MO SB624

Board of directors must establish a successor mutual insurance company and complete transition by January 1, 2014, operating as a private mutual insurer subject to state insurance regulations.

Board must submit a report by January 1, 2013, to the governor and legislature outlining privatization steps and calculating the value of any state equity or financial interests in the company.

Successor company becomes responsible for all assets and liabilities of the original company by operation of law, but cannot use the name "Missouri Employers Mutual Insurance Company" or reference "state workers' compensation" in its new name or logo.

Beginning January 1, 2014, the successor company shall be subject to all private insurance carrier statutes and the jurisdiction of the Department of Insurance, Financial Institutions and Professional Registration.

Repeals previous sections establishing the company as an independent public corporation and replaces them with provisions converting it to a fully private mutual insurance company effective January 1, 2014.