SB 0429 Certain underinsured motorist policies
LR Number:S1936.04C Fiscal Note:1936-04
Committee:Insurance and Housing
Last Action:05/14/99 - S Inf Calendar S Bills for Perfection Journal page:
Title:SCS SBs 429, 430 & 407
Effective Date:August 28, 1999
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Current Bill Summary

SCS/SBs 429, 430 & 407 - This act modifies various provisions dealing with insurance.

UNDERINSURED MOTORIST COVERAGE - This act provides that underinsured motor vehicle policies with limits less than two times the limits for bodily injury or death under Section 303.030 (currently $25,000 for death or bodily injury to one person and $50,000 for death and bodily injury to two or more persons), will be construed to provide that coverage in addition to the liability coverage provided by the policy of the underinsured motor vehicle involved in the accident. Underinsured motor vehicle policies providing at least two times the statutory limits and containing a set-off provision must clearly state the set-off terms and conditions within the policy. In addition, the insurer must provide the applicant information explaining the underinsured motor vehicle coverage. These provisions are similar to SB 429.

MANAGING GENERAL AGENTS ACT - This act adds to the definition of a managing general agent for an insurance company. Currently, part of the definition for being a managing general agent is that the person or company adjusts or pays claims over a certain amount. The Department of Insurance sets this amount. The act adds that the Department must set the same threshold amount for both Missouri-based and non-Missouri based insurance companies. These provisions are similar to provisions in SB 430 and HB 478.

INSURANCE POLICY ILLUSTRATIONS - This act eliminates the requirement of a summary for individual and group life insurance policies marketed with an illustration. These provisions are similar to SB 407.

STANDARDIZED EXPLANATION OF BENEFITS FORMS AND REFERRAL FORMS - This act requires health insurance carriers to use standardized forms for the explanation of benefits and referrals. The standardized forms will be developed by a task force. The standardized forms shall be used after January 1, 2000. These provisions are similar to SB 120.