MO HB2411

Repeals and reenacts sections 303.400-303.415 of Missouri law relating to the Motorist Insurance Identification Database Act, effective January 1, 2011.

Changes funding mechanism from six percent of insurance premiums tax to an annual one-dollar fee on each vehicle registration (new and renewal) deposited in the Motorist Insurance Database Fund.

Requires the Department of Revenue to contract with a designated agent by July 1, 2011 to develop and maintain a database that monitors compliance with motor vehicle financial responsibility requirements, with implementation contingent on achieving 95 percent accuracy rate.

Increases the threshold for suspension notification from two consecutive months to three consecutive months of failed insurance coverage and increases reinstatement fees from $20 to $100 for first-time violators.

Requires licensed insurance companies to report all active policies to the designated agent before the seventh working day of each month and establishes an online instant verification system for insurance coverage.