Missouri § 377.230 - Completion of organization.
Full text of Missouri Revised Statutes of Missouri § 377.230 — Completion of organization., with citation guidance and answers to common questions.
§ 377.230. Completion of organization.
1. No such corporation, company or association shall commence the business of life insurance until at least two hundred persons, eligible under the proposed plan of organization, shall have subscribed, in writing, to be insured therein in the aggregate amount of at least two hundred and fifty thousand dollars, and shall have each paid, in cash, the amount of one annual stipulated net premium for their age at entry on the amount of insurance severally subscribed for, and which shall be held in trust for the benefit of the members of said corporation or their beneficiaries; nor until the director of the department of commerce and insurance and attorney general shall have further certified that it has complied with the provisions of sections 377.200 to 377.460, and is authorized to transact the business of insurance; provided, however, that every corporation incorporating or reincorporating under the provisions of sections 377.200 to 377.460 shall deposit with the director of the department of commerce and insurance such securities as are required by law to be deposited by insurance companies, the sum of five thousand dollars, before it shall commence business.
2. Said five thousand dollars shall be a part of the insurance fund and an asset of the corporation.
3. The securities deposited with the department of commerce and insurance pursuant to this section shall be held by the director in trust for the benefit and protection of and as security for the policyholders of such corporation, their legal representatives and beneficiaries.
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(RSMo 1939 § 5872)
Prior revisions: 1929 § 5761; 1919 § 6171; 1909 § 6965
---- 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?'
Frequently Asked Questions About Missouri § 377.230
What does Revised Statutes of Missouri § 377.230 cover?
Section 377.230 ("Completion of organization.") 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 § 377.230?
A common citation format is "Revised Statutes of Missouri § 377.230" (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 § 377.230 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.