Missouri Laws 375.1072 – Definitions
Current as of: 2023 | Check for updates
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As used in sections 375.1070 to 375.1078, the following terms mean:
(1) “Admitted assets”, the amount thereof as of the last day of the most recently concluded annual statement year, computed in the same manner as admitted assets in section 379.080 for insurers other than life;
Terms Used In Missouri Laws 375.1072
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(2) “Aggregate amount of medium to lower quality obligations”, the aggregate statutory statement value thereof;
(3) “Institution”, a corporation, a joint-stock company, an association, a trust, a business partnership, a business joint venture or similar entity;
(4) “Medium to lower quality obligations”, obligations which are rated three, four, five and six by the Securities Valuation Office of the National Association of Insurance Commissioners.