Missouri Laws 375.801 – Renewal of certificate of authority, when — notice of refusal to renew ..
1. The director shall renew for one year the certificate of authority of a foreign insurance company on the first day of July of the calendar year following the calendar year in which it is admitted to transact business in this state and annually thereafter, upon application by the company and upon payment of the annual taxes and fees imposed by the laws of this state, if any, provided the director is satisfied that
(1) None of the facts specified in this chapter as grounds for revoking a certificate of authority exists; and
Terms Used In Missouri Laws 375.801
- Director: the director of the department of commerce and insurance. See Missouri Laws 375.001
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. 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
- to renew: the issuance and delivery by an insurer of a policy replacing at the end of the policy period a policy previously issued and delivered by the same insurer, or the issuance and delivery of a certificate or notice extending the term of the policy beyond its policy period or term. See Missouri Laws 375.001
(2) The company is complying with the conditions for admission, except for surplus requirements in excess of those which similar domestic companies transacting the same kind or kinds of business are required to maintain.
2. Except in case of nonpayment of taxes, the director shall give notice of his intention to refuse to renew the certificate of authority of a foreign company and the grounds therefor at least twenty days before the end of the term for which the existing certificate was issued, and the company shall be given an opportunity for a hearing before the end of the term.