If a group (association) does not pay a claim that a court said it owes, or if the state insurance director decides the group cannot pay what it owes, the director steps in and takes control of the group. The director then handles shutting it down the same way the law handles failed life insurance companies.
537.645. may take charge of , when. — If at any time any fails or refuses to pay any finally to be due the of its and , or if the that the association is unable to satisfy its , he shall immediately take charge of the association, its and affairs, and same as now provided by law in the case of life insurance companies.
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Source & history notes
(L. 1978 H.B. 1650 § 8)
Related Missouri laws
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