MO HB1942

Repeals and enacts new sections of Missouri law (379.1300, 379.1306, 379.1310, 379.1312, 379.1326) and adds a new section (379.1351) relating to captive insurance companies.

Establishes sponsored captive insurance companies as a new type of captive insurer that can maintain protected cells (separate accounts) for multiple participants, with assets and liabilities segregated by cell.

Reduces minimum paid-in capital and surplus requirements for association captive insurance companies from $750,000 to $500,000 and sets the same $500,000 minimum for the new sponsored captive insurance company type.

Allows sponsored captive insurance companies to establish protected cells as separate corporations or limited liability companies, with director approval required for participant contracts and addition of new cells.

Sets minimum premium tax at $7,500 for sponsored captive insurance companies calculated on the company as a whole rather than per protected cell, with maximum tax determined by aggregating tax liabilities of each protected cell.