SB 914 Allows the Medical Malpractice Joint Underwriting Association to provide various types of coverages and refund policyholder surcharges
Sponsor: Koster
LR Number: 4306S.01I Fiscal Note: 4306-01
Committee: Small Business, Insurance & Industrial Relations
Last Action: 3/8/2006 - Hearing Scheduled But Not Heard S Small Business, Insurance & Industrial Relations Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2006

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Current Bill Summary

SB 914 - This act provides the directors of the Medical Malpractice Joint Underwriting Association may provide medical malpractice insurance coverage as determined by the directors. The policies may provide coverage on a claims-made, an occurrence, or a prior-acts basis.

The act also modifies the law with respect to the surcharge paid by association members during their first year of medical malpractice coverage. This act provides that the directors of the association may determine what methods of payment are acceptable for paying the surcharge and that the directors may refund surcharges where appropriate.

The act also provides that if the joint underwriting association is terminated, any surplus funds, after payment of claims, shall be credited to the general revenue fund. If claims arise after such action, then the general revenue fund will be liable for such claims.

This act is substantially similar to SB 552 (2005).