Missouri § 376.294 - Prohibited acts.
Full text of Missouri Revised Statutes of Missouri § 376.294 — Prohibited acts., with citation guidance and answers to common questions.
§ 376.294. Prohibited acts.
1. An insurer shall not directly or indirectly:
(1) Invest in an obligation or security or make a guarantee for the benefit of or in favor of an officer or director of the insurer except as provided in section 376.295;
(2) Invest in an obligation or security, make a guarantee for the benefit of or in favor of, or make other investments in a business entity of which ten percent or more of the voting securities or equity interests are owned directly or indirectly by or for the benefit of one or more officers or directors in the insurer except under a transaction entered into in compliance with section 382.195 or provided in section 376.295;
(3) Engage on its own behalf or through one or more affiliates in a transaction or series of transactions designed to evade the prohibitions of section 375.345 and sections 376.291 to 376.307, or section 376.311;
(4) Invest in a partnership as a general partner, except that an insurer may make an investment as a general partner:
(a) If all other partners in the partnership are subsidiaries of the insurer or other insurance company affiliates of the insurer;
(b) For the purpose of:
a. Meeting cash calls committed to prior to August 28, 2007;
b. Completing those specific projects or activities of the partnership in which the insurer was a general partner as of August 28, 2007, that had been undertaken as of that date; or
c. Making capital improvements to property owned by the partnership on August 28, 2007, if the insurer was a general partner as of that date; or
(c) In accordance with subdivision (3) of subsection 1 of section 376.293; or
(5) Invest or lend its funds upon the security of shares of its own stock, except as authorized by other provisions of this chapter. However, no such shares shall be admitted assets of the insurer.
2. Subdivision (4) of subsection 1 of this section shall not prohibit a subsidiary or other affiliate of the insurer from becoming a general partner.
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(L. 2007 S.B. 66)
---- end of effective 28 Aug 2007 ----
Frequently Asked Questions About Missouri § 376.294
What does Revised Statutes of Missouri § 376.294 cover?
Section 376.294 ("Prohibited acts.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 376.294?
A common citation format is "Revised Statutes of Missouri § 376.294" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 376.294 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.