HB 1895 Summary

• Changes insurance regulation by modifying section 376.309 to clarify the Director of Insurance has sole and nonexclusive authority over separate accounts (previously had exclusive authority), allowing concurrent securities regulation oversight.

• Amends the definition of "security" in section 409.1-102 to exclude insurance or endowment policies under which an insurance company promises to pay "a fixed sum of" money, which carves out certain fixed-rate insurance products from securities regulation.

• Allows the Director of Insurance and Commissioner of Securities to consult and cooperate on investigations and proceedings related to separate account contracts, establishing dual regulatory framework.

• Modifies institutional investor definition to explicitly include separate accounts of insurance companies as institutional investors under securities law.