MO SB923

Creates the Missouri Catastrophe Fund within the state treasury administered by the Director of Insurance, Financial Institutions and Professional Registration to provide reimbursement to insurers for earthquake losses on residential property in Missouri

Requires all insurers writing covered residential property policies to enter reimbursement contracts with the fund, paying actuarially-indicated premiums in exchange for reimbursement of 45%, 75%, or 90% of losses from covered earthquakes (declared by the United States Geological Survey) above their calculated retention levels

Establishes a retention structure based on a $2 billion base that adjusts annually for premium growth, with different multipliers depending on the coverage level selected by each insurer

Authorizes the director to issue revenue bonds up to 30 years in duration and levy emergency assessments on property and casualty insurers (limited to 6% annually per contract year, 10% aggregate) if fund revenues are insufficient to pay promised reimbursement levels

Creates a 13-member Missouri Catastrophe Fund Advisory Council appointed by the governor to advise on fund operations and develop prevention and mitigation standards to reduce earthquake damage, with members representing actuaries, meteorologists, engineers, insurers, consumers, labor, law enforcement, firefighters, seismologists, and emergency management