Section 376.747 Distribution of member insurer assets upon liquidation, priority of association.

MO Rev Stat § 376.747 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

Effective 28 Aug 2018

376.747. Distribution of member insurer assets upon liquidation, priority of association. — 1. Prior to the termination of any liquidation, rehabilitation, or conservation proceeding, the court may take into consideration the contributions of the respective parties, including the association, the shareholders, contract owners, certificate holders, enrollees, and policy owners of the insolvent insurer, and any other party with a bona fide interest, in making an equitable distribution of the ownership rights of such insolvent insurer. In such a determination consideration shall be given to the welfare of the policy owners, contract owners, certificate holders, enrollees, and policyholders of the continuing or successor member insurer.

2. No distribution to stockholders, if any, of an impaired or insolvent insurer shall be made until and unless the total amount of valid claims of the association with interest thereon for funds expended in carrying out its powers and duties under the provisions of sections 376.715 to 376.758 with respect to such member insurer have been fully recovered by the association.

--------

(L. 1988 S.B. 430 § 28, A.L. 2018 H.B. 1690)

Previous Section

Section 376.746 Records of association meetings to be kept — association deemed creditor of insolvent or impaired insured.

Next Section

Section 376.748 Liquidation, recovery of distributions, when, exceptions, limitations.