Missouri Laws 375.460 – Director to keep deposits — rights of companies
1. The director of the department of commerce and insurance shall receive the deposits and securities required by law to be transferred to and deposited with him, and shall give vouchers for the same to the parties so depositing.
2. He shall at all times require each company to keep up its deposits aforesaid to the full actual value required by law.
Terms Used In Missouri Laws 375.460
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Department: the department of commerce and insurance. See Missouri Laws 375.001
- Director: the director of the department of commerce and insurance. See Missouri Laws 375.001
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
3. It shall be the duty of the director of the department of commerce and insurance, upon receipt of securities from any insurance company, to forthwith deposit the same in the presence of the president, vice president or authorized agent of the company, in a strong iron box, which shall require two distinct and different keys to unlock the same, one key to be kept by the director and the other by the company; and the box shall not be opened except in the presence of the director or deputy, and said president, vice president, or authorized agent of the company; provided, however, that in case the company having such securities on deposit shall be adjudged insolvent, or be dissolved, or in cases arising under section 375.490, the court shall make and enforce the necessary orders to place said securities, or any part of them, at the sole disposal of the director.
4. The boxes shall be kept in the vault of the Safe Deposit Company of St. Louis, or other like depositary to be selected by said director, and the insurance companies shall pay the several fees for the safekeeping of their respective boxes.
5. So long as any company so depositing shall continue solvent, the director shall permit such company to collect and receive the interest or dividends on its securities so deposited and transferred, and from time to time to withdraw any such securities on depositing other securities in the stead of those to be withdrawn, such new securities to be of the same value and of the kinds required by law in the first instance.
6. The director shall not be subject to garnishment, attachment or any other process or order in respect to such securities than by law provided.