☰ Revisor of Missouri

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 376

< > Effective - 28 Aug 1984    bottom

  376.675.  Life insurance policies and annuity contracts to be approved — exemption, when — director's powers — judicial review of disapproval. — 1.  No policy of life insurance or contract of annuity shall be delivered or issued for delivery to any person in this state unless the policy or contract shall have been filed with and approved by the director of the department of commerce and insurance.

  2.  The director of the department of commerce and insurance shall have authority to make reasonable rules and regulations concerning the procedure for the filing and submission of policy or contract forms as are necessary, proper or advisable.  The director shall approve or disapprove a policy or contract form within forty-five days after the filing and submission thereof.  The failure of the director of the department of commerce and insurance to take action approving or disapproving a submitted policy or contract form within the stipulated time shall be deemed an approval thereof until such time as the director of the department of commerce and insurance shall notify the submitting company of his disapproval thereof.

  3.  The director of the department of commerce and insurance shall approve only those forms which are in compliance with the insurance laws of this state and which contain such words, phraseology, conditions and provisions with are specific, certain and unambiguous and reasonably adequate to meet needed requirements for the protection of those insured.  If any policy or contract form is disapproved, the reasons therefor shall be based upon the requirements of the laws of this state or of any regulation lawfully promulgated thereunder, and shall be stated in writing and a notification thereof shall be sent to the submitting company.  The director shall accord a hearing upon a disapproval, if so requested.  The disapproval of any policy or contract form by the director shall be subject to judicial review as provided in chapter 536.

  4.  The director of the department of commerce and insurance may, by order or bulletin, exempt from the approval requirements of this section for so long as he deems proper any insurance policy, document, or form or type thereof, as specified in such order or bulletin, to which, in his opinion, this section may not practicably be applied, or the approval of which is, in his opinion, not desirable or necessary for the protection of the public.

­­--------

(L. 1963 p. 497 §§ 1, 2, A.L. 1984 S.B. 592)


---- end of effective  28 Aug 1984 ----

use this link to bookmark section  376.675


Click here for the Reorganization Act of 1974 - or - Concurrent Resolutions Having Force & Effect of Law
In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions End Report

Site changes Pictures Contact

Other Links
Legislative Research Oversight MOLIS
Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House