1. Every policy hereafter issued by any corporation, company or association doing business under the provisions of sections 377.200 to 377.460 and promising any payments to be made upon a contingency provided for in sections 377.200 to 377.460, shall specify the sum of money which it promises to pay upon each contingency insured against and the time or times of payment after satisfactory proof of the happening of such contingency, unless the contract shall have been voided by fraud or breach of its conditions and warranties, or commuted, as provided for in section 377.260, the company shall be obligated to the beneficiaries of the insured for such payment at the time or times specified and to the amount due under the policy.

2. If any company fail or refuse to make such payment for ninety days after final judgment has been obtained under such claim, the director or other officer charged with the supervision of insurance matters shall notify the company to issue no new policies until such indebtedness is fully paid, and no officer or agent of the company shall make, sign or issue any policy of insurance while such notice is in force.