Missouri Laws 375.163 – Director shall not authorize business if management of company is ..
Terms Used In Missouri Laws 375.163
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Director: the director of the department of commerce and insurance. See Missouri Laws 375.001
- Incompetent: if used in a section in a context relating to actual occupational ability without reference to a court adjudication of incompetency, means the actual ability of a person to perform in that occupation. See Missouri Laws 1.020
- Insurer: all insurance companies, reciprocals, or interinsurance exchanges transacting the business of insurance in this state. See Missouri Laws 375.001
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
The director shall not grant or continue authority to transact insurance in this state as to any insurer or interinsurance exchange, one or more of the managing officers of which is found by him, after hearing, to be of known bad character or to be so incompetent or untrustworthy as to make the proposed operation hazardous to the insurance buying public; or which he has good reason to believe is affiliated directly or indirectly through ownership, control, reinsurance transactions or other insurance or business relations with any person or persons whose business operations are or have been detrimental to policyholders or stockholders or investors or creditors or* the public by illegal or fraudulent manipulation or dissipation of assets or of accounts, or of reinsurance of any insurance company or companies, or by similar injurious actions.