SB 900 Summary

• Excludes structured settlement annuities from standard coverage rules and establishes separate eligibility criteria, with coverage available to payees regardless of residency if the contract owner is a Missouri resident or meets specific conditions.

• Adds comprehensive exclusions from guaranty association coverage including unallocated annuity contracts, policies with index-based interest rates not yet credited, obligations outside express policy terms, Medicare Part C & D policies, and contractual book value accounting guaranties.

• Expands the definition of "impaired insurer" to remove the requirement that the director deem the insurer potentially unable to fulfill obligations, relying instead solely on court orders of rehabilitation or conservation.

• Clarifies that assessments may (rather than shall) be made for Class A and Class B purposes, and limits assessment liability to accounts for which member insurers are licensed.

• Adds provisions allowing the association to issue substitute coverage with alternative interest rate mechanisms when assuming index-based policies, subject to receivership court approval, without requiring evidence of insurability.