No captive insurance company shall pay a dividend out of, or other distribution with respect to, capital or surplus without the prior approval of the director. Approval of an ongoing plan for the payment of dividends or other distributions shall be conditioned upon the retention, at the time of each payment, of capital or surplus in excess of amounts specified by or determined in accordance with formulas approved by the director. Notwithstanding the provisions of section 355.661, a captive insurance company organized under chapter 355 may make such distributions as are in conformity with its purposes and approved by the director.
Mo. Rev. Stat. § 379.1308
Approval for payment of dividends required
Known as the The Casualty and Surety Rate Regulatory Law
The act spans §§ 379–379 (298 sections).
Effective: 28 Aug 2007; (L. 2007 S.B. 215)
Official source: Missouri Revisor of Statutes. Reproduced from public-domain Missouri statutes; confirm against the official source for the current text. Not legal advice.