Missouri Laws 375.520 – Costs to be paid from deposits — amount
Current as of: 2023 | Check for updates
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1. The deposits of a company shall be subject to or liable for the following costs only:
(1) The actual cost of collecting the deposits; and
Terms Used In Missouri Laws 375.520
- Director: the director of the department of commerce and insurance. See Missouri Laws 375.001
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Policy: a contract of insurance providing fire and extended coverage insurance, whether separately or in combination with other coverages, on owner-occupied habitational property not exceeding two families. See Missouri Laws 375.001
(2) An amount not to exceed one percent of all policies proved up and allowed which amount shall be full compensation for the services of all actuaries, clerks or other persons employed or appointed by the director or the court in the adjusting and settling of policy claims.
2. The cost of collecting deposits shall be the amount actually paid out by the director and in no case shall exceed two and one-half percent of the amount collected. The director, subject to the approval of the court as to amount, shall pay such costs from the proceeds of the deposits.