MO SB834

Director may petition court to liquidate a domestic or alien insurer domiciled in Missouri based on grounds including insolvency, hazardous financial condition, failure to meet incorporation requirements, or cessation of insurance business for one year.

Domestic stock insurance companies may voluntarily dissolve and liquidate as corporations under Missouri law if the director approves in his or her sole discretion.

Director approval requires consideration of whether the insurer has shown no written insurance premiums for five years, satisfied or transferred all policyholder claims to another insurer, and completed an examination within the last five years.

Insurer must file with the secretary of state a copy of the director's written approval along with articles of dissolution under specified corporate statutes.