375.480. Withdrawal of securities--notice--examination by director.
Withdrawal of securities--notice--examination by director.
375.480. 1. When any company, which has on deposit the securities namedin section 376.170, RSMo, with the director of the department of insurance,financial institutions and professional registration, shall desire torelinquish and cease its business in this state, said director shall, uponapplication of such company, under the oath of the president or vice presidentand secretary or assistant secretary, give notice of such intention in anynewspaper of general circulation published in the county or city in which saidcompany is located, if it is a company of this state, or in some newspaperpublished in the city of St. Louis, if it is a company of another state orgovernment, at least twice a week for six weeks.
2. After such publication he shall deliver up and transfer to saidcompany the securities held by him and belonging to the company; but beforemaking such transfer, the director shall be satisfied, by an examination ofthe books and papers of such company, to be made by himself or some competentperson to be appointed by him, or by the oath of the acting president andsecretary or assistant secretary of said company if it be a company organizedunder the laws of this state, that all debts and liabilities of every kindthat are due, or may become due, upon all contracts or agreements made withthe policyholders in said company, or in any company reinsured by saidcompany, if the deposit is that of a reinsured company and is held for thesecurity of the policyholders of said reinsured company under sections 375.010to 375.920, are released, satisfied or extinguished; or if it be a company notorganized under the laws of this state, that all debts and liabilities ofevery kind, whether fixed or contingent, due or that may become due to thisstate or to any county or municipality or citizen thereof, are released,satisfied or extinguished; and the said director may, from time to time,authorize the delivery in the manner aforesaid, to such company or itsassigns, of any portion of such securities, on being satisfied in the mannerand form aforesaid, that all debts and liabilities of every kind as aforesaidare less than one-half the amount of the said securities which are retained.
(RSMo 1939 § 6045, A.L. 2007 S.B. 66)Prior revisions: 1929 § 5934; 1919 § 6342; 1909 § 7072