No corporation subject to the provisions of sections 354.010 to 354.380 shall be permitted to do business in this state unless it shall have a paid-in capital or guaranty fund of not less than one hundred and fifty thousand dollars, in addition to the reserves required in sections 354.010 to 354.380 . The surplus and guaranty fund shall be placed and held on joint deposit with the director for the protection of all subscribers, members and beneficiaries.
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