The tort reform legislation just signed into law in Missouri by Gov. Blunt is a “fair and balanced” solution to the state’s growing liability problems, the Washington, D.C.-based American Insurance Association said in a statement.
The statute, House Bill 393, does the following:
—Limits punitive damages to $250,000 or three times the net amount of the judgment awarded the plaintiff against the defendant, whichever is greater;
—Lowers the cap on non-economic damages that can be recovered against health care providers to $350,000 (not adjusted for inflation), irrespective of the number of defendants;
—Strengthens venue rules for in-state and out-of-state causes of action for plaintiffs and defendants, both corporate and individual;
—Eliminates joint and several liability, and specifies that the liability of each defendant who is found to be 50 percent or less at fault is subject only to that percentage of the judgment; and
—Specifies that interest calculations for pre- and post-judgment claims be based on the federal funds rate plus a specific percentage, depending on the case.
A House-Senate conference committee passed a compromise version of HB 393 on March 16. Blunt went to Springfield, Joplin, Cape Girardeau and Kansas City yesterday to perform ceremonial signings of the bill, which has been the Republican Party’s top priority for three years.
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