Missouri § 377.120 - Two-thirds majority to reinsure or transfer risks.
Full text of Missouri Revised Statutes of Missouri § 377.120 — Two-thirds majority to reinsure or transfer risks., with citation guidance and answers to common questions.
§ 377.120. Two-thirds majority to reinsure or transfer risks.
No corporation of this state, organized or doing business under the provisions of sections 377.010 to 377.190, shall transfer its risks to or reinsure them in any other corporation, unless the contract of transfer or reinsurance is first submitted to and approved by a two-thirds vote of a meeting of the insured, called to consider the same, of which meeting a written or printed notice shall be mailed to each policy or certificate holder, at least ten days before the day fixed for said meeting; and in case said transfer or reinsurance shall be approved, every policy or certificate holder of said corporation who shall file with the secretary thereof, within five days after said meeting, written notice of his preference to be transferred to some other corporation than that named in the contract, shall be accorded all the rights and privileges in aid of such transfer as would have been accorded under the terms of said contract had he been transferred to the corporation named therein; but no such transfer shall be valid until the terms and conditions shall have been fully submitted to the director of the department of commerce and insurance, and have been approved by him.
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(RSMo 1939 § 5859)
Prior revisions: 1929 § 5748; 1919 § 6158; 1909 § 6955
---- end of effective 28 Aug 1939 ----
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Effective dates prior to 1940 may not be the actual effective date. See FAQ 'When do laws become effective?'
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 377.120
What does Revised Statutes of Missouri § 377.120 cover?
Section 377.120 ("Two-thirds majority to reinsure or transfer risks.") 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 § 377.120?
A common citation format is "Revised Statutes of Missouri § 377.120" (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 § 377.120 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.