Missouri § 380.631 - Insolvency.
Full text of Missouri Revised Statutes of Missouri § 380.631 — Insolvency., with citation guidance and answers to common questions.
§ 380.631. Insolvency.
1. This section applies to any company operating under the provisions of this chapter.
2. Notwithstanding any provision of law to the contrary including, but not limited to, the definition of insolvent under section 375.1152, a company operating under the provisions of this chapter is insolvent as such term is used in sections 375.1150 to 375.1246, if it is unable to pay its obligations when they are due, or if its admitted assets do not exceed its liabilities plus the reserve fund or adequate guaranty fund required by section 380.021 or 380.271, as applicable.
3. Notwithstanding any provision of law to the contrary including, but not limited to, the specific exception under subdivision (1) of subsection 2 of section 375.1150, the provisions of sections 375.1150 to 375.1246 shall apply to all companies operating under the provisions of this chapter, except that such companies shall not be subject to sections 375.1160 to 375.1164. Sections 375.570 to 375.750 shall apply to such proceedings.
4. Notwithstanding any provision of law to the contrary including, but not limited to, the definition of insolvent insurer under section 375.772, a company operating under the provisions of this chapter is an insolvent insurer as such term is used in sections 375.771 to 375.779, upon the entry of a final order of liquidation with a finding of insolvency by a court of competent jurisdiction under the applicable provisions of sections 375.1150 to 375.1246, unless such order of liquidation has been stayed or been the subject of a writ of supersedeas or other comparable order.
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(L. 2024 S.B. 1359)
---- end of effective 28 Aug 2024 ----
Frequently Asked Questions About Missouri § 380.631
What does Revised Statutes of Missouri § 380.631 cover?
Section 380.631 ("Insolvency.") 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 § 380.631?
A common citation format is "Revised Statutes of Missouri § 380.631" (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 § 380.631 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.