Insurance, Department Of Legislation - Missouri

SB 773 - This act provides that no applicant shall be enrolled in a Medicare Advantage plan until two business days have passed since the initial personal solicitation and the applicant has signed a disclosure form. Personal solicitation includes either an on-site presentation at a facility or a home meeting with an insurance agent. The disclosure shall be signed and dated by both the applicant and the agent on the day of the initial personal solicitation and shall include: -A statement that Medicare Advantage plans are not Medigap supplement plans; -A statement advising the applicant to confirm with his or her health care providers whether or not the provider has contracted with the Medicare Advantage plan to provide medical services; and -A statement advising the applicant to contact either a trusted family member, friend or the state health insurance assistance program, known as CLAIM. The director of the Department of Insurance, Financial Institutions and Professional Registration [...]

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SCS/SB 775 - Under this act, an insurer shall inform claimants of their rights to choose repair facilities of their choice. Insurers are prohibited from directing, referring, or otherwise influencing the claimant in the choice of repair facility or program other than the repair facility chosen by the claimant. All claims paid by an insurer for any loss to a motor vehicle shall be paid to the claimant, or to a repair facility that has a signed authorization by the owner of the vehicle, by check, electronic transfer, or other means that provides the claimant or repair facility immediate access to the funds. In addition, the insurer may not discount the repair amount on the basis that the repair would have cost less if it had been made at a repair shop specified by the insurer. No insurer shall request or require that appraisals or repairs be made in a specified facility or repair shop. When a customer has chosen a repair facility, any attempt to change or restrict the claimant's decision [...]

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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.[...]

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SCS/SB 788 - This act moves the Divisions of Finance, Credit Unions and Professional Registration, and the State Banking Board, to the Department of Insurance, Financial Institutions and Professional Registration (DIFP) by type III transfer in keeping with Executive Order 06-04. The act further renames the Department of Insurance to the DIFP, and directs the Revisor of Statutes to change all statutory references to the department to DIFP. The act also removes all references of the divisions of finance, credit unions and professional registration as being "within the Department of Economic Development" and instead states that such divisions are within the DIFP. The act moves sections regarding the division of professional registration from Chapter 620 (Department of Economic Development) to Chapter 324 (Occupations and Professions General Provisions), and changes references in those sections to accurately reflect the statutory modifications. The act further defines "department" and "director" [...]

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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 [...]

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SB 868 - This act makes it an unfair practice for an insurance company not to follow all components of a repair manual when appraising a damaged vehicle. Specifically, it is an unfair trade practice for an automobile insurance company to: 1) Modify any published manual or any automated appraisal system relating to auto body repair without prior agreement between the parties; 2) Fail to use a manual or automatic appraisal system in its entirety in the appraisal of a motor vehicle; or (3) Refuse to compensate an auto body shop for documented charges as identified through industry recognized software programs or systems for paint and refinishing materials in auto body repair claims. The provisions of this act shall not apply if the insurer and auto body repair facility have contracted under a direct repair program. If an insured or claimant elects to have his or her vehicle repaired at an auto body repair shop or his or her choice, the insurer shall not limit or discount the repair [...]

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SB 877 - This act establishes the Missouri Catastrophe Fund to help pay covered residential property damage insurance claims in the aftermath of an earthquake which affects Missouri homeowners and their property/casualty insurers. The fund, which will consist of premiums paid by insurers, bond revenues, and appropriated state funds, will provide a backstop for insurance companies to insure against covered catastrophic losses to avoid the collapse of the property insurance market in the wake of a major earthquake.REIMBURSEMENT PREMIUMS - Reimbursement premiums for the backstop coverage shall be set by the Director of the Department of Insurance, Financial Institutions and Professional Regulation, who shall select an independent consultant to develop a formula for determining the actuarially indicated premium. The director will calculate premiums based upon the insured values under the insurer's covered policies, as reported annually to the director. In order to provide startup moneys [...]

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SCS/SB 902 - This act establishes the Missouri Vehicle Protection Product Act. Under the act, a person would be prohibited from selling or offering for sale a vehicle protection product in Missouri unless the seller, warrantor, and any administrator complies with the provisions of the proposed act. A vehicle protection product warrantor, a seller of a vehicle protection product, or a warranty administrator that complies with the act shall not be subject to any other provisions of the state insurance code. The act allows small loan companies and title loan companies to sell service contracts that are regulated under chapter 385. The proposed act would apply to all warranted products sold or offered for sale on or after January 1, 2009. The failure of any person to comply with the Act before its effective date would not be admissible in any court proceeding, administrative proceeding, arbitration, or alternative dispute resolution proceeding and may not be used to prove that the action [...]

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HCS/SS/SCS/SB 1283 - This act establishes the Missouri Health Transformation Act of 2008.HEALTH CABINET AND HEALTH POLICY COUNCILThis act creates the Missouri Health Cabinet. The cabinet shall ensure that the public policy of the state relating to health is developed to promote interdepartmental collaboration and program implementation in order that services designed for health are planned, managed, and delivered in a holistic and integrated manner to improve the health of Missourians.The cabinet is created in the executive office of the Governor and shall meet for its first organizational session no later than October 1, 2008. Thereafter the cabinet shall meet at least six times each year, with two of the meetings in different regions of the state in order to solicit input from the public. The cabinet shall consist of six members, including the Governor, the director of the Departments of Health and Senior Services, mental health, insurance, financial institutions and professional [...]

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