Missouri § 378.613 - Reinsurance agreements, allowed — limitations.
Full text of Missouri Revised Statutes of Missouri § 378.613 — Reinsurance agreements, allowed — limitations., with citation guidance and answers to common questions.
§ 378.613. Reinsurance agreements, allowed — limitations.
1. A domestic society may, by a reinsurance agreement, cede any individual risk or risks in whole or in part to an insurer (other than another fraternal benefit society) having the power to make such reinsurance and authorized to do business in this state, or if not so authorized, one which is approved by the director, but no such society may reinsure substantially all of its insurance in force without the written permission of the director. It may take credit for the reserves on such ceded risks to the extent reinsured, but no credit shall be allowed as an admitted asset or as a deduction from liability, to a ceding society for reinsurance made, ceded, renewed, or otherwise becoming effective after January 1, 1993, unless the reinsurance is payable by the assuming insurer on the basis of the liability of the ceding society under the contract or contracts reinsured without diminution because of the insolvency of the ceding society. The provisions of section 375.246 shall also apply insofar as not in conflict herewith.
2. Notwithstanding the limitation in subsection 1 of this section, a society may reinsure the risks of another society in a consolidation or merger approved by the director under section 378.614.
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(L. 1992 S.B. 831)
Effective 1-01-93
---- end of effective 01 Jan 1993 ----
Frequently Asked Questions About Missouri § 378.613
What does Revised Statutes of Missouri § 378.613 cover?
Section 378.613 ("Reinsurance agreements, allowed — limitations.") 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 § 378.613?
A common citation format is "Revised Statutes of Missouri § 378.613" (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 § 378.613 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.