1. On written application by the board of directors, the director of the department of commerce and insurance shall release to said company from the beneficiary fund the amount herein stated for the purpose of paying policy beneficiaries as provided later herein.

2. The board of directors shall certify the names of the beneficiaries and amounts in claims to the director of the department of commerce and insurance and that the money so released is for no other purpose than to pay the claims so certified.

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3. However, the amount released from this fund by the said director shall not exceed twelve thousand dollars, which shall be used solely for the purpose of paying beneficiaries.

4. Such funds so released shall be replaced on deposit by the company within twelve months in four equal installments, in three, six, nine and twelve months from the date of release. The director of the department of commerce and insurance at his own discretion may extend time of replacement of said funds, if, in his judgment it is to the best interest of the policyholders.

5. This section and section 377.020 shall not apply to companies already incorporated and existing under the laws of the state of Missouri. Nothing in sections 377.010 to 377.190 shall prevent any such company or association from engaging in both life and casualty insurance and placing both a life and casualty clause in the same policy.