377.030. Release of beneficiary fund--replacement--exemptions.
Release of beneficiary fund--replacement--exemptions.
377.030. 1. On written application by the board of directors, thedirector of the department of insurance, financial institutions andprofessional registration shall release to said company from the beneficiaryfund the amount herein stated for the purpose of paying policy beneficiariesas provided later herein.
2. The board of directors shall certify the names of the beneficiariesand amounts in claims to the director of the department of insurance,financial institutions and professional registration and that the money soreleased is for no other purpose than to pay the claims so certified.
3. However, the amount released from this fund by the said directorshall not exceed twelve thousand dollars, which shall be used solely for thepurpose of paying beneficiaries.
4. Such funds so released shall be replaced on deposit by the companywithin twelve months in four equal installments, in three, six, nine andtwelve months from the date of release. The director of the department ofinsurance, financial institutions and professional registration at his owndiscretion may extend time of replacement of said funds, if, in his judgmentit is to the best interest of the policyholders.
5. This section and section 377.020 shall not apply to companies alreadyincorporated and existing under the laws of the state of Missouri. Nothing insections 377.010 to 377.190 shall prevent any such company or association fromengaging in both life and casualty insurance and placing both a life andcasualty clause in the same policy.
(RSMo 1939 § 5857)Prior revisions: 1929 § 5746; 1919 § 6156; 1909 § 6951