Missouri § 377.030 - Release of beneficiary fund — replacement — exemptions.
Full text of Missouri Revised Statutes of Missouri § 377.030 — Release of beneficiary fund — replacement — exemptions., with citation guidance and answers to common questions.
§ 377.030. Release of beneficiary fund — replacement — exemptions.
1. On written application by the board of directors, the director of the department of commerce and insurance shall release to said company from the beneficiary fund the amount herein stated for the purpose of paying policy beneficiaries as provided later herein.
2. The board of directors shall certify the names of the beneficiaries and amounts in claims to the director of the department of commerce and insurance and that the money so released is for no other purpose than to pay the claims so certified.
3. However, the amount released from this fund by the said director shall not exceed twelve thousand dollars, which shall be used solely for the purpose of paying beneficiaries.
4. Such funds so released shall be replaced on deposit by the company within twelve months in four equal installments, in three, six, nine and twelve months from the date of release. The director of the department of commerce and insurance at his own discretion may extend time of replacement of said funds, if, in his judgment it is to the best interest of the policyholders.
5. This section and section 377.020 shall not apply to companies already incorporated and existing under the laws of the state of Missouri. Nothing in sections 377.010 to 377.190 shall prevent any such company or association from engaging in both life and casualty insurance and placing both a life and casualty clause in the same policy.
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(RSMo 1939 § 5857)
Prior revisions: 1929 § 5746; 1919 § 6156; 1909 § 6951
---- 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 § 377.030
What does Revised Statutes of Missouri § 377.030 cover?
Section 377.030 ("Release of beneficiary fund — replacement — exemptions.") 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 § 377.030?
A common citation format is "Revised Statutes of Missouri § 377.030" (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 § 377.030 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.