Effective - 02 Jun 1988
537.625. Procedure to form insurance entity. — 1. Any group of subdivisions desiring to provide liability and all other insurance for its members shall pay a license fee of one hundred dollars and file articles of association with the director of the department of commerce and insurance. The articles shall be filed in accordance with the provisions of sections 375.201 to 375.236. The articles shall include the names of the political subdivisions initially associated, the method by which other subdivisions may be admitted to the association as members, the purposes for which organized, the amount of the initial assessment which is to be paid into the association, the method of assessment thereafter and the maximum amount of any assessment which the association may make against any member. The articles of association shall provide for bylaws and for the amendment of the bylaws and the articles of association.
2. Each association shall designate and maintain a registered agent within this state. Service upon the agent is service upon the association and each of its members.
3. The articles of association shall be accompanied by a copy of the initial bylaws of the association. The bylaws shall provide for a governing body for the association, a manner of election thereof, the manner in which assessments will be made, the specific kinds of insurance or indemnification which will be offered, the classes of membership which will be offered, and may provide that assessments of various amounts for particular classes of membership may be made. All assessments shall be uniform within classes. The bylaws may provide for the transfer of risks to other insurance companies or for reinsurance.
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(L. 1978 H.B. 1650 § 4, A.L. 1988 S.B. 532)
Effective 6-02-88