Section 376.015

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 376

Effective - 28 Aug 2012   

  376.015.  Involuntary unemployment insurance may be issued in connection with extension of credit or certain group life insurance, requirements. — Corporations doing the business specified in section 376.010 may also make insurance to provide a periodic indemnity for involuntary unemployment when such insurance is sold in connection with an extension of credit or, to the extent such insurance is sold outside of the United States of America, group life insurance.  Any company making such insurance shall comply with the provisions of section 379.400^* and the regulations promulgated pursuant thereto, and shall have, in addition to any other capital requirements for such company, a fully paid capital and surplus equal to the amount required in section 379.010.  Involuntary unemployment insurance may be written on either an individual or a group basis, but in no event may group involuntary insurance coverage be offered to residents of a state other than Missouri unless the regulatory official governing insurance in such state has granted prior approval.

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(L. 1985 H.B. 826, A.L. 1989 H.B. 615 & 563, A.L. 2012 H.B. 1112)

*Section 379.400 was repealed by S.B. 519, 1992.