MO SB760

Repeals and replaces sections 376.309 and 409.1-102 of Missouri Revised Statutes relating to securities regulation and insurance company separate accounts

Allows domestic life insurance companies to establish separate accounts for amounts allocated under individual or group contracts providing fixed or variable dollar benefits after board of directors approval

Director of insurance has sole and exclusive authority to regulate issuance and nonexclusive authority to regulate sale of separate account contracts; companies are not subject to registration with the commissioner of securities

Separate account assets may be invested without regard to state investment limitations for life insurance companies, except portions covering guaranteed benefits must comply with general investment account rules

Defines key securities regulation terms including "agent," "broker-dealer," "depository institution," "institutional investor," "investment adviser," and "security" for purposes of Missouri securities law