| HB 0478 (Truly Agreed) | Changes Managing General Agents Act as it pertains to foreign insurers |
HB 478 - 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.
This bill is similar to SB 430 (1999).
STEPHEN WITTE