SB 938 Allows the creation and issuance of insurance policies covering earthquake loss under the Missouri FAIR Plan
Sponsor: Wallingford
LR Number: 6030S.01I Fiscal Notes
Committee: Small Business, Insurance and Industry
Last Action: 1/21/2016 - Second Read and Referred S Small Business, Insurance and Industry Committee Journal Page: S161
Title: Calendar Position:
Effective Date: August 28, 2016

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Current Bill Summary

SB 938 - This act allows insurance policies covering property damage caused by earthquake activity to be covered under the Missouri Basic Property Insurance Placement Facility also known as the Missouri FAIR Plan. The act defines what an earthquake loss is and seismic zones where coverage will be available. The act also details what would be covered under such a policy and how the risks and costs of such plans will be allocated among insurers. The Missouri FAIR Plan is granted authority to use flexibility and experimentation in the development and design of policies for earthquake loss and expedite approvals for policies covering earthquake loss. All plans created under this act are subject to the approval or disapproval of the Director of the Department of Insurance, Financial Institutions and Professional Registration.