Missouri Exempts Some Commercial Insurance Policies from Rate Filing Rules

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The Missouri General Assembly passed and the governor signed a bill that exempted some commercial insurance policies and approvals from the filing requirements.

The summary on SB 594’s legal website states “exempted from the requirements of trade insurance, file rates, rate plans, amendments and guidelines, Insurance, Financial Institutions and Vocational Registration Department and some lines and approvals”. Applications for other commercial lines and registrars are filed for information purposes within 10 days of their use. “

The law is valid for policies issued or renewed on or after 1 January 2019.

The American Insurance Association praised what a commercial insurance modernization scheme is, and Gov. He thanked Mike Parsons for signing the bill.

“A competitive, open insurance market is essential for the well-being of any business community,” said Steve Schneider, deputy chairman of AIA’s state affairs department. “We are applauding Governor Parson and Missouri for recognizing the importance of lawmakers, and we look forward to seeing that the bill is being applied quickly.”

Under the Act, “business policies” forms are exempt from application requirements if commercial policyholders’ annual commercial premiums are at least $ 100,000 and they have a full-time risk manager with a policy or are holding a licensed insurance company to negotiate on their behalf. Summary for SB 594 situations.

Exempt policies should include a message stating that the insurance department may include rates or forms that are exempt from filing requirements.

“Renewal of policies exempted from the insurance application form will be a significant change that is specifically requested by the insured, at least 10 days before the policy end date, after the renewal, not specifically requested by the insured, required by law, or on a basis of change. risky insurances, “the legislative summary states.

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