Missouri Revised Statutes













Chapter 375

Provisions Applicable to All Insurance Companies

←375.720

Section 375.740.1

375.750→

August 28, 2015

Payment of expenses of proceedings.

375.740. 1. In proceedings to enjoin, rehabilitate, dissolve, wind up or

otherwise settle the affairs and dispose of the assets of insurers, the

director shall receive no fees nor compensation for any services personally

performed by him.



2. He shall have power and authority, however, in such cases, and

through the course of the whole case, to employ the necessary legal counsel

and assistance, and clerical and actuarial force. The compensation of legal

counsel and assistance, and clerical and actuarial force shall be fixed and

all expenses of taking possession of the property of the insurer and the

administration thereof shall be approved by the director, all subject to the

approval of the court, and shall be paid out of the funds or assets of the

insurer; provided, however, that the salaries of those persons employed by

the director under this section together with the expenses of such

employment, may be paid out of amount appropriated to the department of

insurance, financial institutions and professional registration; provided,

further, that the amount paid out under this section for salaries and

expenses from appropriated funds shall be repaid to the state treasury from

any available funds or assets of the insurer.



3. The director shall keep a full account of all receipts and

disbursements, and make report of the same to the court at least once in

twelve months, and oftener if required by the court, and shall be responsible

on his official bond for all assets coming into his possession.



4. The court may, in its discretion, require of the director a bond in

addition to his official bond.



5. This section shall apply only to proceedings instituted prior to

August 28, 1991.



(RSMo 1939 § 6065, A.L. 1971 H.B. 82, A.L. 1992 H.B. 1574)



Prior revisions: 1929 § 5954; 1919 § 6362; 1909 § 7092







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