Missouri Laws 376.752 – Member insurer’s deposit with director, exemption from, amount
Current as of: 2023 | Check for updates
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Terms Used In Missouri Laws 376.752
- 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
Any member insurer organized under the provisions of sections 376.010 to 376.670, or under any general or special laws of this state and transacting business of the character designated in section 376.010, shall be exempt from the provisions of section 376.170, relating to the amount required to be deposited with the director equal to the net value of all policies and annuity contracts; provided, however, that the extent of such exemption shall be eighty percent of such net value in the calendar year during which this act shall become effective, increasing by five percent for each succeeding calendar year until such exemption shall be equal to one hundred percent of such net value.