Missouri § 380.431 - Initial charge — guaranty fund to be maintained, how funded, purpose — policies providing for assessment of member — requirements.
Full text of Missouri Revised Statutes of Missouri § 380.431 — Initial charge — guaranty fund to be maintained, how funded, purpose — policies providing for assessment of member — requirements., with citation guidance and answers to common questions.
§ 380.431. Initial charge — guaranty fund to be maintained, how funded, purpose — policies providing for assessment of member — requirements.
1. A company operating under the provisions of sections 380.201 to 380.591 may collect such fee and/or initial charge as the board of directors shall prescribe and shall collect a sufficient amount of money annually, or oftener, to enable it to pay losses and expenses, and, in accordance with the articles of incorporation and bylaws, to create and maintain a guaranty fund. The amount required shall be collected by assessments or through premiums charged by the company on such of its policies as the board of directors may prescribe. Members holding policies issued on the premium basis shall pay the stipulated premium at or before the time when the policy is issued and shall not be liable to assessment. Members holding policies not issued on the premium basis may be charged such advance assessment, payable at or before the time when the policy is issued as the board of directors may prescribe, but such members shall be liable to further assessment, if any shall be required, in accordance with the provisions of the company's articles of incorporation and sections 380.201 to 380.591. The terms and conditions of the assessment feature must be clearly disclosed in the policy.
2. The existence, maintenance and use of the guaranty fund shall be as provided in the articles of incorporation of the company. Such fund shall be available only for the payment of losses and expenses as the board of directors may deem necessary. The existence or maintenance of the fund shall not operate in any way to relieve any policyholder of any assessment or other obligation he may owe the company or which has been levied against him by the company. In the event the company be dissolved, the fund shall be treated in the same manner as any other asset of the company.
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(L. 1984 H.B. 1498)
Effective 1-01-85
---- end of effective 01 Jan 1985 ----
Source: official Missouri text · Last verified 2026-08-27
Frequently Asked Questions About Missouri § 380.431
What does Revised Statutes of Missouri § 380.431 cover?
Section 380.431 ("Initial charge — guaranty fund to be maintained, how funded, purpose — policies providing for assessment of member — 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 § 380.431?
A common citation format is "Revised Statutes of Missouri § 380.431" (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 § 380.431 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.