Missouri Laws 376.720 – Association, created — accounts — director to supervise
1. There is created a nonprofit legal entity to be known as the “Missouri Life and Health Insurance Guaranty Association”. All member insurers shall be and remain members of the association as a condition of their authority to transact insurance or a health maintenance organization business in this state. The association shall perform its functions under the plan of operation established and approved under subsections 1 to 3 of section 376.740 and shall exercise its powers through a board of directors established pursuant to section 376.722. For purposes of administration and assessment the association shall maintain three accounts:
(1) The health account;
Terms Used In Missouri Laws 376.720
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Director: the director of the department of commerce and insurance. See Missouri Laws 376.005
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
(2) The life insurance account;
(3) The annuity account, excluding unallocated annuity contracts.
2. The association shall come under the immediate supervision of the director and shall be subject to the applicable provisions of the insurance laws of this state. Meetings or records of the association may be opened to the public upon majority vote of the board of directors of the association.