Missouri Revised Statutes Title XXIV. Business and Financial Institutions § 375.421. Prepayment for policy, return of, when--limitations--violation an unfair trade practice

1. For purposes of this section, the following words and phrases shall mean:

2. No insurer which requires, as a condition of or part of any application for any policy or contract, the payment of any sum of money prior to issuance of the policy or contract shall retain such sum or any portion of such sum, except for dues for current membership, for a period in excess of sixty days after the date of such application unless the insurer:

3. Any insurer required to refund any sum of money to an applicant for a policy or contract pursuant to this section shall do so by negotiable instrument payable on demand, delivered to the applicant on or before the sixtieth day after the date of application for such policy or contract.

4. The provisions of this section shall not bar an insurer which refunds any money pursuant to subsections 2 and 3 of this section from later making a decision relating to an application for a policy or contract, and issuing such policy or contract conditionally upon payment of any required premium, subscriber or member fee or dues, or payment of any other such sum of money.

5. The provisions of this section shall not be construed to affect the right of an insurer, as otherwise provided by law, from voiding any policy from its inception date if the insured made any misrepresentation on his application for such policy, or have any effect on policy cancellation laws.

6. Violation of the provisions of this section shall be an unfair trade practice as defined by sections 375.930 to 375.948, and shall be subject to all of the provisions and penalties provided by such sections.