SB 309 Modifies various provisions relating to the realm of surplus lines insurance
Sponsor: Stouffer
LR Number: 1539S.02P Fiscal Note: 1539-02
Committee: Financial & Governmental Organizations and Elections
Last Action: 5/1/2007 - Reported Do Pass H Rules Committee Journal Page: H1423
Title: SCS SB 309 Calendar Position:
Effective Date: August 28, 2007
House Handler: Faith

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Current Bill Summary

SCS/SB 309 - This act requires the department to publish notices required in the section in a public electronic format rather than mailing the notices to the surplus lines licensee. This act requires taxes formerly remitted to director of the Department of Insurance to be remitted to the Department of Revenue. This act requires surplus lines insurers to file information regarding the gross amounts charged for surplus lines insurance and the amount of net premiums on a quarterly basis. This act allows the director to bring a lawsuit against a surplus lines licensee for unpaid penalties and interest. The current law only provides for unpaid taxes. The section also clarifies that all taxes, penalties, and interest or delinquent taxes shall be paid to the Department of Revenue, with revenue notifying the director of the department of insurance of the sums collected from each surplus lines licensee. This act repeals Section 384.031, RSMo, from the law which currently requires surplus lines licensees to file certain information with the department within 30 days of placing any surplus lines insurance policy.