MO SB866

Missouri Employers Mutual Insurance Company must establish a successor mutual insurance company and transition to private status by January 1, 2014, operating under state insurance regulations like other private mutual insurers.

Board of directors 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.

Beginning January 1, 2014, the successor company becomes responsible for all assets and liabilities of the original company by operation of law and cannot use the name "Missouri Employers Mutual Insurance Company" or reference state workers' compensation in its new name or logo.

Successor company must be subject to all statutes relating to private insurance carriers and fall under the jurisdiction of the Department of Insurance, Financial Institutions and Professional Registration.

All repealed sections become effective January 1, 2014, and the director is authorized to promulgate rules implementing the privatization provisions subject to Chapter 536 rulemaking procedures.