MO HB1468

Establishes the Missouri Catastrophe Fund within the state treasury, administered by the Director of Insurance, to reimburse insurers for losses from earthquake events declared by the United States Geological Survey

Requires all insurers writing residential property coverage in Missouri to enter into reimbursement contracts with the fund and pay actuarially-indicated premiums based on insured values by geographic area

Provides insurers with three coverage level options (45%, 75%, or 90% reimbursement) for losses exceeding their retention amount, plus 10% for loss adjustment expenses

Authorizes the Director to issue revenue bonds up to 30 years and levy emergency assessments on property and casualty insurers (capped at 6% per contract year, 10% aggregate annually) if fund balance is insufficient to pay promised reimbursements

Creates a 13-member Missouri Catastrophe Fund Advisory Council with representatives from actuaries, meteorology, engineering, insurance, reinsurance, consumers, labor, law enforcement, firefighters, seismology, emergency management, and the general public to advise on fund operations and prevention standards