Missouri Revised Statutes
Chapter 375
Provisions Applicable to All Insurance Companies
←375.326
Section 375.330.1
375.340→
August 28, 2015
Purchase and ownership of real estate.
375.330. 1. No insurance company formed under the laws of this state
shall be permitted to purchase, hold or convey real estate, excepting for the
purpose and in the manner herein set forth, to wit:
(1) Such as shall be necessary for its accommodation in the transaction
of its business; provided that before the purchase of real estate for any
such purpose, the approval of the director of the department of insurance,
financial institutions and professional registration must be first had and
obtained, and except with the approval of the director, the value of such
real estate, together with all appurtenances thereto, purchased for such
purpose shall not exceed twenty percent of the insurance company's capital
and surplus as shown by its last annual statement; or
(2) Such as shall have been mortgaged in good faith by way of security
for loans previously contracted, or for moneys due; or
(3) Such as shall have been conveyed to it in satisfaction of debts
contracted in the course of its dealings; or
(4) Such as shall have been purchased at sales upon the judgments,
decrees or mortgages obtained or made for such debts; or
(5) Such as shall be necessary and proper for carrying on its legitimate
business under the provisions of the Urban Redevelopment Corporations Act; or
(6) Such as shall have been acquired under the provisions of the Urban
Redevelopment Corporations Act permitting such company to purchase, own, hold
or convey real estate; or
(7) Such real estate, or any interest therein, as may be acquired or
held by it by purchase, lease or otherwise, as an investment for the
production of income, which real estate or interest therein may thereafter be
held, improved, developed, maintained, managed, leased, sold or conveyed by
it as real estate necessary and proper for carrying on its legitimate
business; or
(8) A reciprocal or interinsurance exchange may, in its own name,
purchase, sell, mortgage, hold, encumber, lease, convey, or otherwise affect
the title to real property for the purposes and objects of the reciprocal or
interinsurance exchange. Such deeds, notes, mortgages or other documents
relating to real property may be executed by the attorney in fact of the
reciprocal or interinsurance exchange. This provision shall be retroactive
and shall apply to real estate owned or sold by a reciprocal insurer prior to
August 28, 1990.
2. The investments acquired under subdivision (7) of subsection 1 of this
section may be in either existing or new business or industrial properties,
or for new residential properties or new housing purposes.
3. Provided, no such insurance company shall invest more than ten percent
of its admitted assets, as shown by its last annual statement preceding the
date of acquisition, as filed with the director of the department of
insurance, financial institutions and professional registration of the state
of Missouri, in the total amount of real estate acquired under subdivision
(7) of subsection 1, nor more under subdivision (7) of subsection 1 than one
percent of its admitted assets or ten percent of its capital and surplus,
whichever is greater, in any one property, nor more under subdivision (7) of
subsection 1 than one percent of its admitted assets or ten percent of its
capital and surplus, whichever is greater, in total properties leased or
rented to any one individual, partnership or corporation.
4. It shall not be lawful for any company incorporated as aforesaid to
purchase, hold or convey real estate in any other case or for any other
purpose; and all such real estate acquired in payment of a debt, by
foreclosure or otherwise, and real estate exchanged therefor, shall be sold
and disposed of within ten years after such company shall have acquired
absolute title to the same, unless the company owning such real estate or
interest therein shall elect to hold it pursuant to subdivision (7) of
subsection 1.
5. The director of the department of insurance, financial institutions
and professional registration may, for good cause shown, extend the time for
holding such real estate acquired in paying of a debt, by foreclosure or
otherwise, and real estate exchanged therefor, and not held by the company
under subdivision (7) of subsection 1, for such period as he may find to be
to the best interests of the policyholders of said company.
6. If a life insurance company depositing under section 376.170 becomes
the owner of real estate pursuant to this section, the company may execute
its own deed for the real estate to the director of the department of
insurance, financial institutions and professional registration, as trustee.
The deed may be deposited with the director as proper security, under and
according to the provisions of sections 376.010 to 376.670, the value to be
subject to the approval of the director.
7. This section shall not apply to an insurer organized under chapter 376.
(RSMo 1939 § 6029, A.L. 1945 p. 1011, A.L. 1947 V. II p. 271, A.L.
1949 p. 302, A.L. 1957 p. 220, A.L. 1961 p. 168, A.L. 1979 S.B.
322, A.L. 1985 H.B. 823, A.L. 1990 H.B. 1739, A.L. 2002 H.B. 1568
merged with S.B. 1009, A.L. 2007 S.B. 66)
Prior revisions: 1929 § 5918; 1919 § 6330; 1909 § 7061
2002
1991
2002
375.330. 1. No insurance company formed under the laws of this state
shall be permitted to purchase, hold or convey real estate, excepting for
the purpose and in the manner herein set forth, to wit:
(1) Such as shall be necessary for its accommodation in the
transaction of its business; provided that before the purchase of real
estate for any such purpose, the approval of the director of the department
of insurance must be first had and obtained, and except with the approval
of the director, the value of such real estate, together with all
appurtenances thereto, purchased for such purpose shall not exceed twenty
percent of the insurance company's capital and surplus as shown by its last
annual statement; or
(2) Such as shall have been mortgaged in good faith by way of
security for loans previously contracted, or for moneys due; or
(3) Such as shall have been conveyed to it in satisfaction of debts
contracted in the course of its dealings; or
(4) Such as shall have been purchased at sales upon the judgments,
decrees or mortgages obtained or made for such debts; or
(5) Such as shall be necessary and proper for carrying on its
legitimate business under the provisions of the Urban Redevelopment
Corporations Act; or
(6) Such as shall have been acquired under the provisions of the
Urban Redevelopment Corporations Act permitting such company to purchase,
own, hold or convey real estate; or
(7) Such real estate, or any interest therein, as may be acquired or
held by it by purchase, lease or otherwise, as an investment for the
production of income, which real estate or interest therein may thereafter
be held, improved, developed, maintained, managed, leased, sold or conveyed
by it as real estate necessary and proper for carrying on its legitimate
business; or
(8) A reciprocal or interinsurance exchange may, in its own name,
purchase, sell, mortgage, hold, encumber, lease, convey, or otherwise
affect the title to real property for the purposes and objects of the
reciprocal or interinsurance exchange. Such deeds, notes, mortgages or
other documents relating to real property may be executed by the attorney
in fact of the reciprocal or interinsurance exchange. This provision shall
be retroactive and shall apply to real estate owned or sold by a reciprocal
insurer prior to August 28, 1990.
2. The investments acquired under subdivision (7) of subsection 1 of
this section may be in either existing or new business or industrial
properties, or for new residential properties or new housing purposes.
3. Provided, no such insurance company shall invest more than ten
percent of its admitted assets, as shown by its last annual statement
preceding the date of acquisition, as filed with the director of the
department of insurance of the state of Missouri, in the total amount of
real estate acquired under subdivision (7) of subsection 1, nor more under
subdivision (7) of subsection 1 than one percent of its admitted assets or
ten percent of its capital and surplus, whichever is greater, in any one
property, nor more under subdivision (7) of subsection 1 than one percent
of its admitted assets or ten percent of its capital and surplus, whichever
is greater, in total properties leased or rented to any one individual,
partnership or corporation.
4. It shall not be lawful for any company incorporated as aforesaid
to purchase, hold or convey real estate in any other case or for any other
purpose; and all such real estate acquired in payment of a debt, by
foreclosure or otherwise, and real estate exchanged therefor, shall be sold
and disposed of within ten years after such company shall have acquired
absolute title to the same, unless the company owning such real estate or
interest therein shall elect to hold it pursuant to subdivision (7) of
subsection 1.
5. The director of the department of insurance may, for good cause
shown, extend the time for holding such real estate acquired in paying of a
debt, by foreclosure or otherwise, and real estate exchanged therefor, and
not held by the company under subdivision (7) of subsection 1, for such
period as he may find to be to the best interests of the policyholders of
said company.
6. If a life insurance company depositing under section 376.170,
RSMo, becomes the owner of real estate pursuant to this section, the
company may execute its own deed for the real estate to the director of the
department of insurance, as trustee. The deed may be deposited with the
director as proper security, under and according to the provisions of
sections 376.010 to 376.670, RSMo, the value to be subject to the approval
of the director.
1991
375.330. 1. No insurance company formed under the laws of
this state shall be permitted to purchase, hold or convey real
estate, excepting for the purpose and in the manner herein set
forth, to wit:
(1) Such as shall be necessary for its accommodation in the
transaction of its business; provided that before the purchase of
real estate for any such purpose, the approval of the director of
the department of insurance must be first had and obtained, and in
no event shall the value of such real estate, together with all
appurtenances thereto, purchased for such purpose:
(a) If a stock company, exceed the amount of its capital
stock;
(b) If a fire or casualty company, but not a stock company,
exceed sixty percent of its surplus or ten percent of its
admitted assets, as shown by its last annual statement preceding
the date of acquisition, as filed with the director of the
department of insurance, whichever is the lesser; or
(c) If any other type or kind of insurance company, exceed
sixty percent of its surplus or five percent of its admitted
assets, as shown by its last annual statement, whichever is the
lesser; or
(2) Such as shall have been mortgaged in good faith by way
of security for loans previously contracted, or for moneys due;
or
(3) Such as shall have been conveyed to it in satisfaction
of debts contracted in the course of its dealings; or
(4) Such as shall have been purchased at sales upon the
judgments, decrees or mortgages obtained or made for such debts;
or
(5) Such as shall be necessary and proper for carrying on
its legitimate business under the provisions of the Urban
Redevelopment Corporations Act; or
(6) Such as shall have been acquired under the provisions
of the Urban Redevelopment Corporations Act permitting such
company to purchase, own, hold or convey real estate; or
(7) Such real estate, or any interest therein, as may be
acquired or held by it by purchase, lease or otherwise, as an
investment for the production of income, which real estate or
interest therein may thereafter be held, improved, developed,
maintained, managed, leased, sold or conveyed by it as real
estate necessary and proper for carrying on its legitimate
business; or
(8) A reciprocal or interinsurance exchange may, in its own
name, purchase, sell, mortgage, hold, encumber, lease, convey, or
otherwise affect the title to real property for the purposes and
objects of the reciprocal or interinsurance exchange. Such
deeds, notes, mortgages or other documents relating to real
property may be executed by the attorney in fact of the
reciprocal or interinsurance exchange. This provision shall be
retroactive and shall apply to real estate owned or sold by a
reciprocal insurer prior to August 28, 1990.
2. The investments acquired under subdivision (7) of
subsection 1 of this section may be in either existing or new
business or industrial properties, or for new residential
properties or new housing purposes.
3. Provided, no such insurance company shall invest more
than ten percent of its admitted assets, as shown by its last
annual statement preceding the date of acquisition, as filed with
the director of the department of insurance of the state of
Missouri, in the total amount of real estate acquired under
subdivision (7) of subsection 1, nor more under subdivision (7)
of subsection 1 than one percent of its admitted assets or ten
percent of its capital and surplus, whichever is greater, in any
one property, nor more under subdivision (7) of subsection 1 than
one percent of its admitted assets or ten percent of its capital
and surplus, whichever is greater, in total properties leased or
rented to any one individual, partnership or corporation.
4. It shall not be lawful for any company incorporated as
aforesaid to purchase, hold or convey real estate in any other
case or for any other purpose; and all such real estate acquired
in payment of a debt, by foreclosure or otherwise, and real
estate exchanged therefor, shall be sold and disposed of within
ten years after such company shall have acquired absolute title
to the same, unless the company owning such real estate or
interest therein shall elect to hold it pursuant to subdivision
(7) of subsection 1.
5. The director of the department of insurance may, for
good cause shown, extend the time for holding such real estate
acquired in paying of a debt, by foreclosure or otherwise, and
real estate exchanged therefor, and not held by the company under
subdivision (7) of subsection 1, for such period as he may find
to be to the best interests of the policyholders of said company.
6. If a life insurance company depositing under section
376.170, RSMo, becomes the owner of real estate pursuant to this
section, the company may execute its own deed for the real estate
to the director of the department of insurance, as trustee. The
deed may be deposited with the director as proper security, under
and according to the provisions of sections 376.010 to 376.670,
RSMo, the value to be subject to the approval of the director.
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