537.625. Procedure to form insurance entity.
Procedure to form insurance entity.
537.625. 1. Any group of subdivisions desiring to provide liability andall other insurance for its members shall pay a license fee of one hundreddollars and file articles of association with the director of the departmentof insurance, financial institutions and professional registration. Thearticles shall be filed in accordance with the provisions of sections 375.201to 375.236, RSMo. The articles shall include the names of the politicalsubdivisions initially associated, the method by which other subdivisions maybe admitted to the association as members, the purposes for which organized,the amount of the initial assessment which is to be paid into the association,the method of assessment thereafter and the maximum amount of any assessmentwhich the association may make against any member. The articles ofassociation shall provide for bylaws and for the amendment of the bylaws andthe articles of association.
2. Each association shall designate and maintain a registered agentwithin this state. Service upon the agent is service upon the association andeach of its members.
3. The articles of association shall be accompanied by a copy of theinitial bylaws of the association. The bylaws shall provide for a governingbody for the association, a manner of election thereof, the manner in whichassessments will be made, the specific kinds of insurance or indemnificationwhich will be offered, the classes of membership which will be offered, andmay provide that assessments of various amounts for particular classes ofmembership may be made. All assessments shall be uniform within classes. Thebylaws may provide for the transfer of risks to other insurance companies orfor reinsurance.
(L. 1978 H.B. 1650 § 4, A.L. 1988 S.B. 532)Effective 6-2-88