SB 392 Summary

• Repeals and reenacts seven sections of Missouri's surplus lines insurance regulations (sections 384.015, 384.017, 384.021, 384.043, 384.051, 384.057, and 384.061) to align with the federal Nonadmitted and Reinsurance Reform Act of 2010 (NRRA).

• Introduces "exempt commercial purchaser" definition for commercial insurance buyers meeting specific thresholds: minimum $100,000 annual premiums, net worth of $20 million, annual revenues of $50 million, 500+ employees, or similar qualifications; exempts these purchasers from due diligence search requirements.

• Establishes "home state" concept as the primary jurisdictional basis for surplus lines insurance regulation instead of risk location, limiting Missouri regulatory authority to cases where the insured's home state is Missouri.

• Changes surplus lines tax base from premiums for risks located in Missouri to the entire gross premium for nonadmitted insurance policies where the insured's home state is Missouri.

• Requires surplus lines brokers to participate in the National Association of Insurance Commissioners' national insurance producer database by July 1, 2012, and establishes quarterly reporting requirements for surplus lines brokers.