376.480. Domestic companies may assume risks of foreign companies--duties of director.
Domestic companies may assume risks of foreign companies--duties ofdirector.
376.480. Whenever any life insurance company incorporated under the lawsof this state assumes the risks, in whole or in part, of any life insurancecompany incorporated under the laws of any other state or the Dominion ofCanada or any province thereof a deposit of any part of its capital stock,surplus, legal reserve or other funds on the policies so assumed, the directorof the department of insurance, financial institutions and professionalregistration is hereby authorized, in his discretion, to receive from suchofficial such deposit pertaining to the policies so assumed or the capitalstock, surplus, legal reserve or other funds assigned by such foreign companyto such domestic company, and during the time that any such official of anyother state or the Dominion of Canada or any province thereof retains or holdspossession and custody of such deposit after their assignment to such domesticcompany, such director may treat such deposits so held by the officials ofsuch other state or the Dominion of Canada or any province thereof the same asif they had been received by and were in the custody of such director, andmay, in his discretion, register the policies so assumed and may or may not,during such time, require such domestic company to make or maintain with suchdepartment of insurance, financial institutions and professional registrationany additional deposit on account thereof; provided, that when any of thecapital stock, surplus, legal reserve or other funds of any such foreigncompany is legally invested in securities not authorized by the laws of thisstate, such securities shall be sold and disposed of within five years as thedirector may direct, and such domestic company shall not hold such securitiesor carry same as part of its capital stock, surplus, legal reserve or otherfunds for a longer period unless it shall procure a certificate from suchdirector that its interests will suffer materially by the forced sale thereof.
(RSMo 1939 § 6034)Prior revision: 1929 § 5923