Missouri § 380.271 - Financial reinsurance requirements.
Full text of Missouri Revised Statutes of Missouri § 380.271 — Financial reinsurance requirements., with citation guidance and answers to common questions.
§ 380.271. Financial reinsurance requirements.
1. In order to commence or continue writing the classes of insurance enumerated in section 380.261, any company operating under the provisions of sections 380.201 to 380.591 shall comply with the following financial and reinsurance requirements:
(1) To make fire insurance as described in section 380.261, a company shall maintain a guaranty fund of not less than fifty thousand dollars or one-tenth of one percent of the net fire insurance in force, whichever is greater. Reinsurance sufficient to protect the financial stability of the company shall also be required. The director may require additional reinsurance if he deems it necessary to protect the policyholders of the company.
(2) To make windstorm insurance as described in section 380.261, a company shall maintain a guaranty fund of not less than fifty thousand dollars or one-tenth of one percent of the net wind insurance in force, whichever is greater. Reinsurance sufficient to protect the financial stability of the company shall also be required. The director may require additional reinsurance if he deems it necessary to protect the policyholders of the company.
(3) To make liability insurance as described in section 380.261, a company shall maintain a guaranty fund of not less than fifty thousand dollars or twenty-five percent of net premiums written less deductions for pro rata, quota-share or per-risk excess of loss reinsurances directly covering the company's casualty premiums or assessments, whichever is greater. Reinsurance sufficient to protect the financial stability of the company shall also be required. The director may require additional reinsurance if he deems it necessary to protect the policyholders of the company.
(4) To make crop insurance as described in section 380.261, a company shall maintain a guaranty fund of not less than fifty thousand dollars or one-half of one percent of the net crop insurance in force, whichever is greater. Reinsurance sufficient to protect the financial stability of the company shall also be required. The director may require additional reinsurance if he deems it necessary to protect the policyholders of the company.
(5) To make insurance as described in subdivision (5) of section 380.261, a company shall maintain a guaranty fund of not less than one million six hundred thousand dollars. Reinsurance sufficient to protect the financial stability of the company shall also be required. The director may require additional reinsurance if he deems it necessary to protect the policyholders of the company.
2. The financial requirements of this section are to be construed cumulatively except that a company shall be required to have a guaranty fund of not more than one million six hundred thousand dollars plus reinsurance.
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(L. 1984 H.B. 1498, A.L. 1991 H.B. 592)
---- end of effective 28 Aug 1991 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 380.271
What does Revised Statutes of Missouri § 380.271 cover?
Section 380.271 ("Financial reinsurance requirements.") 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 § 380.271?
A common citation format is "Revised Statutes of Missouri § 380.271" (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 § 380.271 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.