MO HB1144

Repeals and rewrites Section 376.717 of Missouri law regarding the Life and Health Insurance Guaranty Association coverage provisions and benefit limits.

Increases benefit coverage limits for insurers placed under rehabilitation or liquidation orders on or after August 28, 2012, including raising annuity benefits from $100,000 to $250,000 and basic hospital/medical/surgical insurance from $100,000 to $500,000.

Creates separate, higher benefit limits for health insurance coverage types: $300,000 for disability and long-term care insurance, $500,000 for basic hospital/medical/surgical and major medical insurance, and $100,000 for other health coverages.

Caps aggregate association liability at $300,000 per individual life (except $500,000 for basic/major medical insurance) and $5 million per owner of multiple nongroup life insurance policies.

Excludes structured settlement annuities from standard coverage rules and provides up to $250,000 in benefits for structured settlement annuity payees and their beneficiaries.