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Current as of January 01, 2023 | Updated by FindLaw Staff
1. Any domestic life or accident insurance corporation, company or association existing or doing business in this state under the stipulated premium plan law, may, by a majority vote of its directors or trustees, accept the provisions of sections 376.010 to 376.670 and amend its articles of incorporation and its bylaws to conform to said law, the same as if it had originally been incorporated thereunder, and shall submit a record of the proceedings of its board of trustees, together with the amended articles, to the attorney general for his examination and approval of the legal form thereof, and shall file such amended articles in the office of the secretary of state and a certified copy of same in the office of the director of the department of commerce and insurance, and deposit with said director such securities as may be required of corporations originally incorporated under sections 376.010 to 376.670.
2. Insurance corporations, companies and associations complying with the provisions of this section shall thereafter enjoy and exercise all of the rights and privileges accorded by law to companies originally incorporated under sections 376.010 to 376.670.
3. Compliance with this section shall in no wise annul, modify or change any of the existing contracts or obligations of the corporation, and any and all such contracts and liabilities shall continue in force and effect the same as if such corporation had not reincorporated under the provisions of this section; compliance with the provisions of this section shall in no way prejudice, impede or impair any pending action, proceeding or rights previously acquired.
Cite this article: FindLaw.com - Missouri Revised Statutes Title XXIV. Business and Financial Institutions § 377.450. Acceptance of provisions of regular life law--not to affect past contracts - last updated January 01, 2023 | https://codes.findlaw.com/mo/title-xxiv-business-and-financial-institutions/mo-rev-st-377-450/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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