All Insurance - Property Legislation - Missouri

SB 1090 - This act modifies the law relating to residential property insurance.RESIDENTIAL INSURANCE - Under this act, an insurer may cancel a homeowner's policy if physical changes in the property insured have significantly increased the hazards originally insured. Under the current law, an insurer may cancel the policy if physical changes have increased the hazards originally insured (Section 375.002). Under this act, the insurer must give the insured 60 days notice prior to cancelling the insured's policy (current law is 30 days). The insurer must also give the insured 60 days of its intention not to renew a policy (Sections 375.003 and 375.004). Under this act, homeowner insurance companies shall not consider as a claim any inquiry made by the insured as to whether the policy covers a certain loss or whether the policy provides a certain type or level of coverage (Section 375.001). Homeowner insurance companies are prohibited from refusing to renew a policy on the basis of [...]

show full description

HCS/SCS/SB 907 - This act modifies provisions relating to the regulation of motor fuel storage tanks and equipment. The Hazardous Waste Management Commission shall propose rules by February 13, 2009 to establish requirements for the reporting of releases and corrective action taken in response to releases from underground petroleum storage tanks. The Board of Trustees of the Petroleum Storage Tank Insurance Fund shall be a type III agency and shall employ staff as needed. Under current law, the Petroleum Storage Tank Insurance Fund expires on December 31, 2010, or upon revocation of 40 CFR Parts 280 and 285, which are federal standards and corrective action requirements for owners of underground storage tanks. This act extends the expiration date until December 31, 2020, and removes the clause concerning revocation of federal law. Under current law, an owner or operator of petroleum storage tanks may participate in the Petroleum Storage Tank Insurance Fund to "partially" [...]

show full description

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 [...]

show full description