The Missouri General Assembly approved SB 186 on May 18, sending a strong signal about the state’s commitment to a more streamlined, competitive commercial insurance marketplace. The American Insurance Association (AIA) provided leadership in getting the bill passed, which had been the highest priority of the Missouri insurance industry this year.
“This is a great example of what can happen when the entire industry comes together to support a greater emphasis on market-based principles,” stated Paul C. Blume, Jr., AIA vice president, midwest region. “We took pleasure in working together with our friends and colleagues in the Missouri Insurance Coalition and the Missouri Association of Independent Insurance Agents for the hard work they put forth throughout the legislative process. This success truly was a team effort.”
The measure would implement an informational filing for rates, and a file and use system for forms. The bill is now on its way to the desk of Governor Bob Holden.
“These reforms will allow insurance companies to adapt to the changing environment of the commercial insurance market in Missouri,” Blume stated. “Upon the governor’s signature, Missouri will have in place a regulatory framework that will help insurers offer their customers new products more quickly and efficiently.”
AIA also commended Missouri Department of Insurance Director Scott B. Lakin for his support of the legislation. “Director Lakin understands better than anyone that flexibility and competition are the keys to a strong market for both insurers and consumers,” Blume stated.