# Mo. Rev. Stat. § 382.040: 382.040 Securities of domestic insurers, regulation of trading in — divestment of a .. > Missouri · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.040 ## Section - **Citation:** Mo. Rev. Stat. § 382.040 - **Heading:** 382.040 Securities of domestic insurers, regulation of trading in — divestment of a .. - **Jurisdiction:** Missouri - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** MO Code / Chapter 382 / Section 382.040 ## Text 382.040. Securities of domestic insurers, regulation of trading in — divestment of a controlling interest, procedure. — 1. No person other than the issuer shall commence a tender offer for or a request or invitation for tenders of, or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open market or otherwise, any voting security of a domestic insurer if, after the consummation thereof, he or she would, directly or indirectly, or by conversion or by exercise of any right to acquire, be in control of the insurer, and no person shall enter into an agreement to merge with or otherwise to acquire control of a domestic insurer unless, at the time the offer, request, or invitation is commenced or the agreement is entered into, or prior to the acquisition of the securities if no offer or agreement is involved, he or she has filed with the director and has sent to the insurer a statement containing the information required by section 382.050 and the offer, request, invitation, agreement or acquisition has been approved by the director in the manner prescribed by sections 382.010 to 382.300 . 2. For purposes of sections 382.040 to 382.090 , any controlling person of a domestic insurer seeking to divest its controlling interest in the domestic insurer in any manner shall file with the director, with a copy to the insurer, confidential notice of its proposed divestiture at least thirty days prior to the cessation of control. The director shall determine those instances in which the party or parties seeking to divest or to acquire a controlling interest in an insurer shall be required to file for and obtain approval of the transaction. The information shall remain confidential until the conclusion of the transaction. If the statement referred to in subsection 1 of this section is otherwise filed, the provisions of this subsection shall not apply. 3. With respect to a transaction subject to this section, the acquiring person shall also file a preacquisition notification with the director which shall contain the information set forth in subsection 3 of section 382.095 . A failure to file the notification may be subject to the penalties specified in subsection 7 of section 382.095 . 4. For purposes of this section, a domestic insurer shall include any person controlling a domestic insurer unless such person, as determined by the director, is either directly or through its affiliates primarily engaged in business other than the business of insurance; however, such person shall file a preacquisition notification with the director containing the information set forth in section 382.095 thirty days prior to the proposed effective date of the acquisition. Any person who fails to file the preacquisition notification required by this section shall be subject to the penalties provided in subsection 5 of section 382.095 . For the purposes of this section and sections 382.050 , 382.060 , 382.070 , 382.080 and 382.090 , "person" shall not include any securities broker holding, in the usual and customary broker's function, less than twenty percent of the voting securities of an insurance company or of any person which controls an insurance company. (L. 1971 S.B. 101 § 6, A.L. 1983 H.B. 633 merged with S.B. 333, A.L. 1992 H.B. 1574, A.L. 2015 H.B. 50) (1982) The Missouri Insurance Holding Companies Act is inapplicable to a corporation attempting to acquire control of a company controlling a domestic Missouri insurer since the target company was not engaged "primarily in the business of insurance". National City Lines, Inc. v. LLC Cop. (8th Cir.), 687 F.2d 1122. ## Nearby sections - [Mo. Rev. Stat. § 382.010 382.010 Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.010.md) - [Mo. Rev. Stat. § 382.020 382.020 Domestic insurers, authorized investments, ownership and management practices.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.020.md) - [Mo. Rev. Stat. § 382.030 382.030 Disposal of investment required, when.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.030.md) - [Mo. Rev. Stat. § 382.040 382.040 Securities of domestic insurers, regulation of trading in — divestment of a ...](https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.040.md) - [Mo. Rev. Stat. § 382.050 382.050 Statement, contents.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.050.md) - [Mo. Rev. Stat. § 382.060 382.060 Approval of merger or acquisition of control, when — hearing, notice — ...](https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.060.md) - [Mo. Rev. Stat. § 382.070 382.070 Excepted transactions.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.070.md) - [Mo. Rev. Stat. § 382.080 382.080 Prohibited acts.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.080.md) - [Mo. Rev. Stat. § 382.090 382.090 Jurisdiction, acceptance of — service, how had.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.090.md) - [Mo. Rev. Stat. § 382.095 382.095 Acquisitions where change of control of insurer, subject to order, when — ...](https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.095.md) - [Mo. Rev. Stat. § 382.100 382.100 Registration required.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.100.md) - [Mo. Rev. Stat. § 382.110 382.110 Registration, form, contents, exempted matter.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.110.md) - [Mo. Rev. Stat. § 382.120 382.120 Information to be kept current, when changes reported.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.120.md) - [Mo. Rev. Stat. § 382.130 382.130 Termination of registration, when.](https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.130.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_MO_C382_S382.040. Check the current official text before relying on it. Not legal advice.