A new law going into effect Aug. 28 repeals the state residency requirement for surplus lines insurers in Missouri.
The law, enacted as Senate Bill 605, allows the director of insurance to issue surplus lines licenses to qualified nonresidents, said NAII Counsel Ann Weber. The law also requires a $100,000 bond in favor of the state, up from $10,000 in the present law.
Other new laws that go into effect Aug. 28, Weber said, include: HB 212, repealing a provision that previously prohibited an insurer from owning less than a majority of stock in another insurance company; and SB 151, prohibiting an insurer from refusing to issue an auto insurance policy solely on the grounds that the applicant did not have auto insurance previously because the person was in the armed forces.
Topics Carriers Excess Surplus Missouri
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