MO HB773

Adds definition of "exempt commercial purchaser" to allow businesses meeting specific financial thresholds (net worth over $20 million, revenues over $50 million, 500+ employees, or municipal populations over 50,000) to procure nonadmitted insurance without requiring surplus lines licensees to conduct availability searches from admitted insurers

Establishes "home state" concept based on insured's principal place of business or principal residence, making Missouri's regulatory requirements applicable only when Missouri is the insured's home state

Requires surplus lines licensees to verify nonadmitted insurers meet financial standards including capital and surplus equal to Missouri's minimum requirements (or $15 million) and appear on director's approved list or NAIC quarterly listings

Changes surplus lines insurance tax from being based on risks located in Missouri to being levied on entire gross premiums for policies where the insured's home state is Missouri

Eliminates prior requirement that surplus lines licensees must confirm insurance is unobtainable from admitted insurers when dealing with exempt commercial purchasers, provided proper written disclosure and request are obtained