Missouri Laws 380.061 – Examination by department, powers and duties — expenses — examination by ..
1. It shall be the duty of the director of the department of commerce and insurance or his duly appointed agents to make full and careful examination of the affairs of any company operating under the provisions of sections 380.011 to 380.151. The director shall examine such companies whenever, in his discretion, it is deemed necessary.
2. He or any of his duly appointed agents may compel the attendance before him, and may examine, under oath, the directors, officers, agents, employees, solicitors, attorneys or any other person, in reference to the condition, affairs, management of the business, or any matters relating thereto. He may administer oaths or affirmations, may summon and compel the attendance of witnesses, and may require and compel the production of records, books, papers, contracts or other documents, if necessary.
Terms Used In Missouri Laws 380.061
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: the department of commerce and insurance. See Missouri Laws 380.005
- Director: the director of the department of commerce and insurance. See Missouri Laws 380.005
- Oath: A promise to tell the truth.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
3. In every such examination, inquiry shall be made as to the nature and resources of the corporation generally, the mode of conducting and managing its affairs, the actions of its directors and the security provided its members.
4. The refusal of any such company to permit the examination of its affairs as provided in this section shall be sufficient cause for the institution of proceedings to wind up the affairs of the corporation as provided by section 380.071.
5. The expenses of such examination, as determined by the director of the department of commerce and insurance, shall be paid by the company examined.
6. In lieu of an examination by the department of commerce and insurance the director may accept, in a format acceptable to the director, a financial examination report of such company prepared by an independent certified public accountant.