MO SB583

Requires health benefit plans, third-party administrators, and pharmacy benefits managers to process MO HealthNet subrogation claims for three years from the date services were provided, with a six-year period for state enforcement actions

Establishes standards for determining when an insurer's continued operation may be hazardous to policyholders, including financial condition thresholds, and authorizes the Director of Insurance to order corrective actions such as reducing business volume, increasing capital, or adjusting premium rates

Updates the Missouri Life and Health Insurance Guaranty Association provisions to expand coverage for structured settlement annuities, clarify residency definitions, and add protections for netting agreements and qualified financial contracts in insurer insolvency proceedings

Requires nonresident motorists to maintain financial responsibility conforming to their state of residence and extends penalties for uninsured motorists to include suspension of nonresident driving privileges in Missouri

Mandates that health benefit plans cover adopted children from date of birth or placement, requires insurers to refund unearned premiums within 20 days when Medicare supplement or long-term care policies are cancelled, and allows HMO enrollees to request paper copies of disclosure documents within 15 business days