|SB 0193||Abolishes work comp residual market|
|Last Action:||05/15/95 - S Inf Calendar S Bills for Perfection w/SS (pending)|
|Effective Date:||Emergency Claus|
SB 193 - This act abolishes the residual market for workers' compensation insurance effective July 1, 1995. After that time, the Missouri Employers Mutual Insurance Company (MEMIC) becomes the market of last resort and takes over responsibility for all employers in the residual market as of that date.
The act also gives MEMIC regulatory relief (for ten years)
from surplus requirements. The company is required to retain any
surplus each year until such time it accumulates the surplus
required by the Department of Insurance. If the company does not
reach the required surplus at the end of the ten year period, the
Director of Insurance may declare the company impaired and either
move to rehabilitate or liquidate the company.
SCA 1 - LOWERS EXEMPTION TIME PERIOD FROM TEN YEARS TO FIVE YEARS.