Real Estate Held After Ten Years (Rescinded July 30, 2019)

AUTHORITY: sections 374.045, RSMo 1986 and 375.330, RSMo Supp. 1990. This rule was previously filed as 4 CSR 190-11.060 and 20 CSR 200-1.100. Original rule filed July 27, 1964, effective Aug. 7, 1964. Amended: Filed Dec. 5, 1969, effective Dec. 15, 1969. Amended: Filed Aug. 5, 1974, effective Aug. 15, 1974. Amended: Filed Aug. 4, 1992, effective April 8, 1993. Rescinded: Filed Dec. 13, 2018, effective July 30, 2019. Op. Atty. Gen. No. 52, Leggett (12-30-55). Stipulated premium plan life insurance companies are subject to sections 375.330 and 376.300, RSMo (1949). Restrictive provisions in section 375.330, RSMo (1949) touching purchase of realty do not apply to acquisitions by gift without valuable consideration, but do apply to subsequent holding and conveying of real estate. Common capital stock of holding company may be acquired by gift without valuable consideration by stipulated premium plan life insurance company, but subsequent holding of this stock violates section 376.300, RSMo (1949). Method of valuation of real estate acquired by stipulated premium plan life insurance company by gifts is not prescribed by statute and must be left to discretion of superintendent of Division of Insurance and company officers. Company Regulation