Insurance - General Legislation - Missouri

SCS/SB 783 - This act creates the Interstate Insurance Product Regulation Compact. The act provides for the promotion and protection of the interests of consumers of individual and group annuity, life insurance, disability income, and long-term care insurance products. The act creates the Interstate Insurance Product Regulation Commission to develop uniform standards for insurance products covered under the Compact, to establish a central clearing house to receive and provide prompt review of insurance products covered under the Compact, to provide appropriate regulatory approval, and to improve coordination of regulatory resources and expertise between state insurance departments. The Interstate Product Regulation Compact establishes a mechanism for developing uniform national product standards for life insurance, annuities, disability income insurance, and long-term care insurance products. It also creates a single point to file products for regulatory review and, if necessary, approval.[...]

show full description

SCS/SB 865 - Under this act, no life insurance company shall deny or refuse to accept an application for life insurance, refuse to renew, cancel, restrict, or otherwise terminate a policy of life insurance, or charge a different rate for the same life insurance coverage, based upon the applicant’s or insured’s past or future lawful travel destinations. Nothing in this section shall prohibit a life insurance company from denying an application for life insurance, or charging a different premium or rate for such coverage under such policy based on a specific travel destination where the denial or rate differential is based upon sound actuarial principles or is related to actual or reasonably anticipated experience. Under the act, a violation constitutes an unfair trade practice. The act provides that it shall apply to life insurance policies issued or renewed on or after August 28, 2008. This act also creates an itemized income tax deduction for life insurance premium payments made [...]

show full description

HCS/SCS/SB 1008 - This act modifies various provisions relating to health insurance and automobile insurance. This act provides that in order to continue dependent coverage under certain health insurance plans on a child past a limiting age because of the child's physical or mental handicap, the enrollee must furnish proof of the child's incapacity and dependency within 31 days after the child reaching the limiting age. The current law states that such proof must be furnished at least 31 days after the child reaches the limiting age (section 354.536, 376.426, and 376.776) This act allows the director of the Department of Insurance, Financial Institutions, and Professional Registration to promulgate rules establishing the specific delivery method for submissions of rate filings, rules, license applications, and other insurance-related filings. The types of delivery methods shall be web-based interface systems such as the System for Electronic Rate Form Filing (SERFF), the National [...]

show full description

SB 1124 - Under this act, whenever a civil action is filed and an insurer may be obligated to provide a defense to such action or indemnity for any judgment rendered, the insurer shall have the right to intervene in such action and request the court to determine the extent of the it's coverage obligations, while reserving its rights with regard to providing coverage for the claims in the underlying civil action. If an insurer does intervene, the court shall finally determine the extent of coverage before proceeding with the merits of the underlying action. The judgment of the trial court as to coverage shall be immediately appealable, notwithstanding issues relating to the underlying action remaining unresolved. When a judgment on the issues of coverage becomes final, the insurer shall be dismissed from the underlying action. If the insurer previously has undertaken the defense of the person named as a defendant in the underlying action and the final judgment on the coverage issues determines [...]

show full description

SB 1098 - This act modifies the law regarding medical malpractice, to wit, 383 malpractice associations. PLAN OF OPERATION/FEASIBILITY STUDY - Under the act, any group desiring to provide malpractice insurance for its members shall file a plan of operation or feasibility study with the director (Section 383.015). The plan of operation or feasibility study shall detail the coverages, deductibles, coverage limits, rates and rating classification systems for the insurance the association intends to offer. The plan shall also include historical and expected loss experience, pro forma financial statements and projections, actuarial opinions regarding the association's solvency, and underwriting claim procedures (Section 383.015).ASSOCIATION SURPLUS AND SOLVENCY REQUIREMENTS - This act requires 383 associations to maintain a policyholders' surplus of at least $100,000 and requires the association to deposit with the director of the department of insurance cash, bonds or treasury notes in [...]

show full description