AfricanDevelopment Bank;
(e) Bonds of any other state, or of any political subdivision of anyother state;
(f) Mortgages or deeds of trust on unencumbered real estate in this orany other state worth not less than twenty percent in excess of the amountloaned thereon;
(g) If a company is authorized to do business in a foreign country or apossession of the United States or has outstanding insurance or reinsurancecontracts on risks located in a foreign country or United States' possession,the company may invest the remainder of its capital and other assets insecurities, cash or other investments payable in the currency of the foreigncountry or possession that are of substantially the same kinds and classes asthose eligible for investments under this subsection, provided that suchinvestments are made with the approval of the director. The aggregate amountof the foreign investments and cash shall not exceed the greater of one andone-half times the amount of the company's reserves and other obligationsunder the contracts or the amount that the company is required by law toinvest in the foreign country or possession, and the aggregate amount offoreign investments and cash shall not exceed five percent of the company'sadmitted assets. All foreign investments shall be reported to the directorfrom time to time as he directs;
(h) Loans evidenced by bonds, notes or other evidences of indebtednessguaranteed or insured, but only to the extent guaranteed or insured by theUnited States, any state, territory or possession of the United States, theDistrict of Columbia, or by any agency, administration, authority orinstrumentality of any of the political units enumerated;
(i) Shares of insured state-chartered building and loan associations andfederal savings and loan associations, if such shares are insured by theFederal Deposit Insurance Corporation;
(j) Investments permitted by section 99.550, RSMo;
(k) Data processing equipment, automobiles, real estate and put or calloptions and financial futures contracts to the extent allowed by this sectionand any other provision of law;
(l) Investments in subsidiaries to the extent allowed by section382.020, RSMo;
(m) Any other investments not described herein provided the aggregateamount of such investments shall not exceed eight percent of the admittedassets of the company;
(n) Any investments in an investment pool meeting the requirements ofsection 379.083 and any other provision of law relating to investments made byindividual property and casualty companies;
(o) Any other investments expressly authorized in writing by thedirector of the department of insurance, financial institutions andprofessional registration; and
(p) Any investment in a Missouri tax credit certificate or partnershipinterest which entitles the company to receive Missouri tax credits that maybe used as a credit against the gross premium tax.
2. Violation of any of the provisions of this section by an insurer isgrounds for the suspension or revocation of its certificate of authority bythe director.
Capital and surplus of stock or mutual company, investmentsauthorized--violation, penalty.
379.080. 1. (1) The amount of the minimum capital required of a stockcompany to write the lines of business it proposes to transact or istransacting, or if the company is a mutual company an amount equal to theminimum capital required of a stock company transacting the same classes ofbusiness, shall be held in cash or invested in:
(a) Treasury notes or bonds of the United States;
(b) Bonds of the state of Missouri;
(c) Bonds issued by any school district of the state of Missouri;
(d) Bonds of any political subdivision of this state;
(2) The remainder of the capital, surplus or policyholders' surplus ofthese companies and their other assets may be invested, to the extent allowedby this or any other provision of law, in:
(a) The investments authorized by subdivision (1) of subsection 1 ofthis section;
(b) Loans safely secured by personal property collateral worth, at itscash market value, not less than twenty percent in excess of the amount loanedthereon;
(c) Stocks, bonds or evidences of indebtedness issued by corporationsorganized under the laws of this state, or of the United States or of anyother state;
(d) Bonds or other obligations issued by multinational development banksin which the United States is a member nation, including the AfricanDevelopment Bank;
(e) Bonds of any other state, or of any political subdivision of anyother state;
(f) Mortgages or deeds of trust on unencumbered real estate in this orany other state worth not less than twenty percent in excess of the amountloaned thereon;
(g) If a company is authorized to do business in a foreign country or apossession of the United States or has outstanding insurance or reinsurancecontracts on risks located in a foreign country or United States' possession,the company may invest the remainder of its capital and other assets insecurities, cash or other investments payable in the currency of the foreigncountry or possession that are of substantially the same kinds and classes asthose eligible for investments under this subsection, provided that suchinvestments are made with the approval of the director. The aggregate amountof the foreign investments and cash shall not exceed the greater of one andone-half times the amount of the company's reserves and other obligationsunder the contracts or the amount that the company is required by law toinvest in the foreign country or possession, and the aggregate amount offoreign investments and cash shall not exceed five percent of the company'sadmitted assets. All foreign investments shall be reported to the directorfrom time to time as he directs;
(h) Loans evidenced by bonds, notes or other evidences of indebtednessguaranteed or insured, but only to the extent guaranteed or insured by theUnited States, any state, territory or possession of the United States, theDistrict of Columbia, or by any agency, administration, authority orinstrumentality of any of the political units enumerated;
(i) Shares of insured state-chartered building and loan associations andfederal savings and loan associations, if such shares are insured by theFederal Deposit Insurance Corporation;
(j) Investments permitted by section 99.550, RSMo;
(k) Data processing equipment, automobiles, real estate and put or calloptions and financial futures contracts to the extent allowed by this sectionand any other provision of law;
(l) Investments in subsidiaries to the extent allowed by section382.020, RSMo;
(m) Any other investments not described herein provided the aggregateamount of such investments shall not exceed eight percent of the admittedassets of the company;
(n) Any investments in an investment pool meeting the requirements ofsection 379.083 and any other provision of law relating to investments made byindividual property and casualty companies;
(o) Any other investments expressly authorized in writing by thedirector of the department of insurance, financial institutions andprofessional registration; and
(p) Any investment in a Missouri tax credit certificate or partnershipinterest which entitles the company to receive Missouri tax credits that maybe used as a credit against the gross premium tax.
2. Violation of any of the provisions of this section by an insurer isgrounds for the suspension or revocation of its certificate of authority bythe director.
Capital and surplus of stock or mutual company, investmentsauthorized--violation, penalty.
379.080. 1. (1) The amount of the minimum capital required of a stockcompany to write the lines of business it proposes to transact or istransacting, or if the company is a mutual company an amount equal to theminimum capital required of a stock company transacting the same classes ofbusiness, shall be held in cash or invested in:
(a) Treasury notes or bonds of the United States;
(b) Bonds of the state of Missouri;
(c) Bonds issued by any school district of the state of Missouri;
(d) Bonds of any political subdivision of this state;
(2) The remainder of the capital, surplus or policyholders' surplus ofthese companies and their other assets may be invested, to the extent allowedby this or any other provision of law, in:
(a) The investments authorized by subdivision (1) of subsection 1 ofthis section;
(b) Loans safely secured by personal property collateral worth, at itscash market value, not less than twenty percent in excess of the amount loanedthereon;
(c) Stocks, bonds or evidences of indebtedness issued by corporationsorganized under the laws of this state, or of the United States or of anyother state;
(d) Bonds or other obligations issued by multinational development banksin which the United States is a member nation, including the AfricanDevelopment Bank;
(e) Bonds of any other state, or of any political subdivision of anyother state;
(f) Mortgages or deeds of trust on unencumbered real estate in this orany other state worth not less than twenty percent in excess of the amountloaned thereon;
(g) If a company is authorized to do business in a foreign country or apossession of the United States or has outstanding insurance or reinsurancecontracts on risks located in a foreign country or United States' possession,the company may invest the remainder of its capital and other assets insecurities, cash or other investments payable in the currency of the foreigncountry or possession that are of substantially the same kinds and classes asthose eligible for investments under this subsection, provided that suchinvestments are made with the approval of the director. The aggregate amountof the foreign investments and cash shall not exceed the greater of one andone-half times the amount of the company's reserves and other obligationsunder the contracts or the amount that the company is required by law toinvest in the foreign country or possession, and the aggregate amount offoreign investments and cash shall not exceed five percent of the company'sadmitted assets. All foreign investments shall be reported to the directorfrom time to time as he directs;
(h) Loans evidenced by bonds, notes or other evidences of indebtednessguaranteed or insured, but only to the extent guaranteed or insured by theUnited States, any state, territory or possession of the United States, theDistrict of Columbia, or by any agency, administration, authority orinstrumentality of any of the political units enumerated;
(i) Shares of insured state-chartered building and loan associations andfederal savings and loan associations, if such shares are insured by theFederal Deposit Insurance Corporation;
(j) Investments permitted by section 99.550, RSMo;
(k) Data processing equipment, automobiles, real estate and put or calloptions and financial futures contracts to the extent allowed by this sectionand any other provision of law;
(l) Investments in subsidiaries to the extent allowed by section382.020, RSMo;
(m) Any other investments not described herein provided the aggregateamount of such investments shall not exceed eight percent of the admittedassets of the company;
(n) Any investments in an investment pool meeting the requirements ofsection 379.083 and any other provision of law relating to investments made byindividual property and casualty companies;
(o) Any other investments expressly authorized in writing by thedirector of the department of insurance, financial institutions andprofessional registration; and
(p) Any investment in a Missouri tax credit certificate or partnershipinterest which entitles the company to receive Missouri tax credits that maybe used as a credit against the gross premium tax.
2. Violation of any of the provisions of this section by an insurer isgrounds for the suspension or revocation of its certificate of authority bythe director.
