SB 1079 - Current law requires insurers providing life insurance, accident and health policies, deposit-type contracts, or annuity or pure endowment contracts, to hold reserves in an amount determined under the National Association of Insurance Commissioners' valuation manual. This act repeals an exception specifying that insurers licensed and doing business in Missouri which have less than $300 million of ordinary life insurance premium may instead utilize a different method specified by law to determine the reserve amounts, provided the insurer meets certain conditions.
These provisions are identical to provisions in the truly agreed to and finally passed CCS/SS/SCS/HCS/HB 2168 (2022), provisions in SS/SB 742 (2022), provisions in HCS/SS/SCS/SB 783 (2022), and HB 2145 (2022).
ERIC VANDER WEERD