SB 794 Allows certain financial institutions to transfer fiduciary obligations and modifies the law relating to insurance producers and holding companies
Sponsor: Chappelle-Nadal
LR Number: 5668H.02T Fiscal Note available
Committee: Financial and Governmental Organizations and Elections
Last Action: 7/1/2014 - Signed by Governor Journal Page: S1912
Title: HCS SB 794 Calendar Position:
Effective Date: August 28, 2014
House Handler: Gosen

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Current Bill Summary

HCS/SB 794 - Currently, Missouri banks and trust companies with trust powers, and national banks with trust powers under United States laws with their principal place of business in Missouri, are authorized to transfer fiduciary obligations consisting only of irrevocable life insurance trusts to the Missouri trust office of an out of state bank with trust powers or to an out of state trust company. This act allows all banks, trust companies, and national banks with trust powers, regardless of location, to transfer those obligations to any such banks and trust companies.

Currently certain life insurance producers are exempt from continuing education requirements when dealing exclusively in life insurance polices and annuities designated by the purchaser for the payment of funeral or burial expenses if the initial face amount is less than five thousand and ten thousand dollars respectively. This act increases the maximum amount to fifteen thousand dollars for such policies and annuities.

The act also increases the allowable percentage of assets that an insurance holding company may invest in subsidiaries from 5% to 10%.

This act is similar to HB 1349 (2012), SCS/SB 623 (2012), CCS/HCS/SCS/SB 635 (2012), SB 905 (2014), and SB 537 (2014).